Primary or secondary market apartment? What makes more sense for an investor in 2026?

In 2024, apartment prices in Poland were rising faster than rents. According to the Polish Economic Institute, average rental yields in the six largest cities were around 5.2%, while prices per square meter grew at double-digit rates on both the primary and secondary markets.

This leads to one clear conclusion: investors can no longer buy “just anything.”
With expensive financing and falling yields, the key factor is no longer “new vs used,” but the exact apartment, price, and strategy.

In this guide, we answer the question:
Primary or secondary market apartment – which is more profitable for an investor in 2026?
We approach it from the perspective of:

• hard data,
• different investor strategies,
• practical, non-obvious insights.

1. Current prices: what’s happening on the primary and secondary markets?

Prices rose fast — now growth is slowing

Data from the National Bank of Poland and PIE shows that in 2023–2024:

• primary market prices in major cities grew by ~16% year-on-year,
• secondary market prices grew even faster, ~20–21%,
• rents increased more slowly, pushing yields down to ~5–5.5%.

Data from 2025 already shows price stabilization or slight declines, with only modest rent growth.

Is the primary market always more expensive? Not necessarily

The common belief that “new apartments are always more expensive” is no longer fully true:

• In many cities, secondary-market apartments are still 5–10% cheaper, mainly due to stronger negotiation potential.
• However, late-2025 data shows that in cities like Warsaw and Kraków, prices per m² on the secondary market are often similar to or even higher than new developments, especially in central locations.

For investors, the key is not whether a property is new or used, but:

• the real price per m²,
• finishing or renovation costs,
• rental or resale potential.

2. Market sentiment: investors are leaning toward the secondary market

According to Otodom’s Market Sentiment Monitor:

• about 50% of buyers prefer the secondary market,
• primary market appeals more to younger buyers focused on modern standards,
• overall confidence is lower — buyers analyze decisions more carefully.

For investors, this matters: demand for secondary-market apartments remains strong, both among buyers and tenants, often outperforming new developments in comparable locations.

3. Primary market from an investor’s perspective — when does it make sense?

Key advantages

Modern standards and energy efficiency
New buildings usually offer:

• better insulation,
• elevators, garages, storage rooms,
• on-site infrastructure.

This attracts premium tenants and supports long-term stability.

Lower legal and technical risk
Primary-market properties usually have fewer legal complications and meet current building standards.

Appeal to corporate and long-term tenants
New developments are preferred by expats, professionals, and families seeking “move-in ready” apartments.

Lower capital expenditure in early years
Major structural repairs are unlikely for many years.

Downsides

High entry cost
Purchase price plus finishing often exceeds secondary-market alternatives. Finishing costs rarely fall below PLN 2,000–2,500 per m².

Capital lock-in
Buying off-plan means waiting 1.5–3 years before rental income or resale.

Limited negotiation power
Discounts depend on the developer and project stage. On the secondary market, price differences of 10%+ are common.

When does the primary market work best?

• Strategy: long-term, low-maintenance rental
• Cities: large, stable markets (Warsaw, Kraków, Tricity, Wrocław)
• Horizon: 7–10 years
• Goal: stability over maximum yield

4. Secondary market from an investor’s perspective — where’s the edge?

Key advantages

Established locations
Secondary-market apartments are often in well-developed areas with full infrastructure.

Lower prices and stronger negotiation
Price gaps between asking and transaction prices can reach double digits.

Value-add potential
Renovation, layout changes, or better functionality can significantly increase value — ideal for flips or yield optimization.

Faster rental start
Often possible to rent within weeks, not years.

Risks

Technical issues
Old installations, higher heating costs, no elevators, poorer acoustics.

Higher running costs
Older buildings may have higher administrative fees and renovation funds.

Legal complexity
Mortgages, easements, inheritance issues — thorough legal checks are essential.

When does the secondary market make sense?

• Strategy: flip, value-add, room rental
• Willingness to manage renovation
• Ability to analyze legal status and renovation costs
• Focus on negotiation and below-market entry prices

5. What do the numbers say about returns?

PIE estimates average gross rental yields at 5–5.5% in major cities.

In practice:

• new apartments often deliver 3–4% net, due to high entry costs,
• well-bought secondary apartments can still reach 6–7%, but with more work and risk.

There’s no magic — profitability depends on:
purchase price + renovation + financing + real rent or resale price.

6. How to decide: primary or secondary? (step by step)

Step 1: Define your strategy

• Flip → usually secondary
• Long-term rental → often primary
• Student / room rental → layout and location matter most
• Buy & hold 10+ years → building quality and future costs matter

Step 2: Calculate total cost (TCO)

Include:

• negotiated purchase price,
• taxes, notary fees, commissions,
• renovation or finishing (with buffer),
• financing costs,
• time to income.

Step 3: Compare with real market data

This is where tools like Estify matter:

• real transaction prices,
• realistic rents,
• achievable post-renovation values.

7. How does Estify help investors?

Estify acts as a control tool, not a gimmick.

For primary-market apartments:

• verify if the developer’s price makes sense,
• compare with similar projects,
• calculate realistic rental yield.

For secondary-market apartments:

• detect overpricing,
• estimate post-renovation value,
• assess flip or value-add viability.

Before signing the notary deed, Estify helps you check whether a “great deal” is truly a deal — or just good marketing.

Conclusion: primary or secondary — what’s better for an investor?

There’s no single answer:

• Primary market offers stability, lower operational risk, and higher standards — at the cost of lower returns.
• Secondary market offers negotiation power and higher potential returns — at the cost of more work and risk.

In 2026, what matters most is not new vs used, but:

• real purchase price,
• total investment cost,
• rental or resale potential,
• net return after all costs.

That’s exactly where Estify fits in — helping investors base decisions on data, not slogans.