Developers will uncover housing prices! The government is sending the president an amendment to the bill

In May 2024, the Sejm adopted legislature amendments to the amendment of the Act, which introduces a number of obligations for developers to increase transparency in the sale of real estate. Under the fresh regulations, developers will gotta print housing prices openly and available to all buyers.

Minister of Funds and Regional Policy, Katarzyna Pełczyńska-Nałęcz (Poland 2050), informed after gathering with president Andrzej Duda that the head of state declared signing the paper later this month.

– This bill is good, it was accepted by all clubs and will be signed, as we heard today, by the President – assured the Minister during the press conference. – Developers, prepare to uncover prices, to play yet fair with customers, with consumers, with Poles who have the right to buy apartments openly, transparently and honestly.

What does the fresh improvement bill require?

Under the bill, developers will be required to:

• conducting their own websites,
• publication of housing prices from the start of the sale until its completion,
• Updating prices all 24 hours,
• archiving historical data on prices to let for comparison in time,
• publishing prices per square metre and per full property,
• taking into account the full area of the property offered, including belongings (e.g. garages, tenant cells).

All this information will besides be available on the government portal data.gov.pl to supply additional transparency.

What if the price on the website is different from the offer?

If there is simply a discrepancy between the price given on the developer's website and the actual price offered, the buyer will have the right to request the sale of the property at the most favourable price for himself.

This is an crucial power that can importantly affect the real property market, limiting the ability to manipulate prices or "heat" request through false promotions.

Penalties for non-compliance

Failure to comply with the fresh obligations will be treated as a violation of the collective interests of consumers. The Office for Competition and Consumer Protection (UOKiK) will be able to impose appropriate fines on entrepreneurs who do not comply with the fresh law.

The president will sign the bill in May 2024

According to the announcement of Minister Pełczyńska-Nałęcz, president Andrzej Duda undertook to sign the Act in May this year. After publication in the authoritative Journal, the fresh provisions will enter into force within the time limit set in the paper itself – possibly at the end of June or early July 2024.

Why does it matter?

The real property marketplace in Poland has been characterised by strong dynamics for years, but besides deficiency of transparency. Prices were frequently given fragmentedly, without taking into account additional costs or common area. Thanks to this amendment, each possible buyer will be able to compare offers, track price changes and make informed investment decisions.

Summary

The amendment to the improvement Act is another step towards greater consumer protection in the housing market. The changes are aimed at eliminating unfair practices and creating conditions for fairer sale of real estate.

For developers, it is simply a challenge to adapt sales procedures to fresh requirements. For buyers – a chance to better inform themselves before signing a contract.