The size of new flats is falling

The new-build flat market is, by its nature, constantly changing. Both economic factors and architectural trends influence it. Interestingly, it is not only the typical layout of rooms and the finish that are changing, but also the usable floor area.

More flats are appearing, but…

According to analyses by the Central Statistical Office (GUS), in recent years not only have new flats been built continuously, but the time taken to complete successive developments has also been shortened significantly. This is quite an important factor for someone who pays in advance to secure the best of the available flats. Interestingly, though, it is not only the waiting period for flats to be handed over that is changing, but also the average size of flats built by developers.

The former (that is, the completion time) is clear-cut. New flats are another investment opportunity, and faster completion means faster earnings. Admittedly, one could point to the effect of greater supply on prices, but it must be remembered that development work is carried out in different locations. This in turn means that a skilful choice of investment will allow you to maintain higher profits. What is more, there will always be someone who prefers a flat in a new block rather than in an old high-rise.

READ ALSO – FLOOR AREA DISCREPANCIES AND SELLING A FLAT

Large flats are losing floor area

The last of these trends is quite interesting. Although the average size of new flats is still large (in 2014, according to GUS data, it was 59.6 m2), if we look at the trends since 2008, we notice a systematic decline. How large? Back in 2008, the average floor area of developer-built flats handed over for use was 68.2 m2.