The secondary real estate market includes properties that have already been used and usually have one or more previous owners. It differs from the primary market, which sells new apartments and houses from developers. The secondary market covers the majority of housing in cities and includes various categories of real estate, from old buildings to more modern properties.

Main characteristics of the secondary market:

  • Legal review. In the secondary market, a particularly thorough check of documents is required, as they may contain inaccuracies related to previous owners or registration of the property. It is also important to check the history of the property to avoid potential legal risks and hidden encumbrances.
  • Infrastructure and location. Housing on the secondary market is often located in areas with developed infrastructure, which increases its attractiveness. However, housing in central areas may have restrictions, for example, on carrying out repair work or changing the facade, especially if these are historical buildings.
  • Financial aspects and mortgages. Buying a home on the secondary market may be less advantageous in terms of mortgage terms, as banks often offer more favorable terms for primary properties. However, the property is immediately available for occupancy, which may be an important factor in making a purchase decision.

Properties on the secondary market are already equipped with the necessary utilities, such as electricity and internet, and are ready for occupancy. The availability of such housing is higher since all housing is on the market and not just new buildings, which are most often located on the outskirts of the city. However, there are also disadvantages: secondary housing is not new, and a long period of operation is accompanied by the need for major repairs or replacement of utilities.

The situation on the secondary market depends on key factors such as economic stability, mortgage rates, and income levels. Currently, mortgage rates remain high, which can slow down transactions on the secondary market as buyers are forced to look for more affordable conditions. This leads to stagnation in the market and to the fact that some properties take longer to sell.