Over 70,000 apartments are currently awaiting buyers in Poland’s largest cities. At the same time, demand for housing has begun to slow. For some, this is a signal of a potential crisis, while for others, it marks a new phase of development for one of the European Union’s largest real estate markets.
Poland’s residential sector has remained one of the most stable in Central and Eastern Europe for many years. This is why any changes in this market matter not only to developers or investors. They affect the lives of millions of people—Poles, Ukrainians, and other citizens building their futures in Poland today.
We will discuss how the market is changing, what new rules are shaping the industry, and the role Ukrainians play in these processes with Bartosz Guss, an expert in the Polish development sector and Head of the Polish Developers Association.
Stability Building Trust
Despite the economic challenges of recent years, Poland’s housing market demonstrates stability that sets it apart from other countries in the region.
Today, Poland ranks among the top three largest residential real estate markets in the European Union. This is the result of years of development in the construction industry, active urbanization, and steady housing demand.
However, over the past two years, the market has been in a so-called “sideways trend.” This means apartment prices have remained almost unchanged—fluctuations are about one percent in either direction.
For buyers, this creates more predictable conditions. People can plan investments or home purchases without fear of sharp price jumps.
Record Construction and New Reality for Developers
In recent years, Polish developers have actively expanded construction. As a result, the market has seen a significant supply of housing.
Today, in just seven of Poland’s largest cities, over 70,000 apartments are waiting for buyers.
This creates a new reality for the industry. Competition among builders is intensifying, while demand is growing more slowly than supply.
For buyers, this means more choices. For developers, it requires adapting strategies to the new market conditions.
New Standards for Safety and Transparency
As the industry develops, the rules of the game are changing. Polish authorities are actively introducing new regulations in residential construction.
This includes greater price transparency, new requirements for building density, and modern standards for designing residential complexes.
Why the special focus in Poland now? For the first time, resident safety is prioritized. New residential buildings must include special spaces where people can stay for up to 48 hours in case of danger. These must be proper bomb shelters; underground garages or other rooms meeting safety standards can qualify.
However, new standards mean additional costs for developers, which may eventually affect the final price of housing.
“For us, it’s important that housing remains affordable. However, lately, the state has been introducing more and more regulations. For example, new norms for price transparency, building areas, and requirements for temporary shelters in new buildings have appeared. Citizen safety is important, but all these requirements mean extra costs for developers. Ultimately, they are factored into apartment prices.” These words from Bartosz Guss reflect buyers’ sentiments, but today it’s unavoidable, so all market participants accept the new circumstances as given.
Territorial Planning Reform
Another key factor in the changes is the spatial planning reform.
New rules alter the approach to land use and territorial development planning.
For many investors, these changes pose a serious challenge. If new development plans are not approved on time, launching new projects could slow down.
Experts even warn of the risk of so-called investment paralysis—a situation where regulatory uncertainty forces developers to postpone new investments, affecting consumers too. Who likes frequent changes and unnecessary new regulations?
Ukrainians as Part of the New Economic Reality
Ukrainians play a distinct role in the development of Poland’s real estate market.
In recent years, Ukrainian business has actively integrated into the Polish economy. Since 2020, Ukrainian citizens have registered nearly 100,000 businesses in Poland, many in the construction sector.
Ukrainian companies work in contracting, construction, and development, becoming a vital part of the industry.
Ukrainians as the Most Active Foreign Buyers
Ukrainians are also the most active group of foreign real estate buyers in Poland.
Although foreigners account for about 5% of the total market, Ukrainians handle more than half of those transactions.
In 2024 alone, Ukrainians purchased around 17,000 apartments.
This shows the deep integration of Ukrainians into Polish society—as workers, entrepreneurs, and investors.
Market Future
At the start of 2025, the market looked tense: mortgage loans remained expensive, and housing supply was high.
However, the situation is gradually changing. Banks are issuing more loans, and signals from Poland’s National Bank provide grounds for cautious optimism.
This is why the coming months could be a crucial period for real estate investments.
For both Poland and Ukraine, this market holds special significance. It shapes not only the economy but also a new shared history of people building lives, businesses, and futures between the two countries.
Veronika Marchuk, a renowned expert on the Polish-Ukrainian market, lawyer, Vice President of the Polish-Ukrainian Chamber of Commerce Council, Chair of the Board of the Society of Friends of Ukraine in Warsaw, philanthropist.
The article’s author is also the author and host of the “Reconstruction” program on SLAWATV.
Watch every Wednesday at 12:05 Warsaw time.
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Photo: from the archive of Veronika Marchuk, Freepik