Poles are taking over the real estate market. Domestic capital is crowding out Western funds

Private investors play an increasingly important role in the real estate market, which in Poland translates into a growing share of domestic capital. Polish capital is responsible for approximately 20 percent. turnover on the investment market – experts assessed during the Emerging Trends in Real Estate Europe 2026 – Focus on Poland event.

Great transfer of assets in Poland

“(…) in conditions of limited liquidity and selective access to capital, they play an increasingly important role on the market private investors – family offices, private wealth and flexible capital structures. This trend is visible globally and in Europe, and in Poland it translates into a growing share of domestic capital, which increasingly stabilizes the local market and actively invests also in the CEE region,” said Marcin Juszczyk, Chair, ULI Poland, quoted in the press release.

“The limited activity of traditional core funds – especially from Western Europe – means that private investors and regional capital play an increasingly important role in the amount of investment turnover,” the release said.

Already 20 percent turnover for Polish capital

As reported, Polish capital currently accounts for approximately 20 percent. turnover on the investment market, while a few years ago its share was marginal.

Experts assessed that a significant part of Polish capital remains poorly institutionalized, and the lack of functioning REITs or other proven investment formats limits the possibility of broad and transparent involvement of private capital in real estate on a scale comparable to the markets of Western or even Central Europe.

According to Judyta Sawicka, head of Investment and Divestment at Echo Investment, an increasing number of investment decisions in real estate are currently made in the context of generational change in Polish family businesses and private estates.

Family businesses rushed into real estate

“We see a clear mobilization of capital, which is associated with the transfer of wealth to the next generation. Business owners want to secure the future of their children by transferring cash flows from operating activities to other asset classes and diversifying sources of income,” she added.

Experts believe that in conditions of persistent uncertainty, asset diversification is no longer perceived as an optional strategy. The natural direction of this diversification is real estate, perceived by private investors as an asset class offering relatively predictable and cycle-resistant cash flows.

The end of the era of big funds?

“Investors who allocate capital today want to simultaneously improve rates of return and secure stable cash flow. These are the reasons why the living sector – including PRS – remains attractive despite the limited activity of some institutional capital,” said Paweł Sztejter, head of Living, executive vice president at JLL Poland.

As reported, the strong position of Polish private capital can be seen in the retail park segment, which in recent years has become one of the most active investment areas for family offices and local investors.

Where do the richest Poles invest? Retail parks and PRS in the crosshairs

“We do not currently see core funds on the market, which were previously the main providers of capital. Many transactions are currently carried out by entities investing in Poland for the first or second time. However, we see very high activity of Polish private capital in the retail park segment. This is a format well suited to the private wealth strategy – with a relatively small scale, simple lease structures and predictable cash flows,” added Soren Rodian Olsen, managing director of Logicenters Poland/Urban Partners.

Witold Orłowski, chief economic advisor at PwC Poland, assessed that Poland – despite the neighborhood of war and global tensions – remains one of the fastest growing economies in Europe, with a relatively low level of private sector debt, which creates space for further investments financed with domestic capital.

As Agnieszka Stankiewicz, partner and co-head of the Real Estate Practice at Greenberg Traurig Warsaw office, added, Polish investors – after building their portfolios in Poland – are increasingly analyzing and implementing transactions in the Central and Eastern European region, taking advantage of market, regulatory and operational similarities in CEE countries.

Emerging Trends in Real Estate Europe 2026 – Focus on Poland is the Polish edition of the presentation of the latest Emerging Trends in Real Estate Europe report, prepared by the Urban Land Institute in cooperation with PwC. (PAP Business)

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