Real Estate Market Report Poland Q2 2026

Poland’s real estate market remains resilient with broad sector momentum in 2026. EU funded programs and a solid labor market support activity, while rates stay broadly predictable albeit with elevated risk premia. Logistics leads transactions, retail gains traction and office demand is selective. Prime yields are broadly stable, with early signs of compression in logistics. In residential, completions hold steady and permits accelerate without triggering a broad price surge. Two structural themes shape the outlook: planning reform that raises the premium on certainty, and a persistent demand supply gap in PBSA.

Key findings at a glance

Poland remains one of the most dynamic and liquid property markets in Central and Eastern Europe in 2026.

• Economy: GDP growth of 3.6% is expected for 2026. Inflation stood at 3.1% in May, and interest rates are expected to remain unchanged this year.
• Investment market: Around €1.03bn was invested in commercial property in Q1 2026, up 44% year on year and the strongest opening quarter since 2022. Logistics accounted for 44% of volume, retail 31% and offices 24%.
• Yields: Prime yields are stable at 6.00–6.25% for offices and 6.00% for logistics, with first signs of yield compression in logistics.
• Residential construction: 76,200 homes were completed between January and May 2026, almost level with the previous year. Building permits, by contrast, rose by 16.3% to 119,900 homes.
• House prices: Prices rose 6.0% year on year in Q1. Demand for new homes cooled in Q2, but sales in the seven largest cities again exceeded new supply.
• Spatial planning reform: Planning certainty is becoming the key value driver. Land with secured zoning is in demand, while sites with unclear zoning trade at a discount.
• Student housing: There are roughly ten students for every available bed, making the market structurally undersupplied.

Where do resilient entry points emerge now?

Which cities and segments show sustainable rents and yields?

How will planning reform reprice land?

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