In a video interview recorded at CEE Property Investment Update 2026 in Warsaw, Janusz Dzianachowski, National Managing Partner at Addleshaw Goddard, shares his view on upcoming legal changes, investor sentiment and why Poland’s market remains resilient and increasingly attractive to both domestic and international capital.
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What legal and regulatory changes do you expect to influence Poland’s real estate market this year?
To be honest, I don’t expect anything very extraordinary. There is one major legal change coming into force — the new planning law — but this is not a surprise. It was adopted years ago, and the market has had plenty of time to prepare.
The new rules will slightly modify certain planning and permitting processes, depending on the type of investment, but overall, everyone is ready for this transition. So it’s nothing unexpected or disruptive.
What we are really keen to see is progress on legislation that would allow more domestic capital to engage in real estate investments — for example, a proper REIT framework or something similar. After the change of government, work on Polish REIT legislation restarted, but it has slowed again.
What we are missing most is a real boost that would allow Polish citizens to invest in real estate in a more institutional way — not only by buying apartments, but through vehicles such as REITs and dividend-paying structures.
How are clients factoring risk and uncertainty into their strategies for 2026?
It’s a tricky question because we haven’t seen major changes yet. Of course, the market is reacting to geopolitical developments and broader global trends, but the response tends to come with some delay.
2025 was already a year when we adjusted to a new reality, and the market started stabilising. I expect 2026 to be more of a continuation of this trend rather than a major shift.
We are seeing increasing interest from Western European and US investors, particularly in larger transactions. New mandates from US investors are coming in, which suggests confidence in the market. For now, we don’t see reasons for significant strategic changes.
One topic that is becoming more important is private credit. Everyone is talking about it, new players are entering the market, and we are already seeing some larger transactions in this space. I think private credit will play a bigger role in real estate financing in 2026.
How would you describe Polish real estate in three words?
Resilient. Innovative. Fun.
