Investment and Consumption Demand and Short-Term Equilibrium in the Residential Development Market in Poland

Jacek Łaszek; Krzysztof Olszewski

doi:10.2478/remav-2026-0017

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Investment and Consumption Demand and Short-Term Equilibrium in the Residential Development Market in Poland

Real Estate Management and Valuation

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By: Jacek Łaszek and Krzysztof Olszewski

Open Access

|Mar 2026

Abstract

Housing demand for newly constructed housing in Poland has observed some changes along the recent economic perturbations that were related to the Covid-19 pandemic and the Russian war on Ukraine, but despite significant changes in the mortgage interest rate, the market was rather stable. We propose an explanation for this phenomenon. The main forces are 1: relatively flexible supply of housing developers who sell pre-sale contracts, 2: large and experienced developer companies with a pool of construction permits, which can adjust their supply to the current demand and 3: owner occupier and investment demand for housing, which are complements at stable times, and times substitutes at turbulent. In Poland, investment demand is mainly financed by cash, so it is not so sensitive to interest rate shocks.

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Articles in this issue

DOI: https://doi.org/10.2478/remav-2026-0017 | Journal eISSN: 2300-5289

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Language: English

Submitted on: Sep 30, 2025

Accepted on: Mar 13, 2026

Published on: Mar 17, 2026

Published by: Real Estate Management and Valuation

In partnership with: Paradigm Publishing Services

Publication frequency: 4 issues per year

Keywords:

office space supply,

estimation of office stock,

regional growth,

non-linearities

Related subjects:

Business and economics,

Political economics,

Political economics, other

© 2026 Jacek Łaszek, Krzysztof Olszewski, published by Real Estate Management and Valuation
This work is licensed under the Creative Commons Attribution 4.0 License.

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