How much does a new apartment cost in Poland vs Europe? Deloitte Report 2026

A new apartment in Luxembourg costs more than €9,000 per square metre. In Turkey, under €900. Where does Poland sit in that league table?

Based on the Deloitte Property Index (15th edition, October 2026), we compare new-build (primary-market) apartments in Poland with the rest of Europe: prices, affordability, construction, rents, mortgage costs and taxes. This is not a secondary-market survey, and it will not tell you what a 1980s block flat costs.

Source: Deloitte Property Index — 2025 data with commentary through mid-2026. For information only — not financial or investment advice.

How to read this report

Property Index is Deloitte’s annual review of European housing markets. Local Deloitte offices collect the data from public national sources.

Three caveats before the numbers:

1. New builds only. The report compares primary-market asking prices from developers — not notarial transaction prices, and not the secondary market.
2. Everything in euro. Figures are converted at the average annual exchange rate so Warsaw can be compared with Berlin, Prague or Budapest.
3. Different methods in a few countries. The Netherlands, Ireland and the UK use transaction prices; Romania and Albania use all dwellings, not only new ones. Treat those peers carefully.

Does Poland start from a strong position?

The euro area grew 1.5% in 2025; the 2026 forecast drops to 1.1%. The report points to the Strait of Hormuz closure, energy-price spikes and euro-area inflation around 3%. The ECB raised rates by 0.25 percentage points, to 2.25%.

Germany is expected to grow just 0.8%. Poland — 3.5%. Deloitte calls that the strongest result among EU countries, driven by domestic demand and public investment.

Deloitte also asked its offices in 24 countries what they expect in 2026:

Affordability is the only indicator where a clear majority is pessimistic. Prices and rents rise; access to ownership worsens. The rest of this guide illustrates that trend.

Who builds more: Poland or Germany?

In 2025 Poland completed about 208,700 dwellings — third in the survey, behind Turkey (673,000) and France (379,000), just ahead of Germany (207,000). Germany has more than twice the population.

Per capita that is 5.59 homes per 1,000 residents — fifth in the ranking, behind Albania, Turkey, Ireland and Bulgaria. Germany: 2.48, Spain: 1.64, Hungary: 1.26.

Starts look similar. In 2025 Poland began about 212,000 homes (5.69 per 1,000). Only Turkey (12.91) and Serbia (6.05) do better per capita. Starts roughly match completions — a steady pace, not a one-off spike. By contrast, Irish starts fell 76% after government incentives expired the year before.

The other side of the coin: Poland’s housing stock is about 16.1 million dwellings, or 433 per 1,000 people. The survey average is 475. France has 556, Spain 552, Bulgaria 679. Among 17 countries, Poland ranks fifth-lowest — only Greece, the UK, Ireland and Slovakia sit lower.

To reach the 475 average, Poland would need roughly 1.5 million extra homes (our estimate, not a report figure). At today’s build rate that is more than seven years — ignoring demolitions and demographics. The average is not a target, but it shows the scale: Poland builds a lot and still has catching up to do.

Are Polish new homes cheaper than Czech ones?

The average asking price of a new apartment in Poland in 2025 was €3,008/m² — up 7.76% year on year. Across Europe that is 14th of 22 countries: mid-table.

Poland is about 56% of the Czech price. Cheaper than Germany and Czechia, a bit cheaper than Slovakia and Hungary, more expensive than the UK (transactional), Croatia and Italy.

2025 was a slowdown. Deloitte notes that in 2023–2024 Polish new-build prices rose 19%. It now describes stabilisation with selective price pressure: buyers are more cautious, and high prices constrain affordability — especially in the largest cities.

FX nuance: the euro weakened 1.52% against the zloty, so part of the euro-denominated rise reflects a stronger złoty. Our conversion puts the zloty increase nearer 6%. It does not change the big picture, but it matters when you compare the report with Polish sources.

By contrast, Turkish prices in euro fell 9% even as they rose in lira — pure exchange-rate effect.

Warsaw vs Berlin, Prague, Budapest

New-build prices in Polish cities in 2025:

Regional capital test:

Warsaw is under 56% of Prague and under 55% of Berlin. Munich costs almost three times Warsaw. At the other end of the same chart, Turin is almost half Warsaw’s new-build price — one of the report’s clearest “underrated city” signals.

Deloitte also flags Poland (with Belgium) as among the most balanced markets: the capital barely outprices the second-most expensive city, unlike Athens, Munich, London or Barcelona, where the gap to the national average can exceed 2×.

Momentum: Poland’s strongest rise was Gdańsk — from €3,190 to €3,739 (+17%). Deloitte lists it among the five fastest-rising cities in the whole survey, alongside Durrës, Belgrade, Cork and Bratislava.

Warsaw rose 6.2% — 9th among 24 capitals. In 2024 it led Europe with +21.8%. In 2025 only five capitals topped 10%: Belgrade (20%), Bratislava (17.2%), Bucharest, Budapest and Copenhagen. Warsaw is not among them.

Deloitte notes a Europe-wide shift: price growth is concentrating less in capitals and more in regional cities. Gdańsk is a clear example.

How many salaries for a new apartment?

This is the report’s most important affordability metric. Deloitte counts how many average gross annual salaries buy a new 70 m² apartment in each city.

The 10-salary threshold: 11 cities were above it last edition; 19 in 2025. Warsaw sits just under it — 27th least affordable of 49 cities (our reading of the chart). No Polish city crosses the line.

Peer comparison:

Oddity: Luxembourg City has some of Europe’s highest prices (€10,567/m²) but better affordability than Warsaw (6.4 salaries) — high wages do the work.

Bottom line: on new-build affordability Poland looks clearly better than Czechia or Slovakia, but it is not “cheap”. Nine gross annual salaries for a new flat is still almost a decade of work.

Are rents running away in Poland?

Method note: the report gives average city rents and does not restrict them to new builds. Do not pair them directly with new-build sale prices.

On 70 m² in Warsaw that is about €1,290 a month. Europe’s dearest is Luxembourg (€45.4/m²), then Paris (31.2), Barcelona (30.9) and Dublin (30.8). The cheapest markets in the survey are Turkish and Albanian cities, roughly €5–7/m².

Warsaw rents sit right behind Milan (18.7) and Berlin (18.9), and slightly ahead of Alicante; Prague is 19.2. Yet new-build sale prices in Warsaw are almost half those in Berlin and Prague. That is not an investment yield (two different data bases), but it shows a different buy-vs-rent cost mix than in Germany or Czechia.

One more contrast: according to Deloitte, rent in Vienna is almost 60% lower than in Warsaw — a reminder that high sale prices and high rents do not always travel together.

Deloitte says Polish rents rose more slowly than sale prices in 2025. Warsaw leads; Kraków, Gdańsk, Wrocław and Poznań show moderate rises or stabilisation. Further rent growth is partly capped by what tenants can bear.

Fastest rent rises elsewhere: Hamburg (+23.6%) and Durrës (+22.4%).

Who pays more for a mortgage?

Note: average rates cover the whole mortgage market, not new builds alone.

Poland averaged 6.91% in 2025 — second-highest of 25 countries. Only Hungary was higher (7.40%); there, commercial rates are only part of the story because preferential state loans from around 3% also exist. (A country note in the report also cites 9.08% — we use 7.40% from the European comparison.)

The European average is 4.09% — down 38 basis points in a year. Rates fell in 22 of 25 countries. Cheapest: Bulgaria and Finland (2.77%), plus Turkey, Croatia and Spain. Czechia: 4.58%. The low-rate cluster is almost entirely eurozone; among countries with their own currency, Denmark is the cheapest at 3.73%.

Illustrative example (ours, not from the report): a new 70 m² Warsaw flat at the report price is about €286,000. An 80% LTV loan (~€229,000), 25 years, equal instalments:

That is almost €390 a month — nearly a third higher (excluding fees and insurance).

So affordability is not only euros per square metre. On financing costs, Poland looks worse than sale prices alone suggest. Deloitte also warns: where supply is tight, cheaper credit fuels demand — and then prices.

Taxes: the cost of entering the market

From the report:

Registration / transfer costs peak in Luxembourg and Portugal (up to 8%). The highest VAT-style rates in the survey are Croatia (25%) and Slovakia (23%).

Poland vs Europe in four numbers

For 2026, Deloitte sees the biggest regulatory shifts in planning law (32% of responses), rental rules (27%), ESG (24%) and credit regulation (17%). For Poland, financing cost, wage growth and new supply will matter most. Deloitte’s tone: cautiously positive.

Our take

Across Europe, Deloitte’s test is the same: can supply catch demand? Poland starts well because it builds more than most of the continent — and city prices look fairly balanced versus peers that spike in the capital alone. In our view there is still room for prices to grow, but the near-term swing factor is how many new homes are started this year. A high starts number can rebuild supply and cool asking prices; a low number is more likely to push them up. Oil prices and mortgage rates remain the other two dials to watch.

We also agree with Deloitte’s analysts that buying a new home looks set to get harder for residents over the next 2–3 years — and that pressure can spill into rents if ownership stays out of reach.

Disclaimer. Data from Deloitte Property Index (15th edition, October 2026). Own calculations (złoty price growth ~6%, ~1.5m-home gap to the average, mortgage payment example) and editorial views are flagged in the text. For information only — not an offer, financial advice or investment recommendation.