This paper investigates the house price cycle in 17 major cities in Poland, analysing separately prices of newly constructed housing and prices in the existing stock. We apply the Andre, Gupta and Mwamba (2019) framework and test the deepness and steepness of the cycles. Deepness concerns the relative magnitude of peaks and downturns, while steepness determines, how fast peaks or downturns are reached. When at least one of those measures is not symmetric, there is asymmetry in the cycle. We apply the triples test and the entropy test and find little evidence for asymmetry, mostly only in small cities. This seems to be intriguing, because usually there are asymmetries, for example slow price increases end in sudden drops. The explanation for the smooth cycle in the Polish housing market are a still not satisfied demand for housing and continuously growing wages. Banks issued mortgages only to the more affluent people, which were able to pay back the mortgage. Additionally, two housing subsidy schemes helped to keep house prices stable, when the situation in the global economy worsened, which might have led to price drops.

本文考察了波兰17个主要城市的房价周期，分别分析了新建房价格和存量房价格。我们应用 Andre、Gupta 和 Mwamba（2019）框架并测试周期的深度和陡度。深度涉及高峰和低谷的相对幅度，而陡度决定了高峰或低谷的速度。当这些措施中的至少一项不对称时，循环中存在不对称性。我们应用了三元组检验和熵检验，几乎没有发现不对称的证据，主要只在小城市。这似乎很有趣，因为通常存在不对称性，例如缓慢的价格上涨以突然下跌告终。波兰住房市场平稳周期的解释是对住房的需求仍未得到满足和工资持续增长。银行只向较富裕的人发放抵押贷款，他们有能力偿还抵押贷款。此外，当全球经济形势恶化时，两项住房补贴计划有助于保持房价稳定，这可能导致房价下跌。