Poland

Nationally, Poland's HPI growth decelerated into 2025: +10.4% y/y (Q4 2024) +4.0% y/y (Q3 2025). At the metro level, 2025 is better described as 'stable quarter-to-quarter with strong year-on-year pockets': Cushman & Wakefield's Q3 2025 snapshot for the 7 largest cities shows primary-market asking prices broadly flat q/q, with Warsaw around PLN 17,322/sqm and notably stronger y/y appreciation in some markets (e.g., Gdask). Base-case 2025 investment implication (inference from the above): mid-single-digit national growth with higher volatility by city and by new/secondary segment; downside risk is policy uncertainty on buyer subsidies, upside risk is faster rate cuts interacting with tight supply.

PropTech adoption is shifting from 'digital listings' to 'AI-assisted workflows'. OLX Group reports GenAI-powered posting forms and pricing innovations in its real-estate vertical, alongside unified app migration and agent tools. Demand-side data products (e.g., Otodom Analytics) are being used to segment intent and support pricing/marketing decisions. Valuation automation is visible in consumer-facing AVM tooling (e.g., ceny.szybko.pl explaining AVM methodology and confidence levels), and rich-media/remote viewing is supported via portal tools like virtual-tour creators.

Integrity pressure is rising from three directions: (1) consumer-protection enforcement on misleading information and measurement practices; UOKiK fined developers for including partition-wall area in advertised 'usable area' and for misleading consumers, signalling stronger scrutiny of listing accuracy. (2) GDPR/data-minimisation risk: UODO and Polish courts have treated land-and-mortgage register numbers as personal data, which increases compliance risk when such identifiers appear in public listings or documents. (3) platform governance: the Digital Services Act applies EU-wide (from 17 Feb 2024) and Poland's Digital Services Coordinator is the President of UKE, reinforcing notice-and-action and transparency expectations for platforms.

Portal consolidation is an established theme: Ringier Axel Springer expanded classifieds in Poland via acquisition of Gratka and a tender offer around MZN Property/Morizon (2020). Within the OLX ecosystem, Otodom strengthened its primary-market proposition via acquiring Obido (developer marketing/sales platform). Into 2025, the strategic direction is continued investment in product unification and monetisation for agents/developers rather than headline Poland-specific M&A.

The market is operating under tightening 'systems' constraints: spatial-planning reform risk is becoming material as new master plans progress; Cushman & Wakefield flags that full legal effect intensifies toward June 2026 and some plots may become non-investable under new rules, incentivising earlier permitting. At the platform layer, the DSA's transparency and illegal-content governance framework is now in force EU-wide with UKE as coordinator in Poland. On data, UODO's stance that land-register numbers are personal data reinforces pressure to remove high-risk identifiers from public-facing content and to harden consent/legitimate-interest documentation.