The value of outstanding mortgage lending in Poland was up a 6% in 2014, reaching a total 351 billion PLN at year end. This is still a fraction of GDP. A lot room for growth,

1. Inteliace Research
MortgageLendinginPoland,2015-2017
COMPARED TO OTHER EUROPEAN COUNTRIES, MORTGAGE LENDING PENETRATION
BENCHMARKS ARE STILL VERY LOW IN POLAND
Residential mortgage debt per capita, Q3 2014
In thousand EUR
Residential mortgage debt to GDP ratio, Q3 2014
In percent
* Figure as of Q2 2014
Source: EMF- HYPOSTAT, National central banks, Inteliace Research
Despite quick growth
recorded in past years,
mortgage lending
penetration benchmarks
are still very low in Poland
104.7
95.6
87.7
81.4
71.3
62.6
58.7
50.4
44.8
40.2
23.0
21.4
17.8
15.3
6.9
Netherlands*
Denmark
UK
Sweden
Ireland
Portugal
Spain*
Belgium
Germany
France
Italy
Poland
Hungary
Czech Rep.
Romania
42.5
37.6
35.8
26.1
25.5
17.3
15.0
12.9
12.6
9.9
6.0
2.2
2.2
1.8
0.5
Denmark
Netherlands*
Sweden
UK
Ireland
Belgium
Germany
Spain*
France
Portugal
Italy
Poland
Czech Rep.
Hungary
Romania
1
DATA BY
EMF-HYPOSTAT

2. Inteliace Research
MortgageLendinginPoland,2015-2017
Source: GUS, Inteliace Research
Cumulated
years 2006-2014
(in million)
WHILE COMPLETIONS HAVE REMAINED IN A FALLING TREND, NEW BUILDING PERMITS
AND STARTS HAVE REBOUNDED DURING 2014
• Number of new
building permits and
starts rebounded in 2014
after few years of
declines.
• Falling cost of credit,
strong economy,
unemployment trending
down and stabilizing
property prices were key
factors encouraging new
construction starts.
• The number of
completions remained in
a falling trend due to
time-shift effects
following lower starts
and permits figures
recorded in 2012-2013.
New building
permits
Dwellings
started
Dwellings
completed
1.28
1.38
1.62161
237 220
179 175 184 165
139 157
2006 2007 2008 2009 2010 2011 2012 2013 2014
2
138
185 175
143 158 162
142 127
148
2006 2007 2008 2009 2010 2011 2012 2013 2014
115 134
165 160
136 131
153 145 143
2006 2007 2008 2009 2010 2011 2012 2013 2014