Tuesday, 18 November 2025
Following the decision in Katowice, several other cities are now considering the introduction of a commercial tax rate on newly built but unsold flats. The move has prompted questions from across the real estate sector: how do property developers perceive this proposal, what potential impact could such a measure have on the market, and is there a risk that it will ultimately be reflected in flat prices? These issues are addressed in the statements from developers included in the full text, offering insight into how the industry views the possible consequences of such taxation.
Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at the Robyg Group
We are concerned about the proposals for new tax burdens on developers, including local levies on unsold flats. Ideas such as an economic tax rate on properties remaining on offer may result in a deterioration in project profitability and a reduction in new supply.
The result will not be a fall, but a potential increase in flat prices, as the growing risks and costs will have to be taken into account in pricing policy. Such solutions are contrary to the goal of increasing the availability of flats and may have a negative impact on the entire market, including the dynamics of investment in new locations.
Andrzej Gutowski, Sales Director, Ronson Development
Taxing completed and unsold flats at the commercial rate would be an additional burden and a kind of punishment for developers for the more difficult market situation. It would lead to more cautious investment planning and a reduction in the number of properties entering the market, which would ultimately reduce supply and possibly increase prices. This is all the more so because it is now easy to verify which flats are for sale, as developers are required to publish price lists and their full offer.
In practice, this would force us to carry out investments with almost full pre-sales, introduce smaller pools of flats and suspend subsequent stages in the event of a slowdown in demand, which would undoubtedly have a negative impact on the availability of new properties.
Wojciech Zhang-Czabanowski, President of the Management Board of Waryński S.A. Holding Group
In the current market reality, taxing unsold premises at the commercial rate would be a particularly risky solution, both economically and systemically. Premises that have not yet been separated and sold are in fact a ‘work in progress’ and not an investment held in the portfolio for capital purposes. It is difficult to justify taxing a developer for a stage that is an integral part of the production process.
In addition, today’s sales are no longer booming as they were in previous years. Customers compare a wide range of offers, increasingly making their decision only after the building has been completed, and finished flats have become an alternative to ‘holes in the ground’. Unsold stock is therefore primarily a result of a slower decision-making process and high supply in cities such as Katowice, rather than intentionally maintained stock.
Imposing a tax at this stage of the cycle would increase operating costs and directly translate into flat prices, ultimately burdening buyers. At the same time, it could discourage developers from starting new projects at a time when the market is normalising anyway, which in the long run would limit supply instead of stabilising it.
Damian Tomasik, President of the Management Board of Alter Investment
The idea of taxing unsold flats at a commercial rate is a risky and short-sighted approach. Such solutions may lead to an artificial reduction in supply and an increase in prices, rather than solving the problem of housing availability.
Instead of punishing developers for supplying ready-made flats to the market, the state should simplify the planning and administrative processes, which currently take several years and block new investments. From Alter Investment’s point of view, such regulations will not directly affect the land market, but they may reduce the activity of developers buying land, thus slowing down the investment process throughout the value chain.
Tomasz Kaleta, Managing Director of Sales and Marketing at Develia
Development companies strive to sell their properties as quickly as possible, and holding on to finished flats means tying up funds and incurring additional costs. We agree with the position of the Polish Association of Developers, according to which the proposal to introduce higher taxes on completed flats that have not yet found buyers is unjustified and could have a negative impact on the market. Such a solution would hit smaller entities the hardest, as they are unable to lower flat prices due to, for example, loans and other financial obligations.
We do not expect that the introduction of commercial taxation on completed and unsold flats will translate into price increases. Our experience shows that well-prepared investments sell already at the construction stage, which is why the share of finished flats in our offer does not exceed 1-2%. This is significantly less than the market average, which ranges from 10 to 20% depending on the city.
Dawid Wrona, Member of the Management Board – Chief Operating Officer at Archicom
As a market participant, we closely follow any potential legislative changes that may affect the housing sector. That is why we are watching with interest the discussion around the idea of introducing an economic rate for unsold flats. We understand that local governments are seeking new sources of revenue and tools to support the sustainable development of local markets, but any decision in this regard should be preceded by a thorough analysis of the consequences, both for cities and for the property development industry.
Maintaining a certain number of completed, unsold flats is a natural part of the investment cycle and results from sales dynamics, not speculative activities. Market data shows that the scale of the phenomenon is limited, e.g. in Łódź, the share of ready-to-move-in flats is currently around 20%, and in the Tri-City around 11%. Our estimates show that the potential revenue from such a tax would be rather small, reaching a maximum of several million PLN.
At the same time, it is worth remembering that market conditions vary depending on location. In cities with a large supply of flats, such as Katowice, the discussion about additional regulatory instruments may be justified, while in agglomerations with limited availability of flats, such as Kraków, similar solutions could in practice hamper new investments and contribute to further price increases.
Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland
By definition, every developer wants to sell flats while they are still under construction. Flats that are ready to move into but have not been sold, which are in the developer’s portfolio, generate additional costs in themselves, such as community fees and utility charges (e.g. heating). Therefore, I believe that the idea of introducing a tax on unsold properties, which will be another additional cost, is misguided. I do not think it will lead to faster sales of properties.
Andrzej Swoboda, Vice-President of the Management Board, CTE Group
The idea of taxing unsold flats at the rate applicable to commercial properties raises serious doubts. From the perspective of the development industry, such a solution would be disadvantageous and could have the opposite effect to that intended. Unsold premises are a natural part of the development business – the sales process often takes many months after completion of construction, and maintaining a certain market offer is necessary to maintain supply liquidity and price stability. The introduction of higher tax rates could lead to a reduction in investment in new projects and, consequently, to a decline in the supply of flats on the market. This, in turn, would have a pro-inflationary effect and could contribute to further price increases.
Instead of supporting the availability of flats, such a financial burden could paradoxically reduce it. In our opinion, it would be much more effective to support housing investment and create stable conditions for its financing, which in the long term would benefit both buyers and the economy as a whole.
Zuzanna Należyta, Commercial Director at Eco Classic
Just as reporting flat prices has not and will not lead to a reduction in prices, raising the tax on unsold flats will not increase their availability, because I am not aware of any situation in which a developer would build and ‘hide’ flats in order not to sell them. For two years now, we have had a significant oversupply, as evidenced by numerous promotions and discounts, so no developer wants their flats to remain unsold. If this happens, it is solely due to the lack of purchasing power of customers.
Source: dompress.pl
