For years, Warsaw was perceived by global capital as a safe haven, but confined to the context of Central and Eastern Europe. However, the latest data from CBRE’s European Investor Intentions Survey 2026 report suggests a deeper structural change. The Polish capital ranked third in the ranking of the most attractive cities for real estate investment, behind only London and Madrid.
The displacement of Warsaw ahead of such metropolises as Paris, Milan and Berlin is not a coincidence, but the result of a confluence of three factors that become crucial for fund managers in 2026.
Firstly, Poland’s macroeconomic stability has become a hard currency in times of market turbulence. When asked about the markets with the highest projected return, investors point to Poland as the leader in GDP growth, ahead of its western neighbours in real terms. This has meant that Warsaw has ceased to be regarded as an ’emerging’ market and has begun to be seen as a mature alternative to the saturated and low-supply markets of Western Europe.
Secondly, the rental fundamentals in the capital remain exceptionally strong. Przemysław Felicki of CBRE notes that the city is now operating at one with well-established locations, which attracts capital looking not only for security, but also for a measurable increase in asset value. While Spain (the leader of the country ranking) is tempting investors with its tourism and residential sectors, Poland is winning out with its role as the region’s largest economy and operational base for international business.
Finally, psychological change is important. Poland’s third place in the country ranking maintained consistently for three years in a row builds confidence that was often lacking in previous decades. For CFOs and real estate portfolio managers, Warsaw is becoming an obvious point in their capital allocation strategy for 2026.
Although London remains the undisputed leader thanks to its liquidity and scale, it is Warsaw’s dynamism – combined with its modernising infrastructure and predictable rates of return – that is defining a new balance of power on the European business map. The Polish capital is not only chasing the West; in the eyes of investors, it has just started to overtake it.
