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Demand for loans in Poland shifted considerably across sectors throughout 2025, moving in different directions for corporate and household borrowers over the course of the year. Demand from large enterprises weakened sharply in the second quarter before rebounding strongly, ending the year up more than ** percentage points from its Q2 low. SME loan demand followed the opposite path, climbing through the first three quarters before reversing into negative territory by Q4. Housing loan demand was the most volatile segment, swinging from a **** percent decline in Q1 to a **** percent surge in Q3, then falling back into negative territory in Q4. Consumer loan demand was the most consistently positive segment, rising steadily across the year to reach **** percent by the fourth quarter.

Housing market dynamics

Despite the projected decrease in housing loan demand for early 2025, the sector has shown remarkable strength in the previous years. In 2024, housing loans in Poland reached over *** billion zloty, marking the highest increase among all private loan types. This growth aligns with the total outstanding debt of Polish households under housing loans, which amounted to *** billion zloty in 2024, representing a *** percent increase from the previous year.

Divergent trends in enterprise lending

Small and medium-sized enterprises are expected to see increased access to short-term financing. In 2024, SMEs received the highest number of loans in investment and operational loans, totaling **** and **** billion zloty respectively. Meanwhile, large corporations experienced a decrease in loans compared to the previous year, with operational loans reaching approximately ** billion zloty.

In Q2 2025, short-term loans for large enterprises are projected to rise to **** billion zloty, while long-term loans are expected to decrease to **** billion zloty. Conversely, short-term loans for SMEs are anticipated to increase significantly to **** billion zloty, alongside long-term loans rising to **** billion zloty. The housing loans are predicted to reach **** billion zloty, reflecting ongoing shifts in demand.