In 2025, the premium housing segment operated under conditions of clearly greater demand-side caution. Buyers now need more time to make purchase decisions than just a few years ago—what once took 1–3 months has extended to 3–6 months, and in the case of houses even 6–12 months. Buyers’ bargaining power has strengthened. Prices are still rising, but at a much slower pace than a dozen months earlier, and the gap between asking and transaction prices is widening. While the selection of luxury apartments remains broad, developers are approaching new projects more cautiously and increasingly seeking buyers abroad.
Purchasing decisions have become less emotional and more analytical, with buyers more frequently comparing property to alternative investment options. This shift reflects both the experience of the post-pandemic price surge and geopolitical factors that encourage some clients to diversify capital via foreign investments or more liquid financial instruments.
A Buyer’s Market
The market has clearly shifted toward a buyer’s market. A significant difference between asking and transaction prices is visible. According to data from National Bank of Poland, this gap can reach up to 15%, affecting not only the premium segment but the housing market as a whole. Price growth in luxury homes has decelerated: values are still increasing, but at a stable and moderate rate of about 4–5% annually, compared with the double-digit increases seen during the pandemic.
A similar pattern is evident in the rental market. After a period of exceptionally strong demand—particularly following the outbreak of the war in Ukraine—landlords have had to adjust price expectations, and the leasing process has lengthened. There is also a decline in new applications and building permits, driven by limited land availability in large cities and high plot prices. Developers are currently delivering fewer projects simultaneously and are more cautious with new investments.
Buyers seeking premium apartments have the widest choice in Warsaw, which hosts 19 projects with prices exceeding PLN 35,000 per sq m. Tricity ranks second with 9 such developments, followed by Kraków (7) and Wrocław (3).
A New Definition of Luxury
On the supply side, the market is seeing the development of strictly premium projects that redefine luxury. Developers are increasingly focused not only on architecture and location, but also on quality of life, health, and complementary services. Expanded wellness and spa zones, fitness areas, swimming pools, yoga studios, physiotherapy consultations, concierge services, and solutions aligned with the “15-minute city” concept are becoming common. Resident apps are now standard, and offers increasingly account for pet owners’ needs. An attractive architectural concept alone is no longer a sufficient differentiator.
Market Outlook for 2026
From a macro perspective, Poland’s housing market remains in a growth phase, supported by the inflow of international companies and foreign employees—especially in large cities. A key challenge is very low fertility, which is why developers are increasingly targeting foreign buyers, preparing multilingual communications. Poland continues to be viewed as a “green island” for investment opportunities among large international firms. More of them are establishing operations locally and relocating staff from abroad, many of whom are interested in premium real estate.
Over the coming months, a continued stable, low single-digit price increase is expected. Interest rate cuts are already translating into a higher number of mortgage inquiries, which may gradually lift demand. At the same time, the secondary market may see more listings, partly due to declining rental yields and an aging housing stock. The number of properties for sale is currently high and sales processes are prolonged, forcing greater pricing flexibility. In parallel, the PRS sector and institutional investors are gaining importance, purchasing entire buildings for rental to meet the needs of clients for whom renting remains the preferred option.
