Offshore Wind in Poland: Industry Pushes Back Against Tourism and Environmental Concerns

Offshore wind energy development in Poland is accelerating, with industry stakeholders seeking to address concerns related to tourism and environmental impact through data and experience from established European markets.

The sector is emerging as a key component of Poland’s long-term energy strategy, with initial investments estimated at more than PLN 130 billion and potential total expenditure reaching up to PLN 500 billion by 2040. Proponents argue that offshore wind will support energy security, stabilise electricity prices and contribute to industrial growth.

At the same time, the expansion of offshore projects has been accompanied by public debate over potential negative effects, particularly on coastal tourism and marine ecosystems. Industry representatives say these concerns are not supported by available evidence when projects are implemented in line with regulatory standards.

“The public debate surrounding offshore wind energy is still rife with oversimplifications and inaccuracies. Yet both European experience and available research clearly show that offshore wind poses no threat to either tourism or the environment, provided projects are carried out in accordance with applicable standards. It is crucial to base the discussion on data, not on repeated myths,” said Małgorzata Żmijewska-Kukiełka, CEO of Green Transition HUB.

Industry data indicates that the emissions generated during the manufacturing and installation of offshore turbines are offset within the first years of operation, after which the assets contribute to net carbon dioxide reductions compared to fossil fuel-based energy sources. Developers also point to increasing recyclability of turbine components and regulatory requirements for decommissioning plans.

Concerns regarding tourism impacts have been a recurring theme in public discussions. However, offshore wind farms in Poland are planned at distances of several dozen kilometres from the coastline. Experience from countries such as Denmark, Germany and United Kingdom suggests that similar developments have not led to measurable declines in visitor numbers or holiday rental demand. In some locations, wind farms have been incorporated into tourism offerings, including boat tours and educational facilities.

Environmental impact remains a key consideration in project development. Offshore wind projects in Europe are subject to multi-year environmental assessments covering marine habitats, fish populations and bird migration patterns. According to industry-backed analyses, no significant long-term population declines have been directly attributed to operational wind farms.

Construction-related impacts, such as underwater noise during foundation installation, are addressed through mitigation measures. At the same time, some studies indicate potential ecological benefits, including the creation of artificial reef structures around turbine foundations and reduced fishing activity in surrounding areas, which may support marine biodiversity.

The sector continues to emphasise the need for evidence-based discussion as Poland moves forward with one of its largest infrastructure programmes, while public scrutiny remains focused on balancing energy transition goals with environmental and social considerations.

Swiss Life Asset Managers Mandated to Manage VBL Residential Portfolio

Swiss Life Asset Managers has been appointed to take over portfolio and asset management responsibilities for a residential property portfolio owned by Versorgungsanstalt des Bundes und der Länder, following a restructuring of the assets into a dedicated fund.

The portfolio is being transferred into the newly established “Via Nova Wohnen” property fund as part of a broader reorganisation aimed at ensuring long-term stability, targeted development and improved management of regulatory and sustainability requirements.

Under the mandate, Swiss Life Asset Managers in Germany will be responsible for overseeing portfolio strategy, asset performance and development planning, in line with VBL’s long-term investment objectives. The focus includes coordinated investment planning, refurbishment programmes and the gradual decarbonisation of the housing stock.

“The reorganisation of VBL’s residential portfolio demonstrates the added value that professional third-party asset management can deliver in complex portfolio structures,” said Holger Matheis, CEO of Swiss Life Asset Managers in Germany. “Institutional owners face the challenge of making their residential property portfolios sustainable in the long term. This is precisely where we come in: with clear governance, integrated management and robust decision-making frameworks across the entire lifecycle of a portfolio. The VBL mandate underscores this commitment.”

The new fund structure is intended to support more transparent and consolidated management of the portfolio, enabling a consistent approach to capital expenditure, modernisation and long-term asset positioning.

Christina Schädler, Head of Real Estate at Swiss Life Asset Managers in Germany, added: “The VBL mandate involves the structured management of a large residential property portfolio over many years. This requires robust data, clear processes and an integrated view of investments, decarbonisation and portfolio development. This is the core competence of our portfolio and asset management, and our leading Digital Real Estate Platform also supports us in this.”

Swiss Life Asset Managers said the mandate will be managed through its Europe-wide digital real estate platform, designed to standardise processes, improve data transparency and support decision-making across the portfolio lifecycle.

The restructuring does not involve a sale of assets. VBL will remain the beneficial owner through its fund units and retain strategic control over the portfolio. The changes relate to the investment structure and management framework, with no impact expected on tenants or existing property management arrangements.

The mandate reflects continued demand among institutional investors for specialised third-party asset management solutions, particularly as regulatory and environmental requirements increase across European residential markets.

Photo: Holger Matheis, CEO of Swiss Life Asset Managers

Alior Bank Expands Private Banking Office at Ocean Office Park in Kraków

Alior Bank has expanded its office footprint at Ocean Office Park B in Kraków, following a new lease agreement with Cavatina Group. The additional space will be used by the bank’s private banking division, extending its presence at the complex after entering the building last year.

From 2025, the bank will occupy approximately 7,000 square metres within the scheme. The expansion forms part of a broader consolidation of Alior Bank’s operations in Kraków into a single location.

“Increasing the leased space at the Ocean Office Park complex in Kraków for the private banking segment marks the next stage in the development of Alior Bank’s presence at this location, which began last year. Our experience to date confirms that the space provides access to modern technologies and comfortable, discreet working conditions, whilst also fostering collaboration between teams and the building of lasting relationships with clients,” said Michał Polanowski, Head of the Logistics Department at Alior Bank.

Ocean Office Park B is located in the Zabłocie district on Klimeckiego Street and forms part of a wider office complex developed by Cavatina Group. The building offers modern office space and has achieved BREEAM certification at the Excellent level.

Cavatina Group said the building is nearing full occupancy.

“We are delighted with the trust Alior Bank has placed in us by entrusting us with another project from its portfolio, thereby expanding the current floor space. The occupancy rate at Ocean Office Park B currently stands at 97%, of which 22,000 sqm has already been let, whilst the Ocean D building is 100% let. We would like to thank our tenants for their trust,” said Natalia Jaglińska, Leasing and Property Management Director in Kraków at Cavatina Group.

The transaction was supported by CBRE, which advised on the leasing process.

“The transaction marks the culmination of a two-stage consolidation process, meticulously carried out over the past two years, to bring Alior Bank’s Kraków offices together in the modern Ocean Office Park complex. The addition of the private banking branch to Alior Bank’s previously relocated structures in Kraków will provide the bank’s clients with more convenient access to a comprehensive range of services, whilst strengthening the bank’s image and improving the working environment for the local team,” said Maciej Dubiel, Head of CBRE’s Katowice office.

The Ocean Office Park complex continues to attract tenants across sectors, reflecting sustained demand for modern office space in Kraków.

Prague New Housing Market Holds Steady as Supply Constraints Persist

Demand for new apartments in Prague remained broadly stable in the first quarter of 2026, according to data compiled by major developers, despite a decline compared to a strong period a year earlier.

Approximately 1,800 new apartments were sold during the quarter, a figure largely unchanged from the previous quarter and in line with the average quarterly sales volume recorded over the past two years. However, this represents a decrease of around 30% year-on-year, reflecting a high comparison base rather than a sharp weakening in demand.

The data, provided by developers including Central Group, Skanska Residential and Trigema, points to continued structural imbalances in the market, particularly on the supply side.

More than two-thirds of transactions involved smaller units, with one-bedroom apartments accounting for roughly 45% of sales and studios for approximately 31%. Larger apartments continue to lose share, reflecting affordability constraints and more limited access to financing for higher-value properties.

Sales activity remains concentrated in key development zones. Prague 9 alone accounted for nearly one-third of transactions, while together with Prague 5 it represented around half of total sales. Prague 4 and 10 also maintained a significant share, underlining the dominance of larger development districts with greater availability of new stock.

Pricing continued to rise, reaching new highs. The average asking price for new apartments increased to CZK 182,311 per square metre in the first quarter, up 2.6% compared to the previous quarter and 8.6% year-on-year. Achieved sales prices rose more sharply, climbing 11.2% annually to CZK 177,647 per square metre.

Developers attribute the upward pressure on prices primarily to limited supply and rising construction costs. Over the past four years, the number of available new apartments has remained broadly stable at between 5,000 and 5,500 units, insufficient to meet sustained demand in the capital.

At the same time, higher costs for materials, energy and financing are increasingly affecting project viability, with some developers warning that new schemes may be delayed or postponed. This could further constrain supply in the medium term and maintain upward pressure on prices.

The structure of available housing reflects current demand patterns, with smaller units such as studios and one-bedroom apartments dominating the pipeline. Supply is also highly concentrated geographically, with a significant share of available units located in Prague 9, 10 and 5, while central districts account for only a small proportion of the market.

Overall, the data suggests that while transaction volumes have stabilised, the Prague residential market remains undersupplied, with limited new deliveries and rising costs continuing to shape both pricing and development activity.

Millennials Lead Mortgage Demand in Romania, Broker Data Shows

Millennials accounted for the majority of mortgage demand in Romania in 2025, according to data from online broker Ipotecare.ro, which highlights the growing role of younger buyers in the residential financing market.

Based on more than 1,000 loans brokered and over 27,000 financial simulations, the company found that buyers aged between 30 and 45 represented around 64% of total demand. Borrowers under 30 years old accounted for a further 24%, while those aged over 45 made up 12% of the analysed portfolio.

The data also indicates a strong preference for newer housing stock. More than two-thirds of the transactions financed through the broker involved properties completed after 2010, while homes built before 1990 were selected by roughly one-fifth of buyers across all age groups.

Average purchase values increase with age, reflecting differences in income and financial capacity. Buyers under 30 acquired homes at an average price of approximately EUR 104,000, compared to EUR 122,000 for those aged 30 to 45. Purchasers over 45 paid an average of EUR 127,000, around 22% more than the youngest cohort.

Financing structures show a similar pattern. Younger buyers typically provided a 25% down payment, while Millennials contributed around 30%, and older borrowers reached an average of 36%.

Commenting on the findings, Laurentiu Bogdan, Managing Partner at Ipotecare.ro, said the dominance of Millennials reflects their stage in life, as many are focused on securing their first home or improving their living conditions. He added that younger, digitally native buyers are becoming increasingly active and are expected to play a larger role in the coming years.

The analysis also shows that men accounted for 57% of mortgage contracts brokered by the company, compared to 43% for women, a gap attributed to income differences and broader socio-economic factors.

While limited to the broker’s own activity, the findings provide an indication of current demand patterns in Romania’s residential financing segment, particularly the continued strength of Millennials and the gradual emergence of Generation Z buyers.

Stuttgart Kodak Site Competition Concludes with NUWELA Winning Design

Art-Invest Real Estate, in partnership with the City of Stuttgart, has completed the urban planning and open space design competition for the redevelopment of the former Kodak site in Stuttgart-Wangen, marking a key milestone in the transformation of the historic industrial location.

The final jury meeting, held on 13 March 2026, selected Munich-based planning firm NUWELA as the winner, recognising its proposal for a mixed-use urban quarter that combines heritage preservation with contemporary design. The concept integrates parts of the original Kodak complex, dating back to the 1930s, into a broader development that aims to create a cohesive and functional neighbourhood.

The competition attracted 16 planning teams from across Germany and internationally, reflecting a wide range of architectural and urban planning approaches. Following an initial evaluation phase, two finalist concepts were shortlisted and subsequently refined before the jury made its final decision.

NUWELA’s proposal stood out for its structured yet adaptable layout, centred around a green axis designed to connect different parts of the neighbourhood. The plan combines residential, research and commercial uses, with more than 400 apartments envisioned as part of the scheme. A community-oriented approach is also embedded in the design, including a central meeting space intended to support local interaction.

Urban climate considerations played a significant role in the selection process. The winning concept incorporates ventilation corridors and landscaping strategies aimed at improving microclimatic conditions, while also responding to the site’s topography. The integration of new buildings into the hillside setting was highlighted as a key strength of the proposal.

City representatives emphasised the project’s broader importance for the surrounding districts, noting its potential to act as a catalyst for further development in Stuttgart-Wangen and neighbouring areas. The scheme is expected to contribute both architecturally and functionally to the city’s evolving urban fabric.

Art-Invest Real Estate indicated that the project will now move into the next phase of the planning process in coordination with local authorities. The development is positioned as a long-term regeneration initiative, aimed at delivering a balanced environment for living and working while retaining elements of the site’s industrial identity.

Montenegro Edges Closer to EU Membership as Brussels Advances Preparations

Montenegro has moved a step nearer to joining the European Union after member states agreed to begin work on the framework that would underpin its future entry into the bloc.

The decision, taken by EU ambassadors in Brussels, sets in motion the next phase of the process by establishing a specialised team to prepare the groundwork for a formal agreement. Although largely procedural, the step is regarded as an important sign of renewed momentum in the Union’s expansion efforts.

António Costa described the development as a notable advance, pointing out that progress on enlargement has been limited in recent years. The move is also intended to demonstrate to other aspiring members that accession remains a realistic objective.

Montenegro has long been considered one of the frontrunners among countries seeking to join the EU. Over the past decade, it has worked through a wide range of policy areas required for alignment with European standards, making steady, if gradual, progress.

Government representatives in Podgorica have welcomed the latest step, reaffirming their ambition to secure membership before the end of the decade. Achieving that goal will depend on completing the remaining reforms and meeting the conditions set by the Union.

The initiative comes as Brussels looks to reassert the strategic importance of enlargement, particularly in the Western Balkans. By advancing Montenegro’s position, the EU is signalling a willingness to move forward with candidates that demonstrate consistent progress.

While further stages remain before membership can be finalised, the latest development highlights a shift toward a more active approach, with Montenegro now closer than at any point in recent years to joining the European bloc.

Slovakia and Germany Call for Coordinated Action on Energy and Economic Pressures

Representatives of Slovakia and Germany have reaffirmed the strength of their bilateral relationship, while warning that rising energy costs and broader economic challenges are placing increasing strain on Europe’s industrial base.

During discussions in Bratislava, Marek Eštok and Gunther Krichbaum highlighted the importance of close cooperation in navigating current pressures affecting the European economy. Both sides emphasised that maintaining competitiveness will require a coordinated response, particularly in sectors heavily exposed to energy costs.

Germany continues to play a central role in Slovakia’s economy, with strong trade links and a significant presence of German companies across the country. This interdependence reinforces the need for aligned policies, especially in areas such as industrial development and investment.

Energy supply remains a key concern. Disruptions linked to infrastructure such as the Druzhba pipeline have underscored the vulnerability of the region to external shocks. Officials stressed that ensuring reliable and affordable energy is essential not only for economic stability but also for sustaining long-term growth.

The talks also covered regional cooperation, with Slovakia preparing to assume leadership of the Visegrád Group. The government signalled its intention to strengthen dialogue within the bloc while continuing engagement with key partners such as Germany on wider European issues.

Geopolitical developments remain an important backdrop to these discussions. The ongoing conflict in Ukraine continues to shape policy priorities, with Slovakia expressing support for the country’s future integration into the European Union, provided necessary conditions are met.

Looking ahead, both countries pointed to the importance of unity within the EU in addressing shared challenges. Future budget discussions will be a critical test, particularly in balancing investment needs with efforts to reduce regional disparities.

The meeting reflects a broader recognition that Europe’s economic outlook will depend on its ability to manage energy risks, protect industrial capacity and maintain coordinated action among member states.

Bratislava Housing Market Settles into Steady Rhythm After Late-Year Surge

The pace of residential development in Bratislava has eased at the start of 2026, following a particularly active end to the previous year. While fewer new apartments changed hands in the opening months, overall demand has remained consistent, pointing to a market that is adjusting rather than weakening.

Sales activity in the first quarter came in slightly below the levels recorded at the end of 2025, yet still aligned with what is typically seen in a stable market cycle. Developers continue to release new phases of projects, but the overall number of available units has held broadly steady, suggesting that supply and demand are currently in closer balance.

Prices, meanwhile, continue to edge upward. New apartments are being marketed at levels approaching €5,700 per square metre on average, with transaction values not far behind. The increase is gradual, reflecting steady buyer interest rather than speculative pressure.

Smaller homes remain the most competitive segment. Compact apartments command the highest rates per square metre, with entry-level options becoming increasingly difficult to find. Units at the lower end of the pricing spectrum are steadily disappearing, as construction costs and land values continue to influence development economics.

Prime locations retain a clear premium. In the historic centre, top-tier developments are achieving close to €7,800 per square metre, underlining the enduring appeal of central addresses. At the same time, other districts are also seeing upward movement, particularly where new infrastructure or regeneration projects are improving the local environment.

Developers remain active, with several established players continuing to lead sales across the city’s largest schemes. The structure of demand is also evolving slightly, with buyers showing interest in somewhat larger units, although affordability continues to shape purchasing decisions.

Financing conditions are likely to play a growing role in shaping the market’s direction. While monetary policy in the eurozone has stabilised, lending conditions at the local level are beginning to tighten, which could temper demand in the short term.

Overall, the market appears to be transitioning into a more sustainable phase. After a period of strong growth, current trends suggest a shift toward stability, where pricing, location and product quality will increasingly determine performance.

Bratislava Plans Major Sports Complex at Zlaté Piesky

A large-scale sports development is set to reshape one of Bratislava’s best-known recreational areas, as city authorities move forward with plans for a multi-functional complex at Zlaté piesky.

The project envisions a comprehensive sports hub built on currently underused land along the southern edge of the lake. The area, long considered underutilised despite its strong leisure appeal, is expected to be transformed into a modern destination for both organised sport and public recreation.

At the centre of the development is a major youth football academy led by ŠK Slovan Bratislava. The facility is planned to include up to seven full-size pitches, spectator stands and supporting infrastructure such as training facilities, accommodation and technical areas. The city intends to lease the land to enable the club to deliver the project, marking another step in its broader effort to strengthen football infrastructure.

City officials have framed the initiative as a long-term investment in youth sport and community wellbeing. The project is also positioned as part of a wider strategy to expand accessible sports infrastructure, following earlier support provided to clubs across different districts.

Beyond football, the plans extend to athletics. In cooperation with Slovak Athletics Association, the city is considering the construction of a full-scale stadium meeting international competition standards. This would include an eight-lane 400-metre track, sprint facilities and dedicated spaces for field disciplines, alongside spectator seating and athlete support areas.

The broader concept also includes a multi-sport indoor arena designed to host a range of disciplines at competitive level, as well as additional outdoor pitches for football and recreational use. Together, these elements aim to create a flexible, year-round sports destination capable of hosting both grassroots and organised events.

The development is expected to extend beyond formal sports facilities. Plans include the revitalisation of the lakefront, with improved public access and new routes for running, cycling and skating along the shoreline of Zlaté piesky. However, parts of the land remain outside municipal ownership, meaning further coordination with private stakeholders will be required.

Overall, the initiative reflects a broader push to reposition Bratislava as a city investing more heavily in sports infrastructure. If delivered as planned, the Zlaté piesky project could significantly expand capacity for youth development, improve public access to recreational space and address long-standing gaps in facilities for both football and athletics.

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