Wednesday, 30 September 2026
Green House Development is approaching the end of sales at Wave Międzyzdroje Resort & SPA, with the developer reporting that only 10 apartments remain available four years after the Baltic coast resort opened. The completed project is also providing the operating model for further Wave developments now being pursued in Świnoujście and Ustka.
Operating since 2022, Wave Międzyzdroje combines privately owned apartments with hospitality and leisure infrastructure including restaurants, wellness facilities, swimming pools and seasonal beachfront amenities. Green House reports average annual occupancy of around 72%, with approximately 150,000 to 170,000 guests visiting the resort each year. According to the developer, the occupancy performance reflects demand extending beyond the main Baltic summer season.
The final sales stage is being marketed partly towards investment buyers who can place their apartments under professional rental management. Green House says the highest fixed annual rental payment currently available amounts to PLN 134,160 net. However, the effective return depends on the acquisition price of the individual apartment and the detailed terms of the operating agreement rather than the rental payment alone.
The developer’s published sales material shows that different rental structures have been offered at Wave. One current promotion provides a 7% calculation for the first year, after which annual rent is based on the previous year’s inflation rate plus one percentage point applied to the net value of the apartment and parking space, subject to a minimum calculation rate of 5%. The published conditions also state that costs including property tax, insurance and a replacement fund are outside the rental payment calculation.
Other selected completed apartments have been marketed under a 30/70 rental revenue-sharing arrangement. Buyers therefore need to establish which structure applies to the individual unit and examine the duration and indexation of the operator agreement, ownership and operating costs, private-use rights and termination provisions. The financial strength of the entity responsible for making the contracted payments is also relevant when assessing a long-term rental arrangement.
Prices for the remaining apartments represent a significant capital commitment. Current sales information includes, for example, an 86.77 sqm apartment priced at PLN 3.81m and a 97.73 sqm unit at PLN 4.41m. These prices should not be directly compared with the PLN 134,160 rental payment because that payment may relate to a different apartment and contractual structure. Instead, prospective buyers need the complete purchase price and rental terms for the same unit before calculating an effective yield.
Międzyzdroje is meanwhile becoming the reference point for Green House’s wider Baltic strategy. Wave Świnoujście Thermal & SPA is under development in the city’s resort district, while Wave Ustka Thermal & SPA is planned as the third location. The strategy combines apartment sales with hospitality operations and extensive shared facilities intended to generate business outside the traditional coastal holiday season.
With its first Wave development approaching sell-out, Green House is moving from a single resort towards a multi-location Baltic leisure property platform. For investors considering the remaining Międzyzdroje apartments, however, the resort’s operating history represents only one part of the assessment. Purchase price, rental structure, costs retained by the owner, private-use conditions and the duration and security of the operator’s payment commitment ultimately determine the economics of an individual investment.
