Investing in Polish Real Estate from Abroad: New-Build Flats in Warsaw and Wroclaw, Yield and Taxes (2026)
Author: Tacjana MasiukiewiczInvesting~11 min read
Foreigners can invest in Polish real estate, and in most cases buying a flat does not need any permit: the purchase of a self-contained residential unit, including one from a developer, is exempt from the requirement to obtain a permit. What you need to plan for instead is the price in zloty (and so the exchange rate), the rental yield, which for new flats in Warsaw and Wroclaw is typically in the low-to-mid single digits, and tax, which a non-resident pays in Poland on rent. This guide puts the main numbers in one place using our catalogue as of 4 October 2026 and NBP data.
In brief
- A foreigner of any citizenship can buy a flat in Poland without a permit from the Ministry of the Interior (art. 8(1)(1) of the Act on the acquisition of real estate by foreigners). The notary reports the deed to the ministry afterwards. The exception is property in the border zone; Warsaw and Wroclaw are not in it.
- In our catalogue (4 October 2026) the median price per m² is PLN 17,400 in Warsaw (4,240 offers in 114 investments) and PLN 15,400 in Wroclaw (4,372 offers in 89 investments).
- NBP estimates average rents at PLN 85.1 per m² in Warsaw and PLN 67.5 per m² in the six big cities including Wroclaw (Q1 2026). In our examples this gives about 5.2–5.5% gross and about 3.7–4.5% net a year.
- A non-resident pays tax in Poland on rent from a Polish flat: 8.5% lump sum on revenue up to PLN 100,000 a year and 12.5% above that, with no deduction of costs.
- Prices are in zloty. At the NBP mid rate of 2 October 2026 (EUR/PLN 4.3745), PLN 728,562 is about EUR 166,500 (about USD 187,400 at USD/PLN 3.8881 and about GBP 141,900 at GBP/PLN 5.1353).
Can a foreigner buy a flat in Poland?
Yes. The basic rule in the Act on the acquisition of real estate by foreigners is that a foreigner needs a permit, but there are many exceptions and they decide the practical position. Buying a self-contained residential unit, and a garage space serving your housing needs, is exempt for any foreigner, regardless of the type of stay (art. 8(1)(1) and (1a)). A flat in a block from a developer, with its own land and mortgage register entry, is exactly such a unit. Citizens and businesses of the EU, EEA and Switzerland need no permit for any type of property (art. 8(2)). After Brexit, British citizens follow the rules for third countries: they can buy a flat without a permit, but a house with land generally needs one.
The permit is needed mainly for a detached house with land, a plot or property in the border zone, and costs a stamp duty of PLN 1,570. Buying a flat does not give you the right to reside in Poland; see does buying property give residence in Poland. The details, step by step, are in buy an apartment in Poland as a foreigner. The rules on permits are changing in one respect: from 19 November 2026 notaries will pass the deeds to the ministry electronically.
Why Warsaw and Wroclaw: the market in numbers
| Catalogue, 4 October 2026 | Warsaw | Wroclaw |
|---|---|---|
| Investments in the catalogue | 114 | 89 |
| Available flats | 4,240 | 4,372 |
| Median price per m² | PLN 17,400 | PLN 15,400 |
| Completed investments | 56 of 114 | 41 of 89 |
| Median price of a 2-room flat | PLN 728,562 (39.4 m²) | PLN 646,520 (41.1 m²) |
Warsaw is more expensive per square metre and has higher average rents; Wroclaw is cheaper per m² and, according to NBP data, rents there have risen faster (the six-city group grew 12.0% year on year in Q1 2026 against 3.3% in Warsaw). Which suits you depends on the budget and the strategy; the comparison is in Warsaw or Wroclaw: where to buy.
Rental yield: what the NBP data and our examples show
According to the NBP, in Q1 2026 average rents were PLN 85.1 per m² in Warsaw and PLN 67.5 per m² in the group of six big cities that includes Wroclaw (excluding service charges and utilities). The NBP's estimated capitalisation rate was 5.95% in Warsaw and 6.24% in the six cities; return on equity without a loan was 3.5% and 3.7%.
To show what that means for a new-build flat, we took the median 2-room flat in each city and applied the same method as in our rental yield guide: rent equals area times the NBP average rate (for Wroclaw, the average of the six cities), 95% occupancy, 8.5% lump-sum tax, property tax of PLN 1.25 per m², a 5% reserve for repairs and insurance, and service charges paid by the tenant.
| Warsaw | Wroclaw | |
|---|---|---|
| Price of the flat | PLN 728,562 (about EUR 166,500) | PLN 646,520 (about EUR 147,800) |
| Area | 39.4 m² | 41.1 m² |
| Monthly rent (NBP average) | about PLN 3,355 | about PLN 2,775 |
| Gross yield | 5.5% | 5.2% |
| Net income per year | about PLN 32,900 | about PLN 27,200 |
| Net yield on the purchase price | 4.5% | 4.2% |
| Net yield including finishing* | 4.0% | 3.7% |
The difference between gross and net is typically 1–2 percentage points, and a developer-standard flat has to be finished before it can be let. More examples from eight flats, with the full list of costs, are in rental yield of a flat in Wroclaw and Warsaw, and the wider picture of risks and returns is in a flat as an investment in Poland. If you compare with bonds and deposits, see flat or bonds: comparing returns.
Taxes for a foreign investor
On purchase. A flat from a developer is sold at a price that includes VAT, and the buyer does not pay the PCC tax on that purchase in the usual case; the notary and court fees come on top. The details are in VAT on a flat from a developer and costs of buying an apartment in Poland.
While you own it. Property tax in Warsaw and Wroclaw in 2026 is PLN 1.25 per m² of usable area per year, which is about PLN 50 for a flat of 40 m².
On rent. Rent from a flat in Poland is income earned in Poland, so a non-resident is taxed on it in Poland (art. 3(2a) and (2b)(4) of the PIT Act). Private rental is settled under the lump-sum regime: 8.5% of revenue up to PLN 100,000 a year and 12.5% above that, with no deduction of costs. You pay it yourself by the 20th of the month after the month (or quarter) in which you received the rent and file a PIT-28 return between 15 February and 30 April of the following year. Without a PESEL number you apply for a NIP tax number on form NIP-7. Double taxation treaties generally leave Poland the right to tax rental income from Polish property, and you avoid double tax in your country of residence by exemption or credit. The full procedure is in rental income tax in Poland for non-residents and lump-sum tax on rental income.
On sale. Income from selling a flat within five years of the end of the year in which you bought it is taxed; see tax on selling a flat within 5 years.
How to buy from abroad, step by step
- Define the budget and the strategy: to let, to hold, or both; a ready flat or one under construction (see ready or under-construction flats: price differences for the price gap).
- Choose the investment from the catalogue and check the developer and the prospectus (how to check a developer).
- Reserve the flat. The reservation fee may not exceed 1% of the price and is credited towards it.
- Prepare funds and documents. Bank and notary are obligated institutions under the anti-money-laundering rules and may ask about the origin of your funds. Transfers above EUR 15,000 are reported to the GIIF as a matter of routine. See transferring money from abroad to buy a flat.
- Sign the developer agreement before a notary. You can be represented by an attorney if you cannot travel; see buy property in Poland from abroad. Documents in another language may need a sworn translation (sworn translator at a notary).
- Pay under the schedule into the escrow account, take the handover, finish the flat and, if you let it, sort out your tax number and the monthly lump-sum payments. Whether to hire a manager is covered in rental management in Poland: cost and whether it is worth it.
If you need a mortgage as a non-resident, banks look at residence status and income; see mortgage in Poland for foreigners.
Risks to weigh
- Currency. The price is in zloty: a 5% move in the exchange rate shifts the cost of the same flat by about 5% in your currency.
- Vacancy and rent. The NBP model assumes 95% occupancy; a flat can stand empty longer, and the rents used here are averages.
- Completion risk. For a flat under construction the date and the stage payments follow the contract; the escrow account protects payments but does not remove delays.
- Finishing cost. A flat in developer standard needs additional spending before it can be let.
- Taxes in your home country. Poland taxes the rent, but you may also have to declare it at home; take advice there.
- Interest rates. If you use a mortgage, a higher rate cuts the cash flow; see mortgage interest rates in Poland.
Frequently asked questions
Can a foreigner invest in real estate in Poland?
Yes. A foreigner of any citizenship can buy a self-contained flat without a permit, and EU, EEA and Swiss citizens need no permit for any type of property. A permit is needed mainly for a house with land, a plot or property in the border zone.
What is the rental yield on new flats in Warsaw and Wroclaw?
In our examples based on NBP average rents, gross yield is about 5.2–5.5% and net yield about 3.7–4.5% depending on the city and on whether you count finishing costs. The actual figure depends on the flat, the rent and the vacancy.
What taxes does a non-resident pay on rent in Poland?
A lump-sum tax of 8.5% on revenue up to PLN 100,000 a year and 12.5% above that, paid by the 20th of the following month (or quarter), plus an annual PIT-28 return by 30 April. Property tax is PLN 1.25 per m² a year in Warsaw and Wroclaw.
Can I buy a flat without visiting Poland?
Yes, by an attorney: you give a power of attorney that meets the notary's requirements and the attorney signs the deed. Some banks and notaries have specific requirements, so check them in advance.
Is it better to buy in Warsaw or Wroclaw?
Warsaw is more expensive per m² and has higher average rents; Wroclaw is cheaper per m² and entry prices are lower. The choice depends on budget and strategy.
Summary
For a foreign investor, Poland offers a simple legal route to a flat (no permit), transparent prices published by developers and net yields in the range of roughly 4% before currency effects. Plan for the zloty exchange rate, finishing costs and taxes on rent, and check the developer and the contract before you pay. If you would like us to select flats in Warsaw or Wroclaw to your budget, we can help with buying a flat from a developer: in most cases without a commission for you, because the developer usually pays our fee. The consultation and the selection of offers are free of charge.
Position as of 4 October 2026; exchange rates as of 2 October 2026 (NBP table A). This article is for information only and is not investment, tax or legal advice; tax rules in your country of residence are outside its scope.
Sources
- Act of 24 March 1920 on the acquisition of real estate by foreigners, consolidated text, Dz.U. 2017 item 2278 (art. 1, 8, 8a).
- Act of 17 July 2026 amending the Act on the acquisition of real estate by foreigners and the Notary Law, Dz.U. 2026 item 1099 (in force from 19 November 2026).
- NBP, Information on house prices and the situation in the residential and commercial real estate market in Poland, Q1 2026: rents, capitalisation rate, return on equity.
- Personal Income Tax Act, consolidated text, Dz.U. 2026 item 592 (art. 3).
- Act on lump-sum income tax on certain income of natural persons, consolidated text, Dz.U. 2025 item 843 (art. 12, 21).
- Ministry of Finance, settlement of private rental income.
- biznes.gov.pl, obtaining a NIP number (NIP-7).
- NBP, average exchange rates, table A of 2 October 2026: EUR/PLN 4.3745, USD/PLN 3.8881, GBP/PLN 5.1353.
- Prices and availability: TM Invest investment catalogue, Warsaw and Wroclaw, as of 4 October 2026.
