In 2023, interest rates may once again be the biggest challenge for the real estate sector. They were consistently raised due to high inflation. However, they have not changed since philippines number list September 2022, when they rose to a record high of 6.75% following the SNB decision. Interest rates directly affect mortgage lending, and their increases have made many people insolvent. At the end of 2022, banks were lending almost 70% less than in the same period in 2021. As a result, people were forced to postpone the purchase of their dream home, and house prices stopped rising.
The hope for Polish property market developers is the new government programme "First Apartment", which will be introduced in July this year. Those interested in the programme will be able to obtain a mortgage on favourable terms, with a state subsidy, so that the borrower will pay low installments. This will allow a gradual recovery of demand for residential property.