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Mortgage market to post sluggish growth in 2011


Poland’s mortgage market declined for the second consecutive quarter in Q4 2010 due to tighter regulatory guidelines, but the figures for 2010 as a whole were strongly positive, according to a report by the Polish Banks Association (ZBP). Yet in 2011 growth is expected to be sluggish at best, in the low single digits.

In the three months to December, banks in Poland granted 56,920 mortgage loans worth over PLN 12.2bn (approx. €3.1bn). This represented a decline of 6.5% and 6.9%, respectively, compared to three months earlier. Loans denominated in local currency represented 76.6% of the total, followed by euro-denominated ones at 17.3% and Swiss franc loans at 6.1%.

Nevertheless, a strong showing from the sector in the first half of the year ensured that the value of mortgages granted in 2010 as a whole jumped by 25.6% versus 2009, to PLN 48.6bn (€12.2bn).

In 2011 the ZBP expects the mortgage market to be broadly flat, and in any case thinks it unlikely to exceed PLN 50bn (€12.6bn). This means that even under the best case scenario growth will be less than 3%.

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