German appetite for Polish square metres
In 2025 the German group TAG Immobilien proved, that Poland is not only a neighbour for them, but above all a high‑margin experimental field. The company finalised the purchase of 5,300 apartments in key locations such as Warsaw, Kraków and Wrocław. Theoretically it was not a cheap purchase, as the total value of these transactions exceeded 2.4 bn PLN, but for the German firm it is a very promotional price when looking at the German real‑estate market.
It should be noted that the German company did not buy such a quantity of apartments because of a great opportunity, but it is a consistent implementation of a plan to dominate the private rented sector (PRS), i.e. institutional leasing. The Hamburg company’s expansion began in 2019, when it acquired Vantage Development. The next point on the list was the purchase of developer Robyg in 2021 for an astronomical amount of about 550 m EUR.
Thanks to this, TAG Immobilien today manages a portfolio of 83,500 apartments in Germany, but it is over the Vistula that the company sees the greatest growth dynamics. The mass purchase of apartments turns out to be a goose that lays golden eggs, as in 2025 the company generated 68 m EUR profit from apartment sales, and revenue from the rent itself increased by 3.4%. It should be noted that the company is also considering a debut on the Warsaw Stock Exchange.
See also: Is renting real estate becoming unprofitable? One move makes apartments cheaper by up to 700 PLN a month
Funds instead of young families – a new reality according to Eurostat
Eurostat data are ruthless: although 87% of Poles still live formally “on their own”, this structure is crumbling under the pressure of lack of creditworthiness. Sebastian Becker in the “Frankfurter Rundschau” accurately points out that Poles have less and less free capital to buy their own home. Sky‑rocketing apartment prices make what used to be a middle‑class standard today a luxury. It is exactly in this gap that funds such as TAG Immobilien enter.
The portfolio’s size has changed, but so has the lifestyle of the younger generation. Mobile specialists, digital nomads or corporate employees are increasingly giving up the 30‑year credit cycle in favour of the flexibility that renting offers. The problem is that this flexibility is increasingly forced by real‑estate market prices.
According to the analysis in the report “2026 Poland Real Estate Market Outlook”, the Polish real‑estate market is entering a phase of stable growth. Importantly, this growth is mainly driven by demand changes, as more and more people (from students to retirees) simply have no alternative but renting. Poland has become one of the fastest‑growing markets in Europe, attracting big players who count every zloty invested in concrete.
See also: Brutal real‑estate market data. Luxury apartments are disappearing from the market, are there no more buyers?
Why does foreign capital so readily enter the Polish real‑estate market?
The current situation does not inspire optimism. Critical voices and opposition are especially audible among the younger generation, for whom owning a home is becoming unattainable. The main accusation against politicians is the continuous lack of mechanisms limiting wholesale apartment purchases by foreign capital.
No cadastral tax from the third and subsequent apartment (especially for legal entities) means that companies such as TAG Immobilien play by different rules than the average Kowalski. It reminds of David vs. Goliath, but in this scenario Goliath has access to almost unlimited financing in EUR and USD, while David must ask for a 30‑year loan at 8% instead of a sword.
It should be noted that Western journalists also see factors that make long‑term investments in Polish real estate risky. It is about geopolitics and the threat from Russia, although such a scenario is considered extreme.
See also: The end of dreams of cheap apartments. Poles no longer believe in a real‑estate price collapse
Source: Frankfurter Rundschau
