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 introduction of CWTON (Central Register of Tourist Accommodation Facilities), STR ban zones in Krakow and Sopot, increases in property tax for commercial purposes, the obligation to report under DAC7, all of this affects the real rate of return. In this article we compare three cities: Warsaw, Krakow and Gdansk, on concrete 2026 numbers.

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, WIBOR 5.75% + margin 2.2%
• Settlement form: ryczalt 8.5%/12.5% 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
• City tax: PLN 4/person/day (Warsaw, Krakow, Gdansk all in force since 2025)

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 + AC insurance: PLN 1,800
• Property tax (commercial purposes): PLN 1,950 (PLN 39/m2 in 2026)
• CWTON costs, accounting, GDPR: PLN 2,400
• Depreciation of small equipment: PLN 5,000
• Total costs: PLN 31,870

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

ROI Warsaw

• Net operating profit: 96,696 - 31,870 - 10,220 = PLN 54,606
• ROI on down payment (PLN 321,000): 17.0%
• ROI on total investment (PLN 1,070,000): 5.1%
• Payback period: 5.9 years (from down payment)

Krakow: Highest Rates, but Ban Zones

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

BAN ZONE WARNING: from 1 January 2026 Krakow has introduced short-term rental ban zones in the Old Town (zone ABC). Check before purchase whether the address is in a zone. If so, ROI drops by ~40%. Details: Short-term rental ban zones 2026.

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

ROI Krakow

• Net profit: 116,246 - 25,470 - 10,531 = PLN 80,245
• ROI on down payment (PLN 286,500): 28.0%
• ROI on total investment: 8.4%
• Payback period: 3.6 years (if address OUTSIDE ban zone)

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

ROI Gdansk

• Net profit: 76,883 - 22,480 - 6,535 = PLN 47,868
• ROI on down payment (PLN 264,000): 18.1%
• ROI on investment: 5.4%
• Payback period: 5.5 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 31,870	PLN 25,470	PLN 22,480
Tax	PLN 10,220	PLN 10,531	PLN 6,535
Net profit	PLN 54,606	PLN 80,245	PLN 47,868
ROI down payment	17.0%	28.0%	18.1%
Payback period	5.9 years	3.6 years	5.5 years

Conclusions and Recommendations

Krakow wins on pure numerical ROI (28%), but the rental ban zones in the Old Town mean that realistically available addresses with good ROI are increasingly rare and expensive. Warsaw offers stability and lower regulatory risk (no ban zones for 2026), with moderate ROI of 17%. Gdansk is the cheapest entry and strong seasonality, ROI 18.1% with the lowest down payment.

Key risks on the regulatory side:

• Krakow may extend ban zones in 2027 (a resolution is being prepared for Kazimierz)
• Sopot and Zakopane have already introduced an annual rental day limit (90 days)
• Warsaw is considering mandatory tourist fees higher than PLN 4/day

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?

The Polish Supreme Court in its judgment of 13 January 2023 (V CSKP 1116/22) confirmed that the housing community cannot ban short-term rental absolutely. It may, however, restrict it (e.g. only with registered persons) or raise commercial fees. 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. Finishing is depreciated over 10 years (10% per year) as modernisation, furniture over 5 years (20% per year). On ryczalt you do not deduct any costs.

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

PKO BP, Pekao and mBank accept short-term rental income after 12 months of history and with CWTON registration in place. 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.