In the recent period, the housing market in Poland has been very active. An externalization of this activity is the number of concluded transactions, growing prices of building lots, single-family houses and flats, or the expansion of developersí activities, etc. The sudden rise in the property prices must entail several questions. Are we witnessing the emergence of a price bubble that will end up in a similarly rapid downslide in the future? Alternatively, can the situation of the Polish property market be explained through the socio-economic circumstances? The paper endeavours to verify the above research hypotheses and identify the further course of events in the Polish housing property market. The paper is composed of three parts. Part one provides the statistical analysis of the housing market in Poland. Part two investigates why the property prices are on the rise. Finally, part three tries to answer the question whether the rapid increase in the property prices in Poland will maintain or perhaps they will be drastically adjusted.