The condo hotel and holiday apartment market in Poland has reached a mature stage. Developers offer rates of return from 5.5% to even 9% per year, but the real result depends on the location, costs and management model. This subpage organizes the most important projects in a clear, investment way.
The summary shows how locations differ in terms of expected return, management model and implementation stage. The values provided are indicative and help in quick comparison of projects.
| Location | Investment / Developer | ROI | Management model | Scale/Price | Status | Investment application |
|---|---|---|---|---|---|---|
|
Kołobrzeg street Zdrojowa, seaside district voivodeship West Pomeranian Voivodeship |
Harmony Resort 5★ Investor: BB Baltic Park General contractor: MIRBUD S.A. Co-financing: Vortune Equity Group Sale: Assethome Operator: VHM Hotel Management |
8% |
Condo 10-year contract, guaranteed return |
282 apartments and rooms (12,000 m²) Investment value: ~ PLN 250 million |
Shell closed (Jan 2026) | Outdoor + indoor swimming pool, aqua park, SPA, sauna, restaurants, conference rooms. One of the largest seaside projects of 2026. |
|
Kołobrzeg–Grzybowo a few hundred meters from the beach voivodeship West Pomeranian Voivodeship |
NICKEL Resort & Wellnest Developer: Nickel Development (Poznań) Operator: VHM Hotel Management |
n/a |
Split model 15-year contract; 15 days stay in the season + unlimited. off season |
310 apartments (18–56 m²) From PLN 522,000 net (turnkey) |
Stage I opened October 2025 (146 apartments) | SPA, gym, swimming pools, restaurant, conference rooms. Biophilic design inspired by local nature. Property with land and mortgage register. |
|
Świnoujście street Uzdrowiskowa 70 – 1st coastline voivodeship West Pomeranian Voivodeship |
Baltic Park Grand Residences Developer: Zdrojowa Invest |
7,0–8,0% |
Condo + hotel (stage 2) Access to the full hotel infrastructure |
26–110 m², mezzanines on the upper floors From PLN 387,000; +VAT 23% |
Pre-sale from March 2026 | Exclusive location, modern architecture, highest quality materials. In stage 2, a hotel will be built. |
|
Szklarska Poręba 5.6 km from the center, at the Ski Arena Szrenica slope voivodeship Lower Silesia |
Tremonti Hotel & Spa 5★ Developer/investor: Realvest Equity Fund Sale: Condo.pl |
8–9% |
Condo 9% guarantee for 10 years; 30 stay days/year |
268 apartments, turnkey 5★ From ~ PLN 500,000 (selected ready-made premises) |
Construction finalization – opening 2026 | SPA & wellness, conference center for 500 people, restaurant, bar, view of Śnieżka. Last available apartments. |
|
Szklarska Poręba next to the Tremonti complex voivodeship Lower Silesia |
Hôtels & Préférence Résidence III Developer: Realvest Equity Fund |
6,0–7,0% |
Model 70/30 (split) Access to Tremonti's hotel infrastructure |
42 2-room apartments in 4 buildings From PLN 500,000 net |
Pre-sale 2026 | Boutique design, year-round access to the SPA, swimming pools and Tremonti conference center. |
|
Krynica-Zdrój site of the Gromada resort, plot 8 ha voivodeship Lesser Poland Voivodeship |
Aqua Krynica Resort Investor: Aqua Krynica (Greek: Semaco) Semaco Invest Group – several investments in Krakow |
6,0–7,0% |
Apartments + hotel Management model under development |
400 rooms, a water park for 1,500 people, a year-round ski slope Investment value: ~ PLN 200 million |
In preparation / design | The largest investment in Krynica-Zdrój for decades. Full support of the commune. |
|
Świeradów-Zdrój Izera Boulevard voivodeship Lower Silesia |
Izerski Boulevard – Spa Apartments 4 buildings, 60 apartments |
6,0–6,8% |
Own/Operator Flexible rental model |
22.5–44.5 m², from PLN 13,000/m² Gardens, courtyard with sauna and banja, parking lot |
Construction start 2026 - acceptance July 2027 | Growing spa market, good price-demand ratio, proximity to spa infrastructure. |
|
Ustroń voivodeship Silesia / Beskid Śląski |
Investment apartments Ustroń Various regional developers |
6,0–7,0% |
External operator Contracts 5–10 years |
300-470 thousand zloty | On sale / ready | Stable demand from the Silesian agglomeration, sanatorium character, two tourist seasons. |
Values are indicative. Before purchasing, check the management costs, contract terms and full specifications of the finishing standard.
Each location works differently. At the seaside, what counts is the season and recognition. There are two important seasons in the mountains. In health resorts, the advantage is a stable, year-round guest profile.
Spas are the least seasonal. Spa guests, people looking for a quiet holiday and wellness guests ensure demand throughout most of the year. For an investor, this is often the best compromise between income, stability and low occupancy variability.
The purchase of an investment apartment on the primary market may give the right to deduct VAT if the premises are used for taxable activities. This is an important element that improves the economics of the entire purchase.
| Position | Value | Comments |
|---|---|---|
| VAT | 23% | Possible to deduct if the business model is appropriate. |
| Property tax | depending on the class of the premises | Higher for commercial premises than for apartments. |
| Management | 20-40% of revenues | The most common cost in the condo hotel model. |
| Finish | 30-60 thousand zloty | If the premises are delivered in a developer's condition. |
First compare the location, then the management model and only finally the rate of return. A project with a lower ROI, but a better brand and more stable occupancy, can be safer than an investment with an aggressive promise of profit.
Answers to the most common questions from investors considering purchasing a holiday or spa apartment in Poland.
Developers declare ROI at a level5.5–9% per yearfrom the net price. The realistic net rate after deducting management costs (20-40% of revenues), real estate tax, insurance and renovation fund is4–7%. The highest returns are achieved by condo hotels in Kołobrzeg and Świnoujście, the lowest - by projects in niche locations without a proven operator.
Yes - when purchasing an investment apartment on the primary market from a developer, intended for short-term rental as part of a registered business (active VAT), you can deduct the full 23% VAT. For an apartment worth PLN 400,000. PLN net means thisrefund of PLN 92,000 zloty. The condition is the appropriate PKD code (55.20 or 68.20) and a VAT invoice from the developer.
A condohotel is a contract with an external operator (usually 10 years) with a guaranteed, constant profit - the investor does not deal with management, but has a limited right to use the premises (7-28 days/year). Own lease provides full flexibility and the possibility of higher profit with good occupancy, but requires the involvement or costs of the manager and carries the risk of seasonal vacancies.
In addition to the operator's fee (20-40% of revenues), you should take into account: costs of maintaining common areas (PLN 150-350/m²/year), a higher real estate tax rate for commercial premises, third-party liability insurance, costs of finishing the premises (PLN 30-60,000 in developer condition) and potentially high penalties for early termination of the contract (5-15% of the value of the premises).
Seaside apartments (Kołobrzeg, Świnoujście) achieve higher occupancy rates in summer and higher daily rates, but they have a clear seasonality. Spa apartments (Krynica, Busko, Świeradów) generate a more even, year-round income with lower seasonal amplitude and a growing wellness trend. The choice depends on the investor's profile: higher peak vs. stability.
The market standard in Poland is the contract for10 years, often with the option of extension for another 10 years. Before signing, it is important to check: the conditions of rent indexation (whether the ROI does not decrease after 3-5 years), the calculation rules for the split model (division of revenues), the amount of the penalty for early termination of the contract and the financial situation of the operator.
Domainapartamentyzdrojowe.plis available for purchase. Perfect for a development project, investment portal or holiday apartment service.
📧 niedzwiedziu85@gmail.comContact us if you want to compare projects, analyze the contract or choose a location for rent and investment.