STR Investment Apartment: ROI Warsaw vs Krakow vs Gdansk 2026

Investment Apartment for STR: ROI Warsaw vs Krakow vs Gdansk 2026

Price per square metre PLN 18,500 in Warsaw, PLN 16,200 in Krakow, PLN 14,800 in Gdansk, average Airbnb rate per night from PLN 380 to 520, seasonal occupancy 55 to 78%. See the full ROI calculation in the three largest STR cities in Poland in 2026.

Investing in an apartment for short-term rental in 2026 requires a far more detailed calculation than two years ago. The upcoming CWTON register (Central Register of Tourist Accommodation Facilities), increases in property tax for commercial purposes, platform reporting under DAC7, and the cost of financing with a mortgage, all of this affects the real rate of return. In this article we compare three cities: Warsaw, Krakow and Gdansk, on concrete 2026 numbers. All figures are shown both before financing costs and after accounting for loan interest.

Analysis Assumptions

For the comparison to be fair, we assume identical investment parameters for each city:

• 50 m2 apartment, 2 rooms, in an average tourist location
• Finishing standard: good, ready for rental (PLN 2,200/m2 finishing)
• Down payment 30%, mortgage 70% over 30 years, interest around 6.5% (after the NBP rate cuts of 2025/26; new loans move to the POLSTR index from 2027)
• Settlement form: ryczalt 8.5%/12.5% on gross income as private rental or JDG
• Airbnb commission 14%, Booking commission 18%
• Sales mix: 60% Airbnb, 30% Booking, 10% direct
• Cleaning: PLN 80/cleaning, average 1 cleaning per 3 nights

Warsaw: Stable Capital with the Highest Prices

Purchase price (50 m2 apartment in average location)

• Price per m2: PLN 18,500 (location: Wola, Praga Polnoc, lower Mokotow)
• Total price: PLN 925,000
• Finishing: PLN 110,000
• Furnishing: PLN 35,000
• Total investment: PLN 1,070,000

Income (annual)

• Rate per night: PLN 480 average (range PLN 320 low season to PLN 720 high)
• Annual occupancy: 65% (Warsaw has stable business demand year-round)
• Number of nights: 365 x 0.65 = 237 nights
• Gross income: 237 x 480 = PLN 113,760
• After platform commission (15% average): PLN 96,696

Operating costs (annual)

• Cleaning: 237/3 x 80 = PLN 6,320
• Common charges, utilities, internet: PLN 14,400
• OC (liability) insurance: PLN 900
• Property tax (commercial purposes): PLN 1,750 (about PLN 35/m2, the maximum 2026 rate)
• CWTON costs, accounting, GDPR: PLN 2,400
• Depreciation of furnishings (furniture, equipment): PLN 5,000
• Total operating costs: PLN 30,770

Tax (ryczalt)

• Income up to PLN 100,000 x 8.5% = PLN 8,500
• Rest (up to base of PLN 113,760): 13,760 x 12.5% = PLN 1,720
• Total ryczalt: PLN 10,220

Financing cost (annual)

• Loan amount (70% of PLN 1,070,000): PLN 749,000
• First-year interest (about 6.5%): ~PLN 48,700

ROI Warsaw

• Net operating profit (before financing costs): 96,696 - 30,770 - 10,220 = PLN 55,706
• ROI on down payment before financing (PLN 321,000): 17.4%
• Net profit after loan interest: 55,706 - 48,700 = PLN 7,006
• ROI on down payment after financing: 2.2%
• Payback period after financing: about 46 years (with a full 70% loan)

Krakow: Highest Rates and Strongest Tourist Demand

Purchase price

• Price per m2: PLN 16,200 (Old Town, Kazimierz, Podgorze)
• Total price: PLN 810,000
• Total investment (with finishing): PLN 955,000

Income

• Rate per night: PLN 520 average (the highest in Poland for STR)
• Annual occupancy: 72% (strong tourist demand)
• Number of nights: 263
• Gross income: 263 x 520 = PLN 136,760
• After commission: PLN 116,246

REGULATORY NOTE: rental ban zones and day limits in Krakow are not in force yet. They appear only in the draft act implementing the EU regulation, which has not been passed, and any zones could take effect at the earliest several years from now. It is worth following the legislative work before a purchase, but today no Krakow address is covered by an STR ban.

Costs

• Cleaning: PLN 7,020
• Common charges, utilities: PLN 12,600
• Insurance: PLN 1,700
• Property tax: PLN 1,750
• Operating costs CWTON, accounting: PLN 2,400
• Total: PLN 25,470

Tax ryczalt

• 100,000 x 8.5% = PLN 8,500
• 16,246 x 12.5% = PLN 2,031
• Total: PLN 10,531

Financing cost (annual)

• Loan amount (70% of PLN 955,000): PLN 668,500
• First-year interest (about 6.5%): ~PLN 43,500

ROI Krakow

• Net operating profit (before financing costs): 116,246 - 25,470 - 10,531 = PLN 80,245
• ROI on down payment before financing (PLN 286,500): 28.0%
• Net profit after loan interest: 80,245 - 43,500 = PLN 36,745
• ROI on down payment after financing: 12.8%
• Payback period after financing: about 7.8 years

Gdansk: Cheaper Entry and Seasonal Boom

Purchase price

• Price per m2: PLN 14,800 (Glowne Miasto, Stare Miasto, Wrzeszcz)
• Total price: PLN 740,000
• Total investment: PLN 880,000

Income

• Rate per night: PLN 450 average (seasonally PLN 750 in July and August)
• Annual occupancy: 55% (strong May-September seasonality)
• Number of nights: 201
• Gross income: 201 x 450 = PLN 90,450
• After commission: PLN 76,883

Costs

• Cleaning: PLN 5,360
• Common charges, utilities: PLN 11,520
• Insurance: PLN 1,600
• Property tax: PLN 1,600
• Operating: PLN 2,400
• Total: PLN 22,480

Tax ryczalt

• 76,883 x 8.5% = PLN 6,535

Financing cost (annual)

• Loan amount (70% of PLN 880,000): PLN 616,000
• First-year interest (about 6.5%): ~PLN 40,000

ROI Gdansk

• Net operating profit (before financing costs): 76,883 - 22,480 - 6,535 = PLN 47,868
• ROI on down payment before financing (PLN 264,000): 18.1%
• Net profit after loan interest: 47,868 - 40,000 = PLN 7,868
• ROI on down payment after financing: 3.0%
• Payback period after financing: about 33 years

Comparison Table ROI 2026

Parameter	Warsaw	Krakow	Gdansk
Total investment	PLN 1,070,000	PLN 955,000	PLN 880,000
Down payment (30%)	PLN 321,000	PLN 286,500	PLN 264,000
Rate per night	PLN 480	PLN 520	PLN 450
Occupancy	65%	72%	55%
Net income	PLN 96,696	PLN 116,246	PLN 76,883
Operating costs	PLN 30,770	PLN 25,470	PLN 22,480
Tax	PLN 10,220	PLN 10,531	PLN 6,535
Profit before financing	PLN 55,706	PLN 80,245	PLN 47,868
Loan interest (year 1)	~PLN 48,700	~PLN 43,500	~PLN 40,000
Net profit after financing	PLN 7,006	PLN 36,745	PLN 7,868
ROI down payment (before financing)	17.4%	28.0%	18.1%
ROI down payment (after financing)	2.2%	12.8%	3.0%
Payback period (after financing)	~46 years	~7.8 years	~33 years

Conclusions and Recommendations

Krakow wins on pure numerical ROI: 28% before financing and about 13% after accounting for loan interest, thanks to the highest rates and high occupancy. With a full 70% loan, Warsaw and Gdansk pay back very slowly after financing (post-interest ROI of about 2% and 3% respectively), because interest absorbs almost all of the operating profit. This shows how much the size of the down payment and the cost of the loan matter, not just the nightly rate.

Key risks on the regulatory side:

• The act implementing the EU regulation (the UC135 project) has not been passed yet; with it may come an obligation to register in CWTON and penalties for failing to do so
• The draft allows municipalities to introduce day limits or zones, but none are in force in any of the cities discussed; any zones could take effect at the earliest several years from now
• From 2027 new mortgages will be based on the POLSTR index replacing WIBOR, which may change the cost of financing

Questions and Answers

Can you buy an apartment only for STR and never live in it?

Yes, this is legal in Poland. An apartment may be bought for investment purposes and rented short-term without the owner needing to live in it. Required is only CWTON registration, declaration of property tax for commercial purposes and the appropriate form of PIT or CIT settlement.

What if the housing community bans short-term rental?

Under settled case law, a housing community cannot completely ban short-term rental in someone else's unit. It may, however, introduce order-related restrictions or raise fees connected with the use of common areas. See: Short-term rental and the housing community.

Is JDG or sp. z o.o. better for 1 apartment?

For 1 apartment, decidedly JDG on ryczalt. Sp. z o.o. starts to pay off from 3 apartments and income above PLN 500,000. See the analysis: JDG vs sp. z o.o. vs estoński CIT 2026.

How to minimise the risk of a KAS audit?

Three rules: report correct income in PIT consistent with DAC7, keep an income ledger with monthly statements from the platforms, have all CWTON and fire-safety documents at hand. More: DAC7 in Poland 2026.

Can I count finishing and furniture as costs?

Yes, but only in PIT on general rules or in company CIT, not in ryczalt. Note: since 2023 there is a ban on depreciating residential units (this also covers the fit-out of the unit), both in PIT and CIT. You can, however, deduct and depreciate furniture and equipment (typically over 5 years, 20% per year). On ryczalt you do not deduct any costs.

What about a loan, which bank will accept STR income?

Some banks (including PKO BP, Pekao, mBank) accept short-term rental income after a dozen or so months of documented platform inflows and tax settlements. The CWTON register is not operating yet, so it is not a condition for a loan. Details: Mortgage for STR investment 2026.

Ready to invest in STR? Check the Standard Package HostReady, where you will receive the complete set of documents needed to launch in any of the three cities: house rules, fire-safety statement, GDPR clauses and CWTON registration instructions, all ready to use.

Don't want to search for templates and regulations on your own? The HostReady Package includes complete documentation, ready-to-use templates, and checklists - everything you need for CWTON registration and legal short-term rental, ready to use right after purchase.