This year’s market data shows a decline in the number of housing units under construction compared to 2024, a significantly smaller number of building permits obtained by developers, and the lowest number of completed units since 2018. Are these signs of a sector slowdown? Are companies scaling back investment activity or considering diversification? How are developers adapting their plans to the current market reality? The real estate portal dompress.pl conducted a survey to find out.
Zbigniew Juroszek, CEO of Atal
Over the past year, Atal has made significant investments in launching or continuing construction in dozens of projects or phases. We took advantage of favorable conditions in materials and contracting markets. This cycle will now gradually fade out, as we will substantially reduce the frequency of new launches while completing ongoing projects and steadily cutting costs.
We will maintain a well-secured sales portfolio for the longer term, with a focus on ready-to-occupy units preferred by buyers who want to minimize mortgage costs during construction. We also have a secured land bank and have already finalized most of the acquisitions planned for this year.
Tomasz Kaleta, Managing Director of Sales and Marketing, Develia
Despite a record-high offer, we are not significantly changing our plans for launching new projects in the cities where we operate. In July, we finalized the acquisition of Bouygues Immobilier Polska, which allowed us to increase both the number of units under development and the potential of our land bank—primarily in Warsaw, Poland’s largest and most stable market, as well as in Poznań and Wrocław. Our strategy assumes a gradual increase in market share, aiming for 4,500 unit sales annually by 2028.
Well-designed investments in attractive locations maintain strong demand even in a challenging environment, as reflected in our recent sales results. Our main focus remains selling apartments to individual clients, but as part of diversification we are gradually entering the living sector. We are awaiting a permit to build a student housing project in Wrocław through a joint venture and have acquired another plot in the city center to develop a 600-unit student residence with retail space. In our view, the PBSA (Purpose-Built Student Accommodation) segment in Poland has significant growth potential.
Andrzej Gutowski, Sales Director, Ronson Development
It is no surprise that developers are adjusting production to much lower demand. The housing market in Poland is slowing, as signs of deceleration have been visible for some time. There was a period when the market hoped for quick government housing programs or faster rate cuts, which led developers to increase supply beyond real demand. The situation has now stabilized at a lower equilibrium than in previous years.
Looking ahead two years, we expect a return to the boom levels of 2021 or 2023. This shapes our strategy—we are investing more cautiously, selectively, and in line with actual demand. We treat this period as one of stabilization, preparing for future growth triggers such as potential rate cuts. Our strategy is based on stable development, adjusting investment pace to market conditions, and closely monitoring Monetary Policy Council decisions. We see this as a time of cautious optimism rather than abrupt slowdown.
Mirosław Bednarek, Regional Business Director and CEO of Matexi Polska
We are observing a gradual revival in demand. In Q2 2025, client activity clearly increased, driven not only by the first rate cut but also by buyers no longer postponing decisions while waiting for a new government program. From April to June, we signed 99 development contracts, nearly 40% more than in Q1 2025 and the same period last year. Preliminary data suggests continued improvement in Q3.
We are also consistently expanding our offer with new projects. Recently, we launched two investments: Sady Żoliborz II in Warsaw, with 66 apartments, and Bukowińska Mokotów with 72 apartments and 2 retail units. At the start of next year, we plan additional projects in Kraków and Warsaw.
With growing demand and new launches ahead, we are not reducing investment activity and continue to look for attractive plots. However, securing permits often takes years, with unforeseen circumstances sometimes extending the process even further.
Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław, Robyg Group
Although statistics for early 2025 show some slowdown in housing starts and permits, we do not view this as a lasting market weakness, but rather a natural correction after a period of very dynamic growth. Demand for new housing, especially in large cities, remains strong, driven by residential needs, internal migration, and the growing importance of rentals.
We remain strategic but are not slowing down. We maintain high sales dynamics and actively launch new projects in major metropolitan areas and emerging markets. Despite a challenging economic environment, demand for housing remains stable, supported by our well-located, competitively priced, high-quality projects.
We continue to grow both in for-sale housing and in the PRS (Private Rented Sector) model, allowing us to respond flexibly to shifting needs. With secured land, ready projects, and an experienced team, we see the current market as an opportunity to strengthen our position further.
Witold Kikolski, Board Member, MS Waryński Development S.A.
Indeed, we see the Polish housing market cooling. Data for the first seven months of 2025 shows a double-digit drop in housing starts and a 25% decline in permits compared to last year. Completions also reached their lowest since 2018, reflecting earlier investment slowdowns.
At Waryński, we view these changes long-term. Development always moves in cycles: after rapid growth comes slowdown. Our strategy emphasizes flexible land and project management. We are not withdrawing from the market but adjusting project pace and structure to real demand.
We act selectively, focusing on locations with the highest demand potential, such as our Stacja Ligocka project in Katowice and a planned development on Warsaw’s Mokotów. Housing is indeed slowing, but this is a time for careful project selection to emerge stronger in the next growth cycle.
Damian Tomasik, CEO of Alter Investment
We see a slowdown, especially in new permits, as supply adjusts to demand under high interest rates. For Alter Investment, this does not mean halting activity but rather smarter project selection. We specialize in land preparation and value enhancement, so we focus on projects with the highest potential and shorter administrative lead times. At the same time, we are developing new locations and segments, from housing to single-family and PRS, allowing us to diversify and adapt flexibly to changing conditions.
Mariusz Gajżewski, Head of Sales, Marketing & Communication, BPI Real Estate Poland
The data indeed shows fewer housing starts and permits, largely due to natural business cycles and earlier slowdowns. BPI Real Estate Poland does not intend to reduce investment activity. On the contrary, we focus on quality projects and acquiring land in prime locations that ensure long-term value. Our strategy is based on selectivity and precise location choice, targeting premium and upper-standard housing markets across Poland.
Renata Mc Cabe-Kudla, Country Manager, Grupo Lar Polska
The housing market in Poland, particularly in Warsaw, is growing more slowly than in previous years due to significant delays in administrative decisions. However, we believe this slowdown is temporary.
Piotr Ludwiński, Sales Director, Archicom
In my view, the Polish housing market is not slowing but stabilizing after a very intense period linked to the “Safe 2% Mortgage” program. We still see steady demand and strong client activity. Our projects, carefully designed and varied in size, meet the needs of singles, families, and investors alike.
We are not reducing our investment activity. On the contrary, we are expanding our land bank and focusing entirely on residential development after the sale of the City2 office building. Our diversified portfolio ranges from mass-market housing to flagship urban projects such as Fuzja, Wita, and Towarowa 22.
We plan attractive projects in major Polish cities, alongside developments under the “lex developer” framework in Wrocław and Warsaw. We continue to optimize processes and engage in urban policy debates, taking a long-term view of the market beyond a single cycle.
Source: ceo.com.pl
