Presidential elections 2025: Poland at a crossroads – between uncertainty and monolithic power

The results of the first round of the 2025 presidential elections held on Sunday indicate that Poland is at a crucial decision point, both from a political perspective and regarding the stability of the entire political system. Rafał Trzaskowski received 31.36% of the votes, while Karol Nawrocki garnered 29.54%. The margin is slim, but the stakes are high. Amid this rivalry, new political forces are emerging from both the right and the left—Sławomir Mentzen from the right-wing Konfederacja with 14.8% and Adrian Zandberg from the left-wing Razem with 5.2%. This shift reflects a growing fatigue among voters with the dominance of the two traditional political blocs.

Mentzen’s unexpectedly strong showing indicates that a free-market, sovereign electorate is not only present but expanding, particularly among younger and entrepreneurial individuals. Conversely, Zandberg has successfully appealed to voters seeking a clear progressive and radically leftist alternative. Both groups could play a crucial role in the second round, provided that one of the leading candidates addresses their real interests rather than relying solely on slogans.

However, the upcoming second round poses risks not only for the candidates but for the entire Polish political system. Should Rafał Trzaskowski win, the executive and legislative powers will be concentrated within one liberal-left camp. This scenario could lead to a mono-power structure, where the governing coalition controls the Sejm, Senate, and the Presidential Palace. While this might appear stable, it threatens to undermine the mechanisms of checks and balances, eliminate institutional safeguards, and subjugate the state to the prevailing political agenda. Past experiences show that excessive concentration of power can foster the temptation to abuse it. There are growing concerns among free-market, civic, and freedom-oriented groups that, rather than achieving decentralization and respect for institutions, Poland may experience increased centralization and further partisan polarization in key decision-making.

On the other hand, a victory for Karol Nawrocki could restore political balance. A president from a different camp would play a critical political oversight role, potentially blocking extreme legislative initiatives, stabilizing the political landscape, and compelling the government to seek compromises. However, the situation could also lead to a complete standstill in the state’s legislative functions. Current dynamics indicate that neither of Poland’s two largest political blocs is willing to compromise. At the same time, there is also a struggle over the ruling coalition’s future. If Rafał Trzaskowski loses, it could result in a political crisis, potentially causing the collapse of the liberal-left parliamentary majority and requiring new elections.

Thus, the 2025 elections represent a pivotal moment for the entire political system. The outcome will determine not only who occupies the Presidential Palace but also whether Poland will maintain an institutional balance or devolve into a state of autocracy, where the risk of power abuse becomes systemic. For advocates of freedom and effective governance, the message is clear: an effective state must be limited, not omnipotent. The concentration of power poses a threat, regardless of who wields it.

Source: WEI

HIH Invest and Nrep acquire logistics development in Herten

HIH Invest Real Estate has acquired a logistics development project in Herten, North Rhine-Westphalia, through a joint venture with international private equity investor Nrep and its logistics platform, Logicenters. The property was purchased from developer E-Group under a forward funding agreement. HIH Invest initiated and structured the transaction and financing, and will serve as asset manager.

The project is being developed on a 65,220-square-metre site at Emscherbruch 10. The logistics park will offer 36,821 square metres of total rental space, including 33,416 square metres of logistics space, 1,153 square metres of offices, and 2,252 square metres of mezzanine. Construction is already underway, with completion expected by mid-2026. Around half of the space has been pre-let, with further lease negotiations ongoing.

The facility is designed to meet high environmental and operational standards. It will include a rooftop photovoltaic system with a capacity of approximately 2.2 megawatts and will incorporate modern heat pump technology. The building is targeting DGNB Gold certification and will be suitable for 24/7 use, offering a clear internal height of 12.2 metres and floor loading of five tonnes per square metre. The site will also include 170 car parking spaces and five truck spaces.

HIH Invest’s partnership with Nrep is part of a broader strategy focused on value-add investments in logistics and residential real estate across Germany. Nrep is contributing capital through its Nordic Strategies Fund V, which is the largest value-add real estate fund in Europe.

The logistics park is located near the border of Herne and benefits from direct motorway connections to the A42, A43, and A2. It is also close to the Herne container terminal, a key regional transport hub. The site itself is a former brownfield, previously used for coal slag disposal, and is being redeveloped as part of the ‘Green Hub Emscher’ initiative—a sustainable industrial zone featuring low-emission logistics and planned loading infrastructure.

Legal due diligence for the transaction was handled by Ashurst, while CBRE and Dress & Sommer provided commercial and technical advisory services, respectively.

HIH Invest currently manages over €1.2 billion in logistics assets, making it one of the leading logistics property investment managers in Germany.

Demand for luxury resort properties in Poland on the rise

Poland’s premium real estate market in resort locations is experiencing steady growth, with increasing numbers of investors shifting their focus from foreign destinations to domestic holiday areas such as Masuria, the Baltic coast, and the mountains. Once drawn to apartments in Spain or villas in Dubai, affluent Polish buyers are now showing stronger interest in properties located closer to home, driven by accessibility, regulatory predictability, and lifestyle preferences.

Sales data confirm a decline in interest in overseas markets. In Spain, for example, property purchases by Poles dropped by 23% in 2023 compared to the previous year, with traditional hotspots like the Costa del Sol and Costa Blanca particularly affected. According to a Deloitte report, rising maintenance costs, political and economic instability, growing environmental concerns, and complex tax procedures are contributing to the reduced appetite for foreign investments.

In contrast, Polish resort areas are gaining appeal. Demand is being fuelled by buyers prioritising convenience, flexibility, and secure legal frameworks. Mixed-use developments with access to nature and recreational infrastructure—such as private marinas, wellness facilities, or lakefront locations—are especially attractive. Properties that combine comfort with investment potential are seeing the most interest.

Developers and brokers report record quarterly sales. At Marshall Real Estate, transactions in resort destinations totalled over PLN 30 million in Q1 2025. The firm recently sold a lakefront property in Masuria for nearly PLN 1.8 million. According to the company’s representatives, today’s premium clients are increasingly well-informed, seeking clarity on return on investment, zoning, and management standards before committing.

The Polish luxury market is also becoming more diverse. Reports from Poland Sotheby’s International Realty and Knight Frank indicate that buyers are not only looking for traditional high-end apartments, but also for properties that offer a distinctive experience. This includes boutique developments, revitalised estates, and sustainable homes designed with long-term use in mind.

Developers are adjusting accordingly. In some cases, planned features such as marinas or community infrastructure have been added during the design phase based on consultation with experienced brokers. This shift reflects a deeper collaboration between sales teams and developers, aimed at tailoring projects to actual buyer needs rather than relying solely on marketing narratives.

Looking ahead, analysts expect the premium resort property segment to continue expanding. EY forecasts suggest the market could grow by up to 40% by 2028, driven by interest in locations that offer both exclusivity and well-integrated amenities. With land availability near prime lakes and coastlines becoming more limited, developers are focusing on smaller, high-quality projects designed to offer not just living space, but an overall lifestyle.

Source: Tomasz Kozioł and Karol Szumański, Marshall Real Estate

MLP Group begins construction of logistics park in Spreenhagen

MLP Group has launched construction of a new logistics and industrial park in Spreenhagen, located in the German state of Brandenburg, approximately 15 kilometers from Berlin. The groundbreaking ceremony, attended by representatives of MLP Group, the general contractor LIST Bau Bielefeld, and local officials including Mayor Christine Reinhold, marked the start of the MLP Park Spreenhagen project. Completion is expected by the end of 2025.

The development is taking place on an 8.4-hectare site near the A12 motorway, which links Berlin with Frankfurt (Oder) and Poland. The location also offers access to Berlin Brandenburg Airport, situated roughly 20 kilometers away, enabling connections across both Eastern and Western Europe.

MLP Park Spreenhagen will provide around 39,000 m² of warehouse space upon completion. The facility will feature a clear height of over 12 meters and flexible unit sizes from 3,500 m² to 33,800 m². The design targets companies in sectors such as light manufacturing, logistics, retail, and e-commerce.

This is MLP Group’s second project in the Berlin-Brandenburg metropolitan area and will complement the company’s fully leased MLP Business Park Berlin in Ludwigsfelde. It is also the first collaboration with LIST Bau Bielefeld as general contractor.

The project will be built in accordance with sustainable development standards, including the use of photovoltaic systems, electric vehicle charging infrastructure, and heat pumps. MLP Group is aiming to obtain DGNB Gold certification for the building.

MLP Group currently has five projects in Germany, with additional developments planned.

REALIA FUND adds Šumperk retail park to growing portfolio

REALIA FUND SICAV has added a newly developed retail park in Šumperk to its investment portfolio, further strengthening its position in the Czech retail property market. With this acquisition, the fund now holds 21 retail parks, with a total portfolio value exceeding CZK 2.8 billion.

Completed in 2024, the Šumperk retail park comprises 3,100 m² of leasable space across five units. Tenants include PENNY supermarket, ACTION, TETA drogerie, SINSAY, and TRAFICON. The property benefits from modern design, a diverse tenant mix, and convenient transport accessibility.

“This is a modern project with strong tenant appeal and a strategic location. We expect it to provide stable, long-term returns,” said Tomáš Oplíštil, a member of the investment committee and commercial director of REALIA GROUP.

REALIA FUND SICAV maintains a conservative investment strategy, focusing exclusively on fully leased retail parks that provide sustainable income. Its financing model relies on fixed-rate loans, typically with five-year terms, and all lease agreements include inflation indexation clauses. This risk-managed approach has allowed the fund to deliver consistent returns despite broader market fluctuations.

Poland’s median wage 18% below vverage in November 2024

The median gross monthly wage and salary in Poland’s national economy in November 2024 was 18.3% lower than the average wage for the same period, according to new data. The median wage stood at PLN 6,842, meaning half of employees earned less than this amount while the other half earned more.

The figures show gender disparities, with the median wage for men reaching PLN 7,077.60, or PLN 462.14 higher than for women. Across age groups, employees aged 35 to 44 had the highest median wage at PLN 7,119. Looking at company size, the highest median was reported in organisations with 1,000 or more employees, where it amounted to PLN 8,132.27.

The wage distribution also reflected income differences across the population. In November, 10% of employees earned no more than PLN 4,300 (the first decile), while the top 10% earned at least PLN 13,391 (the ninth decile). Gender differences were present in most income brackets, with the largest gap of PLN 2,162.49 recorded in the ninth decile. Only in the lowest decile were male and female earnings equal.

The average gross wage in the national economy was PLN 8,376.58. Men earned an average of PLN 8,797.56, which was 5% higher than the overall average, while women earned an average of PLN 7,940.65, or 94.8% of the overall figure. The highest average wage was seen in the 45–54 age group at PLN 8,819.15. By company size, firms with 1,000 or more employees reported the highest average wage at PLN 9,993.01.

Wages varied significantly by location. When analysed by the employer’s location, the difference between the highest and lowest median wage across municipalities was PLN 8,104.61, with about 16% of municipalities reporting median wages at or below PLN 5,000. When assessed by employees’ place of residence, the difference was smaller, at PLN 4,574.73.

Sectoral differences were also notable. The highest median wage was recorded in the mining and quarrying sector at PLN 13,873.08. In 15 out of 19 sectors analysed, men earned more than women at the median level, with the largest gender gap—37.1%—in mining and quarrying. Conversely, in four sectors, including construction, women earned more, with construction showing the largest positive gap for women at 36.1%.

The mining and quarrying sector also had the highest average wage at PLN 15,778.83. The largest gender gap in average wages occurred in financial and insurance activities, where men earned PLN 4,372.95 more than women. However, in four sectors, women’s average wages exceeded men’s, with construction showing the largest difference in favour of women at PLN 966.38.

The data highlights ongoing disparities in wages across gender, age, sector, company size, and geographic location in Poland’s labour market.

Source: GUS

IntReal Luxembourg appoints Ilva Diaco as Conducting Officer

IntReal Luxembourg S.A., a subsidiary of IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH (INTREAL), has appointed Ilva Diaco to its management board as Conducting Officer. Subject to approval by the Luxembourg Financial Sector Supervisory Commission (CSSF), Diaco will assume responsibility for portfolio management and distribution. This function was previously overseen by Rudolf Kömen, who joined the company’s Board of Directors in March 2025.

Ilva Diaco holds a Bachelor’s degree in Economics and Management of Financial Markets and Intermediaries from the Università degli Studi di Bergamo and a Master of Science in Banking and Finance from the Università Cattolica del Sacro Cuore in Milan. Her professional background includes roles at Cinven and Deloitte in Luxembourg, as well as senior positions within various Luxembourg-based investment firms. Most recently, she served as Director Investment Valuation at Value & Risk Valuation Services S.à.r.l. Diaco is also engaged with several professional organisations, including the LPEA Private Debt Committee, the ALFI Real Estate Committee, and the Italian-Luxembourg Chamber of Commerce.

Andreas Ertle, Managing Director at INTREAL and Chair of the Board of Directors of INTREAL Luxembourg, noted Diaco’s extensive industry experience and professional background as valuable additions to the senior management team. Rudolf Kömen welcomed the appointment and confirmed his continued involvement with INTREAL in his new role on the Board.

EU greenhouse gas emissions rose by 2.2% in Q4 2024 despite economic growth

Greenhouse gas emissions in the European Union increased by 2.2% in the fourth quarter of 2024 compared to the same period in 2023, reaching an estimated 897 million tonnes of CO₂-equivalents. In the same quarter, the EU’s gross domestic product (GDP) grew by 1.5%, according to data released by Eurostat.

The quarterly estimates, which track emissions by economic activity, showed that the two sectors contributing most to the increase were households, with a 5.2% rise in emissions, and the electricity, gas, steam, and air conditioning supply sector, which recorded a 4.6% increase.

Despite the overall rise in emissions, six EU member states recorded year-on-year declines. The largest decreases were observed in Estonia (-11.3%), Finland (-6.1%), and Sweden (-2.3%). Of these, Estonia, Finland, Sweden, and Luxembourg managed to reduce emissions while also achieving GDP growth. Latvia and Austria, meanwhile, experienced both lower emissions and declining GDP.

These findings highlight a continued link between economic activity and emissions in many parts of the EU, though some countries demonstrated that emissions can fall even as economies expand. The data form part of Eurostat’s quarterly greenhouse gas emissions estimates, which complement broader socio-economic indicators such as GDP and employment.

Source: eurostat

Stokado begins construction of second self-storage facility in Cracow

Stokado, the second-largest operator in Poland’s self-storage market, has started construction on its second facility in Cracow. The new development, situated on Nowohucka Street near the M1 shopping centre, will provide over 3,000 square metres of net lettable area (NLA) and is expected to open in spring 2026.

The facility will be located adjacent to one of the city’s major roadways, Kraków’s third ring road, offering strong visibility and accessibility. Surrounded by residential neighbourhoods and a key retail hub, the site was selected in line with Stokado’s strategy of prioritising client convenience and connectivity when expanding its portfolio.

The new building will be a fully automated facility, accessible 24/7 for both private and business users. Clients will be able to reserve storage units online or via the app. The project has been designed to meet BREEAM certification standards at the “Very Good” level and will incorporate sustainable features such as photovoltaic panels, LED lighting, and a heat pump.

Stokado is jointly owned by Redefine Properties, Griffin Capital Partners, and the company’s founders. Since its acquisition in 2023, the company has focused on expanding in Warsaw and other key regional markets. Pieter Prinsloo, CEO of Redefine Europe BV, noted that the new Cracow development follows the company’s earlier projects in Warsaw’s Bemowo district and Cracow’s Bronowice area, the latter of which is due for completion this summer.

According to Piotr Fijołek, Co-Managing Partner at Griffin Capital Partners, the self-storage market in Poland continues to grow, with increasing demand for environmentally compliant and well-located facilities. He added that Stokado has secured several plots for new investments and plans to begin construction on four additional facilities across Poland by the end of the year.

Stokado currently manages over 28,000 sqm of net lettable area across 20 locations in 12 Polish cities.

Lightware relocates HQ to HOP Technology Office Park in Budapest

Lightware Zrt., a leading company in the audiovisual technology sector, relocated its headquarters in February 2025 to Building 7 of the HOP Technology Office Park in Budapest. Developed by WING Zrt., the campus offers 7,000 square metres of space equipped with advanced infrastructure and sustainability-focused upgrades, now housing Lightware’s offices, logistics base, and product development centre.

The move followed a lengthy search, during which Lightware identified HOP as a location that fulfilled its key operational and technological criteria. Positioned on Hungária körút near Városliget, the centrally located office park offers a combination of accessibility, modern facilities, and a strong sustainability profile. Building 7, originally over 50 years old, underwent significant renovation to meet contemporary ESG standards. These updates included improved mechanical systems, upgraded windows for energy efficiency, and plans for a rooftop solar installation. The decision to modernize the existing structure instead of building anew contributed to a lower environmental footprint by preserving materials and reducing emissions.

Lightware transitioned into its new premises in phases. Manufacturing and logistics operations were established in the building in 2024, with the office and product development functions completed earlier this year. The adapted facility was designed to meet the company’s operational requirements, offering dedicated zones for logistics, manufacturing, and development teams, with room for future expansion.

According to Loránd Gál, COO of Lightware, the new headquarters reflect both the company’s operational needs and its commitment to sustainability. He highlighted the importance of locating in a redeveloped site that aligns with the company’s values, enabling efficient handling of materials and product distribution while offering an inspiring space for innovation.

Gábor Angel, Deputy CEO of WING Zrt., noted that Lightware’s relocation underscores the success of HOP Technology Office Park’s adaptive reuse strategy. With a current occupancy rate of 98%, WING plans to expand the park by an additional 40,000 square metres in phases to accommodate growing demand from companies in technology-driven industries.

Eston International represented WING during the leasing process. HOP Technology Office Park continues to attract a range of advanced manufacturing, IT, and R&D tenants, including Siemens Zrt., TÜV Rheinland, TK Elevator, Valeo, and Yunex Traffic. Approximately 70% of the park is already dedicated to Industry 4.0 companies, further establishing it as a key innovation hub in Budapest.

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