The end of 2024 was marked by an exceptionally high demand for apartments. According to data from the real estate agency HERRYS, the number of apartments sold in the last quarter of the year was 260% higher than in the same period of 2023, representing the largest year-on-year sales increase in history. Overall, the number of apartments sold in 2024 was 100% higher than the previous year.
Factors Influencing the Sales Growth
The demand for properties was driven by several factors:
• Intensive marketing and sales campaigns by developers, who were trying to close deals before the end of the year.
• Concerns about the upcoming VAT increase, which could significantly affect the final price of apartments.
• Uncertainty regarding future property price increases, which motivated buyers to make faster decisions.
Changes in Demand for Types of Apartments
Throughout the year, demand for different types of properties changed. The biggest increase was seen in one-bedroom and 1.5-bedroom apartments, with sales rising at the expense of larger 2+kk apartments. A total of 705 new apartments were introduced to the market across 13 new projects. The average price of apartments in the last quarter of the year reached 4,262 EUR/m² excluding VAT, representing a year-on-year increase of 5.57%.
The Biggest Increase in Demand Was in Two Price Segments
According to the analyzed data, the largest increase in demand was recorded in two segments:
• Apartments priced up to 4,000 EUR/m² excluding VAT – sales increased by 90% year-on-year.
• Apartments priced above 5,000 EUR/m² excluding VAT – sales increased by 149% year-on-year.
Absorption, the percentage of apartments sold from the total supply, also increased. In the premium segment, the number of apartments sold was 100% higher than the previous year, while in the lower-middle segment, sales rose by 60%.
Fear of Price Increases Remains the Main Factor in Purchase Decisions
Based on available data, we anticipate that the trend of high demand for properties may continue in 2025, although likely with a more moderate dynamic. Fear of price increases remains one of the biggest motivations for buyers when deciding to invest in real estate.
