Figure 1
![Indicator of “apartments for sale” queries directed to the Google search engineSource: Google Trends, website: https://trends.google.pl/trends/explore?q=mieszkania%20na%20sprzeda%C5%BC&geo=PL [accessed: 10.10.2020.].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/64739dc94e662f30ba5441e2/j_wrlae-2021-0011_fig_001.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251208%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251208T201059Z&X-Amz-Expires=3600&X-Amz-Signature=1ed7b05b6914587ac64207ec20ebe21d9b9c69a124249f221b115a3f44e96d52&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 2
![Quarterly relation of demand to supply – primary marketSource: JLL report, Rynek mieszkaniowy w Polsce Q1 2021 [‘Residential market in Poland Q1 2021’], p. 5.](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/64739dc94e662f30ba5441e2/j_wrlae-2021-0011_fig_002.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251208%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251208T201059Z&X-Amz-Expires=3600&X-Amz-Signature=08ef14dcb6ff85ca83481b5c240c9704c7434b413f722f6ade557ccd43967244&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 3
![Reasons for changes in lending policy – home loansSource: Report: Sytuacja na rynku kredytowym - wyniki ankiety do przewodniczących komitetów kredytowych, III kwartał 2020 r. [Situation on the credit market – results of the survey to chairmen of credit committees, Q3 2020], Departament Stabilności Finansowej [Financial Stability Department], p. 8.](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/64739dc94e662f30ba5441e2/j_wrlae-2021-0011_fig_003.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251208%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251208T201059Z&X-Amz-Expires=3600&X-Amz-Signature=73559fdfe65930cee12a56032c5734b622df8dfa102f3114011bd9ac2c5a11b6&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 4
![BIK index – the demand for housing loansSource: BIK (Credit Reporting Service), media.bik.pl/informacje-prasowe/578007/bik-indeks-popytu-na-kredyty-mieszkaniowe-wyniosl-we-wrzesniu-2020-r-5-4 [accessed: 07.10.2020].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/64739dc94e662f30ba5441e2/j_wrlae-2021-0011_fig_004.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251208%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251208T201059Z&X-Amz-Expires=3600&X-Amz-Signature=2913635d99fb8758facf97178ea58e3a40c8a0dac9248c2b1f8c8870ff4f3fc1&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 5
![Average mortgage loan margin (%)Source: AMRON-SARFiN report, Ogólnopolski raport kredytach mieszkaniowych i cenach transakcyjnych nieruchomości [Polish nationwide report on housing loans and property transaction prices], 2/2020, p. 16.](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/64739dc94e662f30ba5441e2/j_wrlae-2021-0011_fig_005.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251208%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251208T201059Z&X-Amz-Expires=3600&X-Amz-Signature=74f17626d15effc6edb71036aae43c0a4376b2d22512c632c6734197364b13c2&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Summary of negative and positive effects of the COVID-19 pandemic for borrowers
| No. | Positive effects | Negative effects |
|---|---|---|
| 1. | Limiting consumer spending of households | Uncertainty – difficulties in forecasting |
| 2. | Stable prices of residential real store | Fall in supply of housing |
| 3. | Stable level of the Housing Accessibility Index | Deterioration in the economic situation of households |
| 4. | Decline in demand for housing (less competition, grater negotiation opportunities on the market) | Tightening the criteria for granting loans by banks (including in terms of own contribution, margin, maximum possible loan amount, exclusion from financing of industries particularly exposed to insolvency) |
| 5. | Easing the lending policy (drop in interest rates, statutory and non-statutory credit holidays) | Extended waiting time for the funding decision |
| 6. | Lowering total credit costs for new loans | There are no uniform credit moratoria standards for all banks |
| 7. | Improving remote customer service |
Dynamics q / q m2 prices of apartments in the analysed cities in Q3 2020
| RPO | RPT | RWO | RWT | |
|---|---|---|---|---|
| Gdańsk | −1.7% | −3.3% | −0.7% | 4.4% |
| Gdynia | 1.4% | 3.3% | 1.4% | 2.7% |
| Kraków | −2.8% | 2.0% | −1.3% | 0.5% |
| Łódź | 3.4% | 5.4% | 0.6% | 7.0% |
| Poznań | 2.0% | 0.3% | 0.4% | 2.4% |
| Wrocław | 0.2% | 0.9% | 3.5% | −2.6% |
| Warszawa | 0.2% | 7.9% | 1.7% | −3.0% |
| 6 cities | 0.2% | 1.9% | 0.4% | 2.5% |
| 10 cities | 3.3% | 2.7% | 0.6% | 0.2% |
The structure of the LtV ratio for newly granted loans
| LtV ratio (%) | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 |
|---|---|---|---|---|---|
| Up to 30% | 14.63% | 14.94% | 15.67% | 16.51% | 15.11% |
| Between 30% and 50% | 6.16% | 6.25% | 6.05% | 5.95% | 7.37% |
| Between 50% and 80% | 36.93% | 35.93% | 36.25% | 36.47% | 38.91% |
| From 80% | 43.09% | 42.88% | 42.03% | 41.07% | 38.61% |
Comparison of mortgage loans offers
| Month | |||
|---|---|---|---|
| February | April | September | |
| Simulation name | Citi Handlowy Housing Loan for the Priority segment Margin 1.74 | Citi Handlowy Housing Loan for the Priority segment Margin 1.74 | Citi Handlowy Housing Loan for the Priority segment Margin 1.89 |
| Monthly costs (from the second month) | 1357 PLN | 1268 PLN | 1153 PLN |
| Total cost of the loan | 192.198 PLN | 160.137 PLN | 118.704 PLN |
| Real interest | 3.8% | 3.23% | 2.46% |
| Bank margin | 1.74% | 1.74% | 1.89% |
| Reference rate | 1.71% | 1.17% | 0.28% |
Own contribution in February, June and September
| Bank name | Own contribution (%) | ||
|---|---|---|---|
| February 2020 | June 2020 | September 2020 | |
| Alior Bank | 10% | 10% | 10% |
| BNP Paribas | 20% | 20% | 20% |
| BOŚ Bank | 20% | 30% | |
| Credit Agricole | 10% | 10% | 10% |
| ING Bank Śląski | 20% | ||
| mBank | 10% | ||
| Bank Millennium | 10% | 10% | 10% |
| Pekao Bank Hipoteczny | 10% | 20% | |
| Pekao SA | 10% | 15% | |
| PKO BP | 10% | 20% | |
| Bank Pocztowy | 20% | 20% | 20% |
| Santander | 10% | 10% (bank customers)/20% (external) | |
Dynamics q / q m2 prices of apartments in the analysed cities in Q2 2020
| RPO | RPT | RWO | RWT | |
|---|---|---|---|---|
| Gdańsk | −1.0% | −0.1% | −2.2% | 2.4% |
| Gdynia | 2.1% | −3.4% | −0.2% | 0.5% |
| Kraków | 5.7% | 4.3% | 1.6% | 3.8% |
| Łódź | −1.5% | −2.7% | −0.6% | 4.7% |
| Poznań | 2.9% | 0.2% | 0.2% | 3.3% |
| Wrocław | 2.0% | −3.8% | −1.6% | 2.5% |
| Warszawa | 1.0% | −3.9% | −1.2% | 0.2% |
| 6 cities | 2.2% | 0.3% | −0.4% | 3.5% |
| 10 cities | 3.6% | −1.2% | 2.4% | 4.5% |