Poland Room for growth

A survey was held to examine sentiment in the sector, analyse changes, and explore predictions and forecasts in December 2025.

The real estate industry lacks a clear leader in terms of the most attractive segment. This may indicate a mature market where structural supply gaps no longer exist, and the divergence of opinions stems from differing perspectives on the industry's development and prospects. However, one significant decline is evident – ​​the warehouse sector received only 10 pct of the vote. Most survey participants expect the price difference between properties built in compliance with and those not compliant with ESG guidelines to be up to 15 pct. At the same time, the number of investors and developers who do not anticipate any price difference has increased.

In almost all market segments in Central Europe, expectations of stabilisation and cautious optimism prevail. Nearly 60 pct of respondents expect the economic situation to remain unchanged in the coming months, while 28 pct believe conditions will improve. In Poland, respondents are much more optimistic. As many as 53 pct predict economic growth, while 36 pct believe circumstances will remain unchanged.

Developers remain hopeful

When asked about their development strategy for 2026, two-thirds of developers indicated they plan to build and sell, the highest figure in the survey's history, while only 3 pct are considering freezing development projects in 2026.

The survey shows that the majority of developers expect margins to remain unchanged (61 pct). At the same time, the percentage of respondents who expect the situation to worsen has declined for the fifth consecutive year and is the lowest in the survey's history (25 pct).

In terms of expectations for which sector will be the most competitive in the coming year, the residential market was again identified by the largest number of developers (22 pct), but saw a significant decline of 12 percentage points year-on-year. On the other hand, there was a sharp increase in interest in PRS (institutional leasing), from 9 pct to 18 pct. Data centres also appear to be a promising sector (13 pct), with as many supporters as the industrial and commercial sectors.

The biggest challenges for developers in the coming months will be construction costs and land acquisition. A total of 52 pct of respondents cited these factors.

The number of respondents reporting difficulties with land acquisitions increased from 18 pct to 25 pct. Year-on-year, this may indicate a decreasing number of attractive and available development sites or an increase in interest in new investments. Construction costs, with 27 pct of responses, also pose a growing challenge for developers. Interestingly, over the past four years, they have begun to perceive commercialisation as a lower priority. In this regard, a decrease from 20 pct to 14 pct of responses was noted. An even more drastic decline was observed in securing project financing, which was a dominant theme in the 2023 and 2024 surveys. This confirms better access to capital and greater stability of financial markets.
Dominik Stojek, partner in the advisory department, leader of the real estate group, Deloitte.

Investor Scepticism and Advisor Caution

Less optimism than developers have expressed is evident among investors. From their perspective, the market situation is uncertain, hence 67 pct will focus on managing their current portfolio (up from 41 pct). Last year, one in two investors planned to focus on new investments, while currently only one in five do. Nearly half of the respondents expect stabilisation, while 40 pct believe the efficiency of their investments will improve. Only 13 pct predict a decline, the same as a year ago and the lowest figure since the beginning of 2020.

This year, investors had no clear favourite in identifying the most attractive segments. From their perspective, these are office buildings and data centres (both 15 pct). The residential sector came in close behind (13 pct). One of the most visible changes is the end of the warehouse sector's dominance (a drop from 27 pct to 10 pct), and for the first time since 2020, it is no longer perceived as the most attractive sector in the Central European market.

Advisors, on the other hand, believe that in 2026, their clients will focus primarily on finding new investments (39 pct, a 16 pp. more than in the previous survey), which represents a significant discrepancy with investor declarations. Advisors are increasingly optimistic about the effectiveness of their clients' investments. A record-high 42 pct expect it to improve, while one in two expects it to remain unchanged. Only 6 pct expect it to deteriorate. Among advisors, the expectation that new investment opportunities may emerge in emerging sectors is even more pronounced than among investors. More than half of respondents mentioned the PRS sector (16 pct), student housing (13 pct), new energy infrastructure (10%), healthcare (10%), and data centres (3 pct), while the previous leader, the warehousing sector, was not mentioned by any respondents.

Polish respondents expect greater availability of financing

Expectations regarding the availability of debt financing this year have weakened compared to the previous survey. Although the view of stability still prevails, the percentage of respondents predicting improvement has declined year-on-year, accompanied by a gradual increase in more cautious expectations. Poland stands out in this context, with three in four respondents anticipating improved access to debt financing (compared to one-third last year and the same average for the region this year). Only 3% expect a deterioration.

Despite ongoing geopolitical tensions and economic fluctuations, the real estate sector in Central Europe demonstrates strategic resilience and cautious optimism. The significantly more enthusiastic attitude of Polish companies stems from solid GDP growth, the absorption of KPO funds, and the stabilisation of inflation and the labour market, which were reflected in a series of interest rate cuts by the National Bank of Poland in 2025. As a result, Poland is actively leveraging these foundations to build competitive advantages in an unpredictable environment.
Dominik Stojek

Sustainable development remains on the agenda

Adapting to ESG requirements is one of the challenges the real estate market must face. Investors are most likely to focus exclusively on ESG-compliant assets (34%), while advisors take a more pragmatic approach, predicting that only 16 pct of their clients will adopt this approach. A full 81% of advisors expect investors to purchase both types of assets.

Deloitte also asked survey participants about their assessment of the expected price reduction for non-ESG properties compared to those compliant with environmental and social requirements. Similar to last year, most respondents expect a price difference of up to 15 pct, although this difference decreases by 8 percentage points for investors and developers.

Expectations regarding the impact of the Russian invasion of Ukraine have not changed significantly year-over-year. The number of respondents who expect long-term effects of Russian aggression increased slightly from 40 pct to 43 pct, the second-highest figure since mid-2022.