Mortgage Demand Surges 83% as Buyers Rush Amid WIBOR Uncertainty
Poland's mortgage market saw exceptional growth in Q1 2026, with 144,000 loan applications—up 83% year-on-year. Rising WIBOR rates and geopolitical fears are driving buyers to close deals faster, even as mortgage costs remain elevated at 7.2–7.8%.
The first quarter of 2026 brought a dramatic surge in mortgage demand across Poland, with 144,000 individuals applying for housing loans—a 47% increase compared to the same period in 2025 and a striking 83% jump versus 2024, according to Waldemar Rogowski, Chief Analyst at BIK Group (Credit Information Bureau). Banks granted an estimated 70,000 mortgages worth a combined 31 billion złoty, with 56% of that concentrated in Poland's seven largest metropolitan areas.
The average requested loan amount reached 506,000 złoty, driven by continued interest rate cuts from the National Bank of Poland (the reference rate fell to 3.75% by March) and strong wage growth of 8–10% year-on-year. However, geopolitical uncertainty related to the Middle East conflict and rising commodity prices also accelerated purchasing decisions, as buyers feared both further price increases and potential interest rate reversals.
WIBOR and Mortgage Rates
Despite NBP rate cuts, mortgage rates remain elevated. Variable-rate loans linked to WIBOR 3M (currently around 5.7%) carry interest rates of 7.2–7.8%, translating to monthly payments that are still significantly higher than the 2021–2022 lows. According to a March 2026 survey by Otodom and Kantar, 59% of respondents expect further property price increases, rising to 62% among active buyers. Combined with rising CPI inflation (which hit 3.2% in April before easing) and WIBOR 6M rates that climbed alongside inflation concerns, buyers felt pressure to lock in purchases before conditions worsened.
Developer vs. Secondary Market
Primary market (new developer) prices rose 6.4% year-on-year in Q1, nearly twice the inflation rate, with Tricity (Gdańsk-Gdynia-Sopot) leading at 18% annual growth. Secondary market prices, by contrast, increased only around 2%—below inflation—making older apartments relatively more attractive for cost-conscious buyers.
What This Means for Foreigners
If you're considering buying property in Poland, understand that mortgage affordability remains challenging. A 500,000 złoty loan at 7.5% over 25 years costs roughly 3,700 złoty per month. Banks typically require that your debt-to-income ratio not exceed 50%, and you'll need a down payment of at least 10–20%. EU/EEA citizens can buy freely; non-EU buyers need Ministry of Internal Affairs permission (1–2 months, ~1,570 złoty), though apartments in multi-unit buildings are usually exempt. Most analysts expect the NBP to cut rates further in the second half of 2026, which could lower WIBOR and bring mortgage costs down—but waiting risks missing price appreciation if the market tightens further.
Sources
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