Adam Sieńko: Are Polish citizens still purchasing properties abroad, or has the surge in demand subsided?
Anna Maria Panasiuk, wealth advisor: Interest remains very strong. The geopolitical situation is contributing to this trend. There are numerous concerns regarding forecasts for 2026. However, investors are shifting their priorities. The focus is no longer solely on acquiring a second home outside of Poland as a potential refuge in the event of war, although such inquiries still arise.
Increasingly, Polish citizens are asking how to protect their assets, leading them to consider real estate investments.
Many wealthy individuals, who have previously invested heavily in Polish real estate, are now reevaluating their portfolios as their assets have grown. Some own dozens of apartments or entire office buildings within the country and are considering their next steps. This shift reflects broader economic uncertainty and a desire for diversification, particularly as global risks increase.
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Is there a concern that an armed conflict could wipe out everything?
I don’t believe a war is likely. The situation in Ukraine appears to be stabilizing, although no one has a crystal ball. From an investment perspective, however, a portfolio concentrated in a single country is a mistake. Investors are now asking where to hold their assets, seeking security and protection of wealth in the face of geopolitical uncertainty.
This concern extends to the possibility of a global crisis. Financial markets are currently experiencing heightened volatility, as evidenced by the price of gold.
What are these affluent Polish citizens asking about?
They are seeking diversification and security. They are exploring options. The days of keeping everything in one country appear to be over. Swiss banks are experiencing a surge in demand, as are properties in Switzerland. Polish citizens are looking for new investment opportunities outside of Poland.
The majority still prefer to invest within Europe, feeling it offers a greater sense of security. This then leads to questions about which European countries offer the best opportunities.
Choosing a country based on personal familiarity and understanding is advisable. Italy, for example, may appeal to many, despite its complex legal and tax environment, as it still offers opportunities for property acquisition at relatively affordable prices.
Are you referring to those well-known properties priced at 1 euro?
I’m discussing homes or apartments in northern Italy, which are accessible by car from Poland.
What other destinations are attracting interest?
Spain and Dubai remain popular choices. These two locations continue to lead the way. There is also growing interest in Switzerland, primarily from investment-focused clients.
If you were looking for a home for yourself?
From an investment standpoint, I would consider Switzerland. However, this requires a larger capital outlay.
Real estate in Switzerland has recently gained my attention due to the geopolitical situation. It’s hard to decide whether to invest in gold, crypto, or stocks, as financial markets are surprisingly dynamic and unpredictable.
Switzerland is a relatively small country and the supply of properties is decreasing year over year relative to demand. It boasts a well-developed agricultural sector and numerous mountainous regions where further construction is impossible. The percentage of land available for development is very low.
Historically, this situation has resulted in a stable, several-percent annual increase in property values. Coupled with geopolitical unrest and a strengthening Swiss franc, it makes Switzerland a good and stable investment direction. This is what investors in real estate are looking for.
But these won’t be the cheap properties like those in Bulgaria or Spain a few years ago?
Of course not. We’re not talking about investments where someone has 500,000 zlotys and is wondering where to buy a summer home. This is about “parking” money and protecting it from losing value.
I assume we’re talking about a few million zlotys.
You’d need at least one or two million francs.
Are Polish citizens also inquiring about Switzerland?
What about other, more publicized destinations?
It depends on what someone is looking for. If someone loves Georgia, its cuisine, and its climate, why not buy property there? However, from an investment perspective, I don’t believe Georgia is an attractive location. It’s not a stable market.
Spain? Some people simply aim for a home in that country. They are looking for opportunities and will eventually find something. However, it’s no longer an investment destination, as property prices have risen sharply in recent years. That doesn’t mean you can’t profit from properties in Spain, but I know investors who are exiting that market today.
Generally, if something is heavily publicized, it means it’s already too late to enter the market.
What about less popular destinations?
Let’s look at Great Britain. Is it a stable currency? Not entirely anymore. Is the property market stable? Yes, because it has a very strong tradition and is heavily financed by the system – practically anyone can secure financing to buy a property there. Will there be high demand for properties there? It’s maintained. However, it cannot be ignored that many people are currently leaving England.
Polish citizens are also interested in investing in Germany. However, I’ve noticed that they don’t typically pursue this independently. They consider it if they have a business connection to Germany.
Dubai is often mentioned.
Yes, the United Arab Emirates are a region that is heavily utilized by Polish citizens. And it’s a very good market. You can currently pay 10% of the apartment’s value and then watch the investment develop over a year or two. And be sure that it will develop, which distinguishes this market from, for example, Georgia.
Is there a particular group that has set its sights on the Arabian Peninsula?
It’s certainly a convenient destination for those investing in cryptocurrencies. It’s a way to exit crypto, as you can pay for many things with Bitcoin in Dubai.
According to my observations, Dubai is currently attracting more interest than Spain.
Regardless, it’s important to invest wisely. Dubai provides further examples of this.
It happens that someone tells me they bought a property in Dubai and haven’t even seen the place. They signed a contract, transferred the money, didn’t check if the location has good prospects for price increases.
Considering that 100% more properties are planned to be released onto the market in the United Arab Emirates in 2027 than to date, this means that supply will immediately increase. It’s not necessarily the case that demand will increase at the same rate. It’s important to know where to buy and have a proven investment strategy.
Reported by Adam Sieńko, WP Finance journalist
