Despite the challenges of 2025 and ongoing market uncertainty, the residential development sector continues to push forward with business transformation. Spectis analysis for the report “Residential property developers in Poland 2026-2031” reveals a clear strategic split - ranging from cautious organic growth to bold acquisitions and international expansion.
The development market in 2025 - rethinking sales strategies
With 2025 shaped by a buyer’s market - characterized by high availability of units - many developers were forced to revisit their pricing policies. Incentives became standard across new residential projects, including:
- turnkey finishing packages at no extra cost,
- reimbursement of notarial fees,
- limited-time discounts and promotional offers.
Some companies chose to limit new housing supply, focusing instead on offloading completed stock, despite demand gradually recovering. Still, among the top 60 players analysed in our report, several took decisive steps - entering new local markets or pursuing major M&A transactions.
Ongoing consolidation: key M&A activity
A shrinking pool of attractive land plots, rising operating costs, market professionalisation, and succession issues are all expected to accelerate market consolidation over the coming years. Below is a summary of key transactions from 2021 to 2025.
Recent M&A deals 2023-2025
Develia has leaned strongly into a growth-through-acquisition strategy:
- Nexity acquisition (2023): In June 2023, Develia signed a preliminary deal to acquire 100% of the Polish subsidiaries of French developer Nexity for €100m (approx. PLN 443m). The deal closed in July 2023. This significantly boosted Develia’s project pipeline in Warsaw and Kraków and marked its entry into the Poznań market.
- Bouygues Immobilier Polska acquisition (2025): In May 2025, Develia signed a preliminary agreement to acquire 100% of the Polish branch of French developer Bouygues Immobilier for approx. PLN 280m, with finalisation in July. The deal strengthened Develia’s position in Warsaw, Poznań and Wrocław. At the end of 2024, the acquired company held approx. 1,300 units under development and in planning, plus land secured for approx. 2,800 units.
In June 2025, Victoria Dom also submitted a merger filing to the antitrust office (UOKiK), signalling intent to acquire assets from Grupa Budner, a developer active in both residential and commercial real estate.
Key transactions from 2021-2022
Earlier years also saw major shake-ups and acquisitions:
- Budimex Nieruchomości (Spravia): In Feb 2021, Budimex signed a conditional agreement to sell all shares in Budimex Nieruchomości to CP Developer, backed by Cornerstone Partners and Crestyl Real Estate. The PLN 1.5bn+ deal closed in May 2021. The company was subsequently rebranded as Spravia.
- Echo Investment & Archicom: In April 2021, Echo Investment acquired a 66% stake in Wrocław-based Archicom for over PLN 425m.
- Dom Development: In July 2021, the company acquired 77% of Kraków-based Sento for PLN 35.4m, and in 2022, it bought 100% of the residential arms of the Buma Group for PLN 209.5m.
- TAG Immobilien (Robyg and Vantage): In Dec 2021, Bricks Acquisitions sold 100% of Robyg to German investor TAG Immobilien for approx. PLN 2.5bn. TAG had earlier acquired 100% of Vantage Development (2020, approx. PLN 560m). Since 2022, Robyg has focused on residential development and general contracting for both entities, while Vantage operates solely in the PRS (private rental sector).
Strategic partnerships: joint ventures and PPPs
Beyond acquisitions, developers often choose partnerships to enter new markets or strengthen their presence (“strength in numbers”).
Joint venture: Grupo Lar and Galio Group
In October 2025, the two firms signed a JV agreement to jointly develop several residential projects in Poland (approx. 1,000 units total).
- Financials: Investment value: PLN 200m; projected revenue: PLN 600m.
- Role division: Grupo Lar (in Poland since 2006) is the managing partner (land acquisition, design, construction, sales). Galio Group (Lithuania-based, active in the Baltics) is the strategic partner.
Public-private partnership: Develia and City of Gdańsk
In October 2025, a consortium of Develia and its subsidiary NP 11 signed a PPP deal for the “Nowy Port 2030+” project.
- Scope: Redevelopment of the Nowy Port district in Gdańsk: over 45 buildings, 1,000+ residential and commercial units, sports, tourism, social facilities and road infrastructure.
- Project value: PLN 1.38bn (gross)
- Financial terms: Develia committed PLN 187.6m to public-use infrastructure (e.g. renovations, nursery, pool, roads) and will purchase land from the city worth PLN 142.7m for commercial development.
Organic growth: the importance of land banks
In 2025, most major developers focused on organic growth, strengthening their land banks and expanding into new markets.
- Murapol: Remains the most geographically diversified developer, active in 21 cities. Currently consolidating its position in existing markets, while planning entry into Kielce and Częstochowa, and exploring sites in Rzeszów, Szczecin and Olsztyn.
- Robyg: Pursuing geographic expansion. After Warsaw, Tri-City, Poznań and Wrocław, Robyg entered the Łódź market in 2025 (Lira House project) and plans to debut in Kraków in 2026.
Going south: international expansion
As legal and planning hurdles make it harder to secure prime land in Poland, some developers are turning abroad to diversify portfolios and reduce risk.
- J.W. Construction: The company’s CEO announced a partial retreat from traditional development in Poland. Plans include a boutique hotel in the Seychelles and potential projects in Dubai.
- Okam Capital: In Dec 2025, the company entered the Italian market via acquisition of Terra. Okam Italia is now active in five locations across Milan and plans to expand further.
- Cordia: Part of Hungary’s Futureal Group, active in Poland since 2015. Continued its expansion in Spain, launching its “360° by Cordia” apartment complex in Mijas (Costa del Sol) in October 2025, aiming to attract Polish buyers.
A detailed comparative analysis of the top 60 developers, investment strategies of the 30 leading groups, and a list of planned projects is available in the full report “Residential property developers in Poland 2026-2031”.
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