In a video interview recorded at CEE Property Investment Update 2026 in Warsaw, Dorota Wysokińska-Kuzdra, Senior Partner at Colliers, shares her outlook on financing conditions, partnerships, and the evolving living sector in Poland, highlighting why competition between banks and institutional capital flows could intensify in 2026.
How do you expect financing conditions to evolve in 2026?
2025 was a very good year for banks. They were able to close strong transactions and meet their annual budget targets. As a result, I expect that most banks will increase their targets for 2026, which will naturally lead to greater competition between lenders.
This competition should translate into improved financing conditions compared to what we saw in 2025.
Another important trend, which was also discussed during today’s panel, is the anticipated refinancing wave related to transactions closed in 2019. Many of these loans will need refinancing in 2026. I expect this to generate additional activity, again under relatively good financing conditions.
Do you expect to see more partnerships in the market?
Yes, particularly in Poland, which is already a very mature market. Opportunities are not limited to single-asset or portfolio acquisitions — they increasingly involve partnerships between capital providers and local players.
This is obvious in development projects, where developers typically require external capital. But it also applies to investment products, where investors may bring in joint venture partners to inject fresh capital — either to return capital to existing investors or to finance further expansion.
What trends are driving Poland’s living assets market this year?
Living as a sector has been high on our agenda for several years globally, largely driven by developments in the US. Even excluding the US, residential remains a very important asset class across Europe.
In Poland, the institutional residential market is still evolving and building scale. However, in 2025, we saw a major transaction between Resi4Rent and TAG Immobilien. Although the transaction has not yet been finalised, it is expected to close in 2026. This would signal a step forward in terms of transaction size compared to previous years, when most deals were forward funding or forward purchase structures.
Within the living segment, I would particularly highlight student housing, which has very strong fundamentals. I expect increased investor interest in this space.
Looking further ahead, demographic trends and an ageing population should not be overlooked. Senior housing may not be the dominant theme in 2026 yet, but it is certainly an asset class to monitor closely.
How would you describe Polish real estate in three words?
Opportunities. Strong joint venture partners. Attractive returns.
