At the recent CEE Property Financing Update 2025, with Agata Jurek-Zbrojska, Partner and Head of Real Estate and Construction at CMS Poland, moderating the discussion, Renata McCabe Kudla (Grupo Lar Poland), Bartłomiej Oset (NDI Development), and Waldemar Wasiluk (Victoria Dom) explored the evolving landscape of residential real estate investment in Poland. The conversation revealed a landscape shaped by sharp increases in development costs, shifting demand, and regulatory complexity.
Participants noted that the build-to-rent market has lost some of its allure due to soaring apartment prices and the inability to achieve rental levels that make projects financially viable. Despite this, the student housing sector is seen as a promising area, given Poland's large student population and a steady appetite for safe, purpose-built accommodations.
Urbanisation continues to intensify demand in major cities such as Warsaw, where new construction focuses on compact apartments and mixed-use developments that integrate living and working spaces. However, panellists highlighted immense challenges—rising land values, regulatory hurdles, and prolonged permitting timelines are squeezing smaller developers out of the market and concentrating activity among larger players.
Market stability is influenced not only by local factors but also by broader macroeconomic trends and migration. Immigrants make up a significant portion of renters, underpinning rental market growth. Anticipation of further cost increases—due to technical regulations, ESG requirements, and land scarcity—suggests continued upward pressure on prices and a slower pace of new supply.
The consensus called for a more predictable regulatory environment and better cooperation with municipalities to streamline project approvals. With stable policy and efficient processes, Poland’s cities remain attractive destinations for talent, business, and investment—even as the sector braces for fresh challenges and ongoing transformation.
