Following Katowice, more cities are considering introducing a commercial tax rate for newly built but unsold apartments. What do developers think about this idea? How could such measures affect the real estate market? Will they influence housing prices? A survey by the property news website dompress.pl provides insights.
Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at Robyg Group
“We are watching with concern the proposals to introduce new tax burdens on developers, including local levies on unsold apartments. Such ideas — like applying a commercial rate to units still on offer — could reduce project profitability and limit new supply.
The result would not be a drop but a potential increase in apartment prices, as rising risks and costs would have to be incorporated into pricing strategies. These solutions contradict the goal of improving housing affordability and could adversely affect the entire market, including investment activity in new locations.”
Andrzej Gutowski, Sales Director at Ronson Development
“Introducing a commercial tax rate on completed but unsold apartments would be an additional burden and effectively a penalty for developers for difficult market conditions. It would lead to more cautious planning and a reduction in the number of units entering the market, which in turn would further limit supply and potentially push prices up.
Especially today, it is easy to verify which apartments are for sale, as developers are required to publish full price lists and inventories.
In practice, such a tax would force us to operate with almost full presales, release smaller batches of units, and suspend new phases whenever demand slows. This would undeniably reduce the availability of new housing.”
Wojciech Zhang-Czabanowski, CEO of Waryński S.A. Holding Group
“In the current market environment, taxing unsold apartments at a commercial rate would be especially risky — both economically and systemically. Units that have not yet been separated and sold are essentially ‘work in progress,’ not capital investments intentionally held in a portfolio. It is difficult to justify taxing a developer for a stage that is a natural part of the production cycle.
Moreover, today’s sales conditions no longer resemble the boom years. Buyers compare wider offerings and increasingly make decisions only after a building is completed. Finished apartments have become a viable alternative to buying ‘a hole in the ground.’ Unsold stock is thus primarily a result of slower decision-making and high supply in cities like Katowice, rather than intentional inventory hoarding.
Imposing a tax at this point in the cycle would raise operational costs and directly translate into higher prices, ultimately burdening buyers. It could also discourage developers from launching new projects at a time when the market is normalizing, limiting supply instead of stabilizing it.”
Damian Tomasik, CEO of Alter Investment
“The idea of taxing unsold apartments at a commercial rate is risky and short-sighted. Such measures could artificially limit supply and increase prices rather than address housing affordability.
Instead of penalizing developers for delivering completed units to the market, authorities should streamline planning and administrative processes, which currently take several years and delay new investments.
From Alter Investment’s perspective, such regulations would not directly affect the land market, but they could reduce developer activity and slow the entire investment cycle.”
Tomasz Kaleta, Managing Director of Sales and Marketing at Develia
“Developers aim to sell apartments as quickly as possible, and holding completed units means frozen capital and extra costs. We agree with the Polish Association of Developers, which argues that imposing higher taxes on completed but unsold apartments is unjustified and could negatively impact the market. Such a measure would hit smaller players hardest — especially those with loans and financial obligations who are unable to lower prices.
We do not expect that taxing unsold apartments would drive prices up. In our experience, well-designed projects sell during construction, which is why completed units account for only 1–2% of our offering — far below the market average of 10–20%, depending on the city.”
Dawid Wrona, Management Board Member – COO at Archicom
“As a major market participant, we closely follow all potential legislative changes affecting the housing sector. We are therefore watching the discussion about imposing a commercial tax rate on unsold apartments with interest. We understand that municipalities are seeking new revenue sources and tools for sustainable local development, but every decision should be preceded by a thorough impact assessment — both for cities and for the development sector.
Maintaining a certain number of completed but unsold units is a natural part of the investment cycle and reflects sales dynamics rather than speculative behavior. Market data shows the scale of this phenomenon is limited — for example, in Łódź ready-to-occupy apartments account for about 20%, and in the Tri-City around 11%. Our estimates suggest that potential revenues from such a tax would be modest, at most a few million złoty.
It is also important to consider local market differences. In cities with large supply — such as Katowice — discussions about additional regulatory tools may be justified, but in high-demand markets with limited supply — such as Kraków — such solutions could hinder new investments and push prices even higher.”
Mariusz Gajżewski, Head of Sales, Marketing & Communication at BPI Real Estate Poland
“By definition, every developer wants to sell apartments before construction is completed. Ready-to-move-in units that remain unsold generate additional costs such as HOA fees and utilities (e.g., heating).
Therefore, I believe the idea of a tax on unsold apartments — yet another extra cost — is misguided. I do not think it would accelerate sales.”
Andrzej Swoboda, Vice-President of the Management Board, CTE Group
“The proposal to tax unsold apartments at rates applied to commercial properties raises significant concerns. From the industry’s perspective, such a measure would be detrimental and could produce the opposite of the intended effects.
Unsold units are a natural part of the development business — the sales process often continues for many months after construction ends. Maintaining a certain level of available stock is essential for supply continuity and price stability.
Introducing higher tax rates could reduce investment in new projects and ultimately decrease housing supply. This would fuel inflation and contribute to further price increases.
Instead of supporting housing accessibility, such financial burdens could paradoxically reduce it. We believe a far more effective strategy would be to support residential investment and create stable financing conditions — benefiting both buyers and the entire economy in the long term.”
Zuzanna Należyta, Commercial Director at Eco Classic
“Just as mandatory price reporting has not lowered apartment prices, raising taxes on unsold units will not improve affordability. I am unaware of any situation where a developer deliberately builds apartments only to ‘hide’ them instead of selling.
For two years we have had a significant oversupply, evident from numerous promotions and discounts. No developer wants apartments to sit unsold — when it happens, it is solely due to buyers’ limited purchasing power.”
