The RPP has made a decision. What does it mean for interest rates – what does it mean for the real estate market in Poland?

The RPP lowers interest rates again – what is changing?

The Monetary Policy Council announced a second consecutive interest rate cut. The main reference rate has decreased by 0.25 percentage points to 4.75%, continuing the trend of easing monetary policy after a series of previous hikes.

As of October 9, 2025, the new levels of NBP interest rates are:

• reference rate: 4.50% (annual),
• lombard rate: 5.00% (annual),
• deposit rate: 4.00% (annual),
• rediscount rate for bills: 4.55% (annual),
• discount rate for bills: 4.60% (annual).

For many Poles and foreign investors, this is a signal that the time of high borrowing costs is slowly coming to an end. The cuts mean lower mortgage payments, greater availability of financing, and – particularly importantly – increased interest in the real estate market.

In this article prepared by experts from Atlant Estates, we explain:

• how the RPP decision affects apartment prices,
• which cities gain the most,
• how to plan a property purchase in Poland,
• what mistakes investors make and how to avoid them.

Why is the RPP lowering interest rates?

After months of tightening monetary policy, inflation in Poland began to slow down – from double-digit levels to around 5–6% year-on-year (as of Q4 2025). This allowed the Monetary Policy Council to gradually ease policy to stimulate investment and consumption.

According to NBP data, the average interest rate on new mortgage loans in PLN dropped from about 8.2% to 6.9%, which already increases the borrowing capacity of buyers by as much as 15–20%.

What does it mean for borrowers and investors?

• lower mortgage payments,
• greater availability of financing,
• return of demand in the apartment market,
• increase in property values in the long term.

The real estate market in Poland: a revival after months of stagnation

After a difficult year in 2023, during which sales of new apartments fell by over 30%, the Polish real estate market is beginning to bounce back.

According to data from Otodom Analytics and PFR Nieruchomości:

• in Warsaw, apartment sales in Q3 2025 increased by 18% compared to the previous year,
• in Kraków by 22%,
• and in Gdańsk by 15%.

Lower interest rates act as an impulse for the entire market. Buyers are returning to sales offices, and foreign investors – mainly from Germany, the UK, and Scandinavian countries – are increasingly inquiring about apartments for sale in Poland in the largest agglomerations.

Primary vs. secondary market – where to look for opportunities?

Primary market