According to data from Cenatorium, in 2024, the luxury and premium real estate market in Poland saw a nearly 7 pct increase in value, reaching PLN 3.5 bln. Along with global economic transformations, the perception of luxury is evolving.
The way we think about premium real estate now connects not only with the desire to meet the specific needs of increasingly conscious consumers, but also with advancing digitization, new technologies, and environmental responsibility. The premium real estate market is entering a new phase of development. It is maturing. We are observing a trend related to capital investment in safe places that do not carry risks associated with climate change. Locations that ensure proximity to nature are also becoming more valued.
Katarzyna Goryszewska, head of Luxury Residential Agency, Walter Herz
Advanced technological solutions, widely used in premium-class buildings, are enhancing the quality of life while also meeting energy efficiency requirements and resource conservation needs for real estate.
Luxury is gaining value
The value of selected apartments sold last year significantly exceeded the record set the previous year. Transactions involving luxury properties often reached over PLN 20 mln. Premium homes and apartments changed owners, reaching prices exceeding even PLN 60,000 per sqm. The rising prices are a result of current market conditions, and in the near future, we do not expect this trend to reverse.
Katarzyna Goryszewska
In the best urban locations in Poland, there is a lack of land for new projects. The revitalization of exclusive buildings remains a market niche. Developer activity is also limited by high construction and financing costs for demanding investments like apartment buildings. This results in minimal new supply in this segment, driving up the value of existing premium properties.
Demand continues to rise. The group of affluent individuals purchasing luxury goods is growing. In 2023, the number of people earning at least PLN 120,000 gross per year (PLN 10,000 gross per month) increased to 2.5 mln, which represents a more than 30 pct growth compared to the previous year. This is partly due to the high inflation in 2022-2023, which reached double digits annually.
Hotels and Spas
The domestic market for luxury hotels and spas is also thriving. According to estimates by Euromonitor International, the sales value in this market increased to PLN 7.8 bln in Poland last year, reflecting a 16 pct year-on-year growth.
Increasing operational performance of luxury hotels signals a positive outlook for this segment in Poland. The value of all key indicators, both in premium city hotels and resorts located in seaside and mountain destinations, grew in 2024. Forecasts indicate that by 2029, the hotel and spa services market in Poland will exceed PLN 11 bln.
Katarzyna Goryszewska
According to Statistics Poland data, the number of five-star hotels in Poland increased by over 4 pct by mid-2024, and the number of four-star hotels grew by nearly 3 pct year-on-year. Four and five-star hotels make up one-fifth of the total hotel offer in the country. There are a total of 571 of them, including 98 five-star hotels. Rooms in five-star hotels account for 9 pct of the domestic market. Interestingly, the number of three-star hotels, which make up the vast majority of hotel capacity, decreased in the past year.
The strong position of the industry is further confirmed by investor activity and last year’s hotel transactions. Last year saw acquisitions of four-star hotels like the Holiday Inn Resort Warsaw Józefów and Holiday Inn Bydgoszcz, as well as the five-star Sofitel Grand Sopot Hotel.
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