CIJ EUROPE Analysis – Summary and Outlook of Poland’s Residential Development Sector (Q1–Q3 2025)

Across Poland’s leading residential developers, the third quarter of 2025 confirmed a clear revival in housing demand after a subdued start to the year. CIJ EUROPE’s review of company data and management statements indicates that the combination of interest rate cuts, improved mortgage availability, and strong underlying housing needs has restored confidence among both individual buyers and investors. Developers including Develia, Atal, Archicom, and Robyg reported quarter-on-quarter and year-on-year sales growth, while others such as Totalbud, Matexi Polska, and CTE Group noted sustained or rising customer traffic and stronger conversion rates.

Market recovery remains broad-based but uneven. Demand is most resilient in major cities such as Warsaw, Wrocław, Kraków, and Poznań, where developers are expanding both sales and PRS portfolios. A noticeable shift toward mortgage-financed purchases reflects the impact of lower borrowing costs, with banks again offering competitive margins around 1.7 per cent. At the same time, the new price-transparency regulations have slightly lengthened decision-making cycles but have not reduced overall activity.

From a supply perspective, developers are maintaining steady construction and delivery volumes, with several—such as Archicom and Develia—reporting record numbers of units handed over. Land acquisition for new housing and rental schemes is resuming, signalling renewed investor appetite.

While most companies acknowledge ongoing risks from the macro-political environment and post-pandemic inflation, the consensus across the sector points to a stabilising, confidence-driven market. CIJ EUROPE concludes that Poland’s residential sector has entered a phase of measured recovery, characterised by healthier financing conditions, gradual sales acceleration, and stronger investor engagement heading into 2026.

Source: CIJ EUROPE Analysis Team

W.KRUK opens boutique in Galeria Przymorze, Gdańsk

Jewellery brand W.KRUK has opened a new boutique in Galeria Przymorze, adding to the shopping centre’s tenant mix.

The store, covering nearly 60 square metres, offers a range of gold and silver jewellery, diamonds, and collections featuring precious stones. It also includes watches, accessories, and the brand’s perfume line. The concept combines traditional craftsmanship with contemporary design, reflecting W.KRUK’s long history in the Polish jewellery market.

According to Agnieszka Wojtaszczyk, Director of Galeria Przymorze, the addition of W.KRUK reinforces the centre’s appeal to both shoppers and retailers. “The opening strengthens our offer and confirms that Galeria Przymorze remains an attractive place for customers and tenants alike,” she said.

The new boutique supports the shopping centre’s broader strategy of diversifying its brand portfolio and adapting its retail offer to local demand. The W.KRUK store is located on the ground floor, adjacent to the Briju jewellery shop.

Polish Residential Developers Report Stronger Sales Momentum After Three Quarters of 2025

How did Poland’s residential developers perform after three quarters of 2025? Were more flats sold than in the same period last year, and did sales continue to rise compared to the second quarter? Recent company updates suggest a market regaining momentum, supported by improved financing conditions and steady buyer interest. The following overview summarises developers’ results and sales trends for Q3 2025, offering insight into whether the upward trajectory observed in recent weeks marks a sustained recovery.

Tomasz Kaleta, Managing Director of Sales and Marketing at Develia

In the first three quarters of this year, we sold 2,500 flats, compared to 2,700 in the same period last year. We handed over 1,963 units, compared to 1,797 a year earlier. In the third quarter alone, sales amounted to 801 units, up 7 per cent year-on-year. Thanks to these results, we are the second-largest player on the market in terms of flat sales.

Since the end of August, we have seen a revival in demand, with a brief pause in mid-September when customers temporarily put their purchasing decisions on hold due to the introduction of price transparency. Currently, traffic in sales offices is comparable to the level before the implementation of the law. The increase in interest in purchasing flats is particularly noticeable among mortgage customers, who have returned to the market thanks to interest rate cuts. Interest rates are now at their lowest level in three years. In cooperation with our banking partners, we offer customers using mortgages the opportunity to obtain financing with a margin of 1.7 per cent.

Taking into account the sales results achieved so far and the current market situation, we are maintaining our sales target for the whole of 2025 at 3,100–3,300 flats.

Zbigniew Juroszek, President of the Management Board of Atal

In the period from Q1 to Q3 2025, the Atal S.A. Group concluded 1,158 net development and preliminary agreements. The third quarter was the best in terms of sales this year, and an upward trend was evident throughout the quarter, with the highest number of agreements concluded in September. This indicates an emerging recovery and the potential for further growth in the new housing market in the coming months.

A comparison of contracts signed in Q3 on a year-on-year basis is also favourable, with 425 contracts signed compared to 345 in July–September 2024.

Aleksander Pałka, Member of the Management Board, Totalbud Development

Our company recorded similar sales results after three quarters of 2025 to those achieved last year. In September and October this year, we observed increased activity in our sales offices, with October being by far the record month in terms of sales.

Katarzyna Mirota, Member of the Management Board, Matexi Polska

In the third quarter of this year, we concluded a total of 110 development agreements with customers, including 89 in Warsaw and 21 in Kraków. This represents an increase of just over 10 per cent compared to the second quarter (when sales amounted to 99 flats) and more than 50 per cent compared to the first quarter, when 71 flats were contracted. Compared to the same period last year, an increase of over 40 per cent was recorded (78 flats were sold in Q3 2024).

Cumulatively, during the first three quarters of this year, we signed development agreements for a total of 280 flats, a 12 per cent improvement on the comparable period last year (249 flats).

In recent months, there has been a visible increase in demand for flats. Customer interest has remained at a good level, supported by better credit conditions resulting from interest rate cuts. During the holiday season, we did not see the typical seasonal slowdown that was noticeable in previous years. We also expect a good fourth quarter. Interest rate cuts are certainly a positive factor and continue to support demand growth.

Andrzej Swoboda, Vice-President of the Management Board, CTE Group

In recent months, we have seen a marked increase in interest in purchasing flats. Customers are increasingly making purchasing decisions, and there is more optimism on the market than a year ago. This is the result of several favourable factors, primarily the gradual decline in interest rates and improved availability of mortgage loans. As a result, many people who had previously postponed their purchase decisions are now returning to their housing plans. This has translated into a double-digit increase in sales compared to the first quarter of this year.

The property market naturally reacts to economic and financial changes. The current situation is conducive to recovery, although uncertainty related to the political situation, both domestically and internationally, remains a risk factor. Nevertheless, customer sentiment is improving, and the outlook for the housing industry remains positive.

Damian Tomasik, President of the Management Board, Alter Investment

After three quarters of 2025, Alter Investment recorded stable growth in asset value, which exceeded 17 per cent, with increasing operating profitability and a growing share of projects in the final stages of preparation for sale. We have observed a clear market recovery in recent weeks. Transactions have accelerated, and investors are returning to talks about purchasing land for PRS, multi-family and single-family developments. Interest rate cuts and higher creditworthiness among retail customers are also indirectly translating into demand for investment land.

Dawid Wrona, Member of the Management Board – Chief Operating Officer at Archicom

After three quarters of 2025, Archicom recorded stable growth in sales and apartment deliveries compared to the same period last year. Since the beginning of the year, the company has concluded 1,781 sales agreements, representing an increase of over 20 per cent compared to the first three quarters of 2024. In the third quarter alone, 619 contracts were signed, compared to 589 a year earlier.

At the same time, the number of flats handed over almost doubled – from 341 in Q3 2024 to 714 in the same period of 2025. Since the beginning of the year, Archicom has handed over a total of 1,118 flats to customers, compared to 820 in the same period last year. We are seeing sustained, stable demand, especially in the largest cities where our developments are located. In recent weeks, there have been positive sales signals resulting from greater customer activity and a gradual improvement in mortgage loan availability.

Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at the Robyg Group

At the end of the third quarter of 2025, the TAG Group signed 1,900 preliminary and development agreements and an additional 290 reservation agreements, which are to be finalised as development agreements. Robyg signed over 1,730 preliminary and development agreements and more than 280 reservation agreements, also awaiting finalisation. The TAG Group completed and recognised over 1,190 units in its revenue, with more than 1,060 handed over to customers and over 130 units put up for rent. Robyg completed and handed over 800 units to customers.

In 2025, the TAG Group in Poland plans to sell 2,800 flats and reach 10,000 units offered for rent. In addition, the company is consistently expanding its land bank, which includes over 21,500 units across Poland, and is actively seeking new investment areas.

In the third quarter of 2025, we sold 40 per cent more flats than in the second quarter, showing the potential for the entire year. The market remains active, and demand for new flats – especially in large cities – is high, driven by strong housing needs, internal migration, and the growing importance of renting. We are maintaining high sales dynamics and actively introducing new projects to our offer. Despite a more challenging economic environment, demand for flats remains stable, with consistently high sales levels.

Our strategy assumes further development in both the residential sales segment and the PRS model, allowing us to respond flexibly to changing market needs. We are optimistic about 2025 and the years to come. We expect demand to remain strong as interest rates stabilise and mortgage loans become more accessible.

Andrzej Gutowski, Sales Director, Ronson Development

The third quarter was a successful one for us, with 167 units sold – almost as many as in the first two quarters combined. This clearly shows that sales are currently on an upward trend. The result is primarily due to improved access to financing following further interest rate cuts, which have increased customer activity in the housing market. The expansion of our offer also played an important role. We launched further stages of investments in Poznań and Szczecin, as well as a new project in Wrocław, responding to growing demand.

Wojciech Zhang-Czabanowski, President of the Management Board of Waryński S.A. Holding Group

Sales in the Stacja Ligocka project, currently being implemented by the Waryński Group, are progressing at a pace appropriate to market conditions in Katowice, which are characterised by a wide range of offers and comparable investment profiles. We launched the sales campaign in March this year, and quarter-to-quarter comparisons show stable performance.

After the entry into force of the price transparency act, customers no longer ask about prices, as they can now compare offers themselves. They only return when a specific feature of the investment attracts their attention. With such a large selection of properties in Katowice, buyers’ decision-making processes are clearly longer, and the market requires patience.

In recent weeks, we have seen a noticeable increase in the number of customers declaring that they will finance their purchase with a loan. This correlates with lower interest rates and improving creditworthiness. Although this has not yet resulted in a sharp increase in sales volume, it is a positive indication of the direction in which the market is moving.

Zuzanna Należyta, Commercial Director at Eco Classic

In the first three quarters of this year, we recorded growth compared to last year’s results, ranging from 17 to 27 per cent depending on the project. However, these results are still below the levels achieved before the pandemic and the start of the conflict in Ukraine.

Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland

At the end of the third quarter, BPI Real Estate Poland maintained results similar to those of last year. In most of our projects, we are observing a clear revival on the buyer side – both among customers looking for their ideal home and investors seeking to safely invest capital in properties that generate stable monthly income.

Source: dompress.pl

Photo: PRZEMYSKA VITA Develia

Crestyl begins construction of fifth residential building at Hagibor, Prague

The Crestyl development group has started construction of its fifth residential building within the Hagibor complex, named Kappa. The new phase follows several months of preparation and is located near the Želivského metro station. The project is expected to be completed by the end of 2027, with Metrostav DIZ serving as the general contractor.

Kappa will comprise more than 250 apartments ranging from studios to five-room units, with floor areas between 27 m² and 180 m². The building will also include retail and service spaces on the ground floor, such as shops and restaurants. Crestyl plans for the project to achieve BREEAM certification, recognising sustainable building standards.

The architectural design was prepared by Ian Bryan Architects (IBA), which has designed all residential buildings within the Hagibor development. The building will feature an internal courtyard and four recessed upper towers providing larger apartments with balconies.

According to Viktor Peška, Commercial Director at Crestyl, demand for the project has been strong, with over half of the apartments sold before construction began. He noted that Kappa’s proximity to public transport and integration with retail and service amenities reflects the group’s broader urban development approach.

Hagibor’s public spaces were designed by French landscape architect Michel Desvigne, who also contributed to projects in Paris, Tokyo, and Detroit. His concept for Hagibor integrates green areas with residential and office buildings to create a cohesive urban environment.

Two of Hagibor’s residential buildings, Alfa and Beta, were completed three years ago, while Gamma and Delta were finished in the summer of 2024. Alongside its six planned apartment buildings, the Hagibor project will ultimately include six office buildings and a central pedestrian boulevard with various services and community facilities.

Germany’s Monopolies Commission urges deep energy-market reforms to tackle structural inefficiencies

Germany’s Monopolies Commission has released its 10th Energy Sector Report, calling for structural reforms across electricity, mobility, heating and gas systems. Chair Prof. Tomaso Duso said that current policies treat symptoms rather than causes of high energy prices, stressing that “lasting progress depends on efficiency and correct price signals.”

The report urges dynamic grid charges and stronger digitalisation of power networks to prevent renewable-energy curtailment and relieve congestion. Introducing nodal or zonal pricing, it argues, could send clearer signals to investors and consumers.

In public EV charging, the Commission warns that exclusive motorway concessions risk creating local monopolies and higher prices. It proposes open, competitive tenders and a mandatory price-transparency platform for ad-hoc charging.

For district heating, the watchdog highlights limited competition and weak transparency. It recommends a national price-comparison platform, light-touch benchmarking to curb excessive tariffs, and third-party access to large heating networks.

The Commission also identifies an urgent need for binding decommissioning plans for gas networks, citing declining demand and rising cost burdens for remaining users. Active dismantling, it says, will be cheaper than maintaining underused infrastructure.

Call-out | Electricity:

Variable grid charges and nodal pricing could shift the power market toward real-time efficiency, rewarding flexibility and reducing curtailment of renewables.

Call-out | Heating:

A transparency portal and price benchmarking would expose cost differences among district-heating operators, laying groundwork for fairer regulation.

Across all sectors, the Commission frames competition, transparency and digitalisation as the main levers for an efficient energy transition. The report concludes that without timely regulatory incentives, structural change will stall—leaving households and businesses exposed to persistently high system costs.

Source: Monopolies Commission (10th Sektorgutachten Energie, 4 Nov 2025); DIW Berlin.

HELIX alpha launches European fund platform focused on Life Science Real Estate

HELIX alpha has introduced a new investment and fund platform dedicated to real estate assets serving the life science industry. Founded by Martin Eberhardt FRICS, a veteran real estate executive and former Chairman of RICS Germany, the company aims to connect the fields of science, property, and finance through what it calls “Space for Life Science.”

The platform will target investments across Europe in facilities that support biotechnology, pharmaceuticals, medical technology, and digital health sectors. This includes laboratory buildings, production and research centres, and specialized logistics properties. HELIX alpha considers Life Science Real Estate (LSRE) to be an emerging institutional asset class offering long-term stability and social relevance.

Eberhardt said the company’s objective is to help meet growing demand for appropriate facilities in Europe’s life science clusters. “Europe faces both a quantitative and qualitative shortage of suitable properties for the healthcare and research industries,” he said. “We aim to bridge that gap by aligning real estate expertise with the needs of scientific users and investors.”

HELIX alpha intends to build a diversified European portfolio in markets such as Germany, France, the Netherlands, Spain, the UK, Austria, and Scandinavia. The company’s approach integrates ESG principles, reflecting the broader social and environmental role of life sciences in achieving several UN Sustainable Development Goals.

According to Eberhardt, demographic trends, rising global living standards, and steady demand for healthcare make the sector less cyclical than other segments of the property market. “We invest in ecosystems where research, production, and logistics operate together,” he said.

The management team combines experience in real estate investment and fund management with expertise in the scientific and regulatory aspects of the life science sector. HELIX alpha’s founders have previously been involved in niche investment themes such as student housing, parking infrastructure, and communications assets. With its new platform, the company aims to offer institutional investors structured access to a developing segment of the European property market that supports innovation and healthcare advancement.

Logivest arranges warehouse lease for M+K Tief & Kabelbau in Düsseldorf

Logistics real estate consultancy Logivest has brokered a lease agreement for M+K Tief & Kabelbau GmbH, which has taken over more than 5,000 square metres of warehouse and office space in Düsseldorf. The property, located at Theodorstraße 299 in the city’s Rath district, is owned by Industrieterrains Düsseldorf-Reisholz AG.

M+K Tief & Kabelbau required a local base for a major infrastructure project in Düsseldorf. The facility includes five loading ramps, two ground-level delivery gates, and an integrated office area. Natural lighting is provided by skylights installed throughout the hall.

“The site offers a practical and well-connected location for M+K Tief & Kabelbau’s current operations in Düsseldorf,” said Marlon Bäumler, Consultant for Industrial and Logistics Letting at Logivest in Cologne.

The warehouse has direct access to the A44 and A52 motorways, with further connections to the A3. It is also reachable by public transport. The tenant has already commenced operations at the new depot.

Aon extends lease at Skyliner in Warsaw

Aon has extended its lease for office space in the Skyliner building in Warsaw for another five years. The company, which occupies 1,522 square metres, moved into Karimpol Group’s flagship property at the end of 2022.

Aon, part of the global Aon plc group, has operated in Poland since 1992 and employs over 1,700 people nationwide. It provides services in risk management, insurance brokerage, and human capital advisory.

According to Dominika Kozakiewicz, Managing Director of Aon Poland, the extension reflects the company’s satisfaction with the location and working environment: “Skyliner offers a flexible and well-designed space that meets our operational needs and supports employee collaboration. The building’s quality, accessibility, and alignment with our ESG values were key factors in our decision.”

Michał Orłowski, Head of Leasing and Asset Management at Karimpol Polska, said the renewal demonstrates continued tenant confidence in the project’s quality and flexibility. Legal services for Karimpol during the renegotiation were provided by Argon Legal.

Completed in early 2021, Skyliner is one of Poland’s tallest office buildings at 195 metres. It holds a BREEAM Excellent certificate and operates on 100% renewable energy. The building offers 45,000 square metres of leasable office space and houses tenants such as Bolt, Booksy, Coca-Cola Poland Services, XTB, and Mindspace.

Construction of the second Skyliner tower began in February 2024 and is scheduled for completion at the end of 2026. The 130-metre-high building will offer 24,000 square metres of leasable space, including offices, retail, and service areas. Designed by APA Wojciechowski Architekci and built by Warbud S.A., the project has already received a BREEAM Outstanding certification. CBRE Polska is advising Karimpol on commercialisation.

Invest Komfort and Gdańsk University of Technology launch scholarship for civil engineering students

Property developer Invest Komfort and the Faculty of Civil and Environmental Engineering at the Gdańsk University of Technology have launched a joint scholarship programme to support students preparing for careers in construction and engineering.

The initiative, formalised through an agreement signed at the beginning of October, aims to help students combine theoretical knowledge with practical experience in the industry. The programme is open to civil engineering students who have completed at least four semesters and achieved a grade point average of 3.5 or higher.

Participants will receive a PLN 10,000 scholarship, paid in two instalments, and will complete a three-month paid internship at Invest Komfort. The internship will give students the opportunity to work with multidisciplinary design and investment teams and observe the full process of a construction project, from planning to site supervision.

“We want to create conditions where young engineers can connect their studies with practice and gain experience from professionals in the field,” said Bolesław Rzepliński, Investment Implementation Director at Invest Komfort.

Applications are open until 11 November 2025 via the company’s website. Following verification and interviews conducted jointly by representatives of Invest Komfort and the university, selected scholarship recipients will be announced later this year.

Invest Komfort, active on the Tri-City property market for three decades, has completed more than 50 residential and commercial projects across Gdańsk, Sopot, and Gdynia. The scholarship initiative extends the company’s collaboration with the academic community and aims to support the development of the next generation of engineers entering the construction sector.

Photo: WITA77, Gdańsk

Retail parks dominate new retail development in Poland

Retail parks continued to shape the landscape of Poland’s retail property market through the third quarter of 2025, confirming their position as the country’s most dynamic commercial real-estate format.

According to several professional market analyses, new completions between July and September amounted to roughly 78,000 square metres, all of which came from newly built or extended retail parks. This added to a total of around 220,000 square metres delivered since the beginning of the year. Developments such as S1 Włocławek, Przystanek Karkonosze in Miłków, and M Park Ciechanów were among the largest openings of the quarter.

Industry analysts note that developers have clearly shifted their activity away from traditional shopping centres toward smaller, open-air retail formats. At the end of the third quarter, about 600,000 square metres of retail space was under construction nationwide, with retail parks accounting for the overwhelming majority of this pipeline.

The country’s total stock of modern retail space reached approximately 13.6 million square metres, spread across nearly 700 facilities, resulting in a national average of around 360 square metres per 1,000 residents.

Vacancy levels in the major cities remained low and relatively stable, averaging below 3 percent, with the tightest markets in Warsaw and Szczecin and moderate increases recorded in Kraków and Łódź. Market observers suggest that where older shopping centres face higher vacancy, owners increasingly opt for functional conversions—often turning former hypermarket or mall spaces into mixed-use or residential projects.

Retail-brand activity also picked up. Several international and domestic chains opened their first Polish outlets or expanded into new cities, while some large-format operators adjusted their space requirements or closed underperforming stores. The variety of new openings included fashion, accessories, fitness, and food-service concepts, reflecting renewed tenant confidence after a subdued period in 2024.

Online channels continue to complement physical retail. Grocers and lifestyle brands are broadening their presence on delivery and marketplace platforms, while new quick-commerce services have entered regional cities.

Overall, the sector’s development in 2025 highlights the strength of convenience-focused retail. With smaller, energy-efficient formats close to residential areas and easy road access, retail parks remain the preferred investment and leasing option for both national and regional operators heading into 2026.

Source: Colliers, BNP Paribas Real Estate, and Cushman & Wakefield

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