A property price quoted in złoty tells only part of the story, because it is not only the value of the property that changes but also the value of the unit it is measured in. Below is the same data in a different unit: how many grams of gold a square metre of an apartment cost in nine of Poland’s largest cities between 2000 and 2025.
City by city
Secondary-market transaction prices per square metre, converted into grams of gold at that year’s gold price.
| City | 2000 | 2010 | 2015 | 2020 | 2025 | Change |
|---|---|---|---|---|---|---|
| Warsaw | 79 g | 61 g | 55 g | 41 g | 31 g | −61% |
| Poznań | 50 g | 49 g | 44 g | 33 g | 22 g | −56% |
| Kraków | 61 g | 53 g | 47 g | 36 g | 28 g | −54% |
| Wrocław | 50 g | 53 g | 43 g | 39 g | 23 g | −54% |
| Szczecin | 39 g | 39 g | 36 g | 28 g | 19 g | −51% |
| Lublin | 37 g | 40 g | 35 g | 27 g | 18 g | −49% |
| Tricity (Gdańsk) | 55 g | 58 g | 45 g | 38 g | 29 g | −47% |
| Rzeszów | 34 g | 38 g | 34 g | 26 g | 18 g | −47% |
| Katowice | 40 g | 34 g | 30 g | 24 g | 22 g | −45% |
Indicative figures, averaged from NBP, GUS and market reports (secondary market). Gold prices used for the conversion: approximately 38 PLN/g (2000), 118 PLN/g (2010), 138 PLN/g (2015), 225 PLN/g (2020), 578 PLN/g (2025). Exact archival values are worth verifying before any further use.
The same trajectory in all nine cities
On average, apartments in Poland’s nine largest cities cost about 52% less gold today than in 2000. Over the same period their prices in złoty rose several times over.
The spread is wide — from −61% in Warsaw to −45% in Katowice — but the direction is identical in every one of the nine markets. None recorded an increase in the price per square metre measured in grams of gold.
The decade ahead
Property. The ratio of price per square metre to average earnings has been deteriorating for years in most large cities. High financing costs and demographic change will temper growth. Nominal prices in złoty will most likely continue to rise, but more slowly than in the 2015-2025 decade.
Gold. J.P. Morgan and Goldman Sachs forecast a continuation of the upward trend, with targets above USD 5,000 per ounce in 2026. Morgan Stanley points to around USD 4,800 in the fourth quarter of 2026. Poland’s central bank continues to build its gold reserves towards 20% of assets.
Analyst forecasts are not a guarantee of future results and do not constitute investment advice.
Why gold and silver remain in focus
Gold:
- No counterparty risk — it is nobody’s liability and cannot be created by a central bank decision.
- Central banks bought 863 tonnes of gold in 2025, well above the pre-crisis average of 400-500 tonnes a year.
- US public debt exceeds 120% of GDP, with an annual budget deficit of 6-7% of GDP.
- The Polish central bank is building reserves towards 20% of assets — structural rather than speculative demand.
Silver:
- The market is running a structural supply deficit; forecasts point to a shortfall of around 67 million ounces in 2026.
- More than half of demand is now industrial: photovoltaics, electronics, data centres.
- Silver is largely mined as a by-product of other metals, so supply does not keep pace with demand even at high prices.
- Volatility remains high: in January 2026 the price reached about USD 122 before correcting to around USD 59-60.
Silver is markedly more volatile than gold. Greater upside comes with a greater risk of sharp corrections.
In summary
The question is rarely „will my property appreciate further?”. More often it is: in what unit am I measuring my wealth — and is that unit stable?
Sources: World Gold Council, NBP, GUS, Polish property market portals (Otodom, RynekPierwotny, Bankier.pl, RCN), and forecasts from J.P. Morgan, Goldman Sachs and Morgan Stanley (August 2026).