Investor Presentaiton
Residential market in Poland - slowdown
Volume of Mortgage loans by year (mn)
Volume of granted Mortgage loans by year
2,389
2,472
2,549 2,484
230 231
225
-34.9%
2,246
213
1,732
1,897
1,820
1,995 2,057
2,141
197
204
191
177
181
174
178
+6.5%
1,631
1,449
132
124
86
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: AMRON-SARfin
H1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022
H1 H2 H1
Inflation and Reference Rate by months
Dynamic supply increase mixed with low interest rates on
mortgages increased the demand for loans granted for almost ten
years.
Tighter monetary policy increases mortgage rates, which in turn
reduces demand for real estate and slows growth in real estate
prices.
The slowdown in sales also depends on high inflation, rise in the
prices of raw materials and construction materials and a slowdown
in rental growth.
16
14
12
10
8
6
4
2
0
Covered Bonds Investor Presentation
Source: AMRON-SARfin
03/20 06/20 09/20 12/20 03/21 06/21 09/21 12/21 03/21 06/22
Inflation
WIBOR 3M
WIBOR 6M
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