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Office Residential Residential
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Resi4Rent Office
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23 293 415 24 319 65 380 179 338 1331 260 0 200 400 600 800 1000 1200 1400 2023 2024 2025 Q1 Q2 Q3 Q4 ~740 ~1 260*
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• • • Demand • • 6,8 6,9 10,2 10 16 16,7 15,3 12,6 12,1 13,4 12,3 8,5 11,4 15,5 16,4 14,3 11 9,8 9,2 9,6 9,1 10 0 5 10 15 20 IV Q 2022 I Q 2023 II Q 2023 III Q 2023 IV Q 2023 I Q 2024 II Q 2024 III Q 2024 IV Q 2024 I Q 2025 II Q 1015 No. of apartments launched ('000) No. of apartments sold ('000) Source: JLL* Warsaw, Krakow, Wroclaw, Tricity, Katowice, Lodz Supply Prices Average prices of apartments that remained on offer at the end of June 2025 increased the most in Tri-City, but an increase of 3.3% compared to the previous quarter can hardly be considered sensational. The price decline in Wrocław was related to the introduction of a large number of cheaper apartments to the market. In other cities, quarterly changes in average prices ranged from -0.4% to +1.8%, therefore we can speak of further price stabilization. In the 12-month period, double-digit price growth occurred only in Tri-City (13.2%), which was caused by changes in the share of expensive units in the offer. In other cities, year -on- year prices increased from 4.4% (in Krakow to 1.6% (in Lodz). Taking into account the scale of estimated discounts, we can speak of not only a real but in all probability a nominal price decrease.
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0 100 200 300 400 500 600 700 800 900 1000 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Katowice Cracow Lodz Poznan Wroclaw Warsaw Sales Addition of Archicom to the Group
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0 200 400 600 800 1000 1200 1400 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Katowice Cracow Lodz Poznan Wroclaw Warsaw
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Offer 0 500 1000 1500 2000 2500 3000 3500 4000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Katowice Cracow Lodz Poznan Wroclaw Warsaw
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Poles live in some of the smallest and most overcrowded apartments in the European Union. Almost one in two inhabited apartments was built between 1945 and 1988, with panel construction dominant technology Over 1.1 million dwellings have been completed in Poland in the past five years, 61% of which were delivered by development companies for sale to individual buyers, with 36% built by private individuals for their own needs Poland has one of the highest homeownership ratios in Europe (87%). This is a characteristic typical of CEE countries, resulting from both their history and tradition. In comparison, across the EU in 2024, 68% of the population lived in a household owning their home, while the remaining 32% lived in rented housing It is expected that Poland will follow the pattern of western countries and shift into a higher rental share in the coming years. This will be caused by a variety of factors: • the importance of the changing preferences of younger generations, who choose the flexibility of renting and the lack of long-term financial obligations over owning an apartment, • renting usually allows the tenant to live in a property of a higher standard, • the limited affordability of apartments for sale and difficulties in obtaining a loan Source: CBRE Research 2025
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Prime rents in the largest cities in Poland (institutional PRS schemes) Source: CBRE Research 2025
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0 400 000 800 000 1 200 000 1 600 000 2 000 000 Krakow Wroclaw Tri City Katowice Poznan Lodz Under construction Existing supply 46
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2025 2026 2027 2028 2029 Bonds (PLN) Bonds (EUR) Bonds (PLN Archicom) 58