You have two offers in Warsaw: a flat that is ready for handover, with keys in about two months, and a cheaper one under construction that you will wait another year and a half for, paying rent the whole time. Financially, the flat under construction pays off only if the price gap is larger than the rent for the extra months of waiting, with a margin for delay. At the average rent for a 2-room flat of 40–59 m² in Warsaw, PLN 3,897 a month (May 2026 data, Bankier.pl report based on Otodom Analytics, 22.06.2026), 16 extra months of rent come to PLN 62,352. For a 50 m² flat, that means the unit under construction must be cheaper by about PLN 1,247 on every square metre to break even (our calculation, as at October 2026).
Below you will find the formula, a table for different waiting times, what shifts the result in either direction, and what changes when you buy as a foreigner. The law is stated as at October 2026. The Developer Act (ustawa deweloperska) is the Act of 20 May 2021 on the protection of the rights of buyers of a flat or a single-family house and on the Developer Guarantee Fund (t.j. Dz.U. 2026 poz. 880).
How do you work out the cost of waiting for a flat under construction?
What counts is not the whole time until you get the keys but the difference between the two offers. You wait for a ready flat too: for the notarial deed, the handover and the bank’s decision. Fitting out a flat sold in shell condition (stan deweloperski) takes about the same time in both cases, so leave it out.
Formula:
cost of waiting = your monthly rent × (months to keys under construction − months to keys for the ready flat)
Compare the result with the price gap between the whole units, including extras such as a parking space or a storage room, not with the gap in price per m². Convert it to a price per m² only at the end, to compare offers more easily.
The table uses the average rent of PLN 3,897 a month for 2 rooms of 40–59 m² in Warsaw (May 2026 data, Bankier.pl report based on Otodom Analytics, 22.06.2026). Put your own rent in its place. All amounts are our calculation, as at October 2026.
Scroll the table sideways to see all columns.
| Extra months of rent | Cost of rent | How much cheaper per m² the flat must be at 50 m² | Share of the example flat’s price* |
|---|---|---|---|
| 12 | PLN 46,764 | approx. PLN 935 | 5.6% |
| 16 (e.g. 18 months under construction vs 2 months for the ready flat) | PLN 62,352 | approx. PLN 1,247 | 7.4% |
| 18 | PLN 70,146 | approx. PLN 1,403 | 8.4% |
| 20 (16 months + a delay of about 4 months) | PLN 77,940 | approx. PLN 1,559 | 9.3% |
| 24 | PLN 93,528 | approx. PLN 1,871 | 11.1% |
* Example flat: 50 m² × PLN 16,783/m² = PLN 839,150. PLN 16,783/m² is the average transaction price on the primary market in Warsaw in Q2 2026 according to the NBP (BaRN database). We use it only as a point of reference; what matters is the price of your two offers.
How to read the table: if the flat under construction is PLN 40,000 cheaper and the difference in waiting is 16 months, you lose about PLN 22,000 on rent alone. The ready flat comes out cheaper, even though its list price is higher.
Is a flat under construction in Warsaw cheaper than a ready one?
On average, no, and that surprises many people. According to BIG DATA RynekPierwotny.pl (August 2026), ready-to-move-in flats in Warsaw cost an average of PLN 19,700 per m², while flats due for handover in 2 years or more cost PLN 26,200 per m². Ready flats were therefore on average 24.8% cheaper than those you have to wait a long time for.
Do not conclude that the same flat under construction costs more. The averages compare different locations, standards and sizes. Projects with a distant handover date may lie in other districts and belong to another segment than the units left for sale in completed buildings. So:
- compare flats in the same area, of a similar size and standard, ideally in the same development if the developer is selling further phases;
- take prices from the developer’s price list. As at October 2026, the developer must publish on its website the price per m² and the price of each unit including VAT, and the history of price changes with dates (art. 19a of the Developer Act);
- look at both options side by side: in the search for new flats in Warsaw you can set ready flats against those with a later handover in the same district.
There is plenty to choose from. According to CBRE and Tabelaofert.pl, at the end of June 2026 Warsaw had 3,344 ready, unsold flats, or 20.5% of the offer. According to BIG DATA RynekPierwotny.pl, in August 2026 ready flats made up about 20% of the Warsaw offer (about 3,600 units). Ready flats do not sit without buyers either: according to the Tabelaofert.pl barometer (April 2026 data), they accounted for almost 32% of sales across the 7 markets it covers.
What else, besides rent, does waiting for a flat under construction cost?
Payments during construction. Under a developer agreement (umowa deweloperska) you pay into an escrow account (mieszkaniowy rachunek powierniczy) as construction stages are completed (art. 8 ust. 1–3). The schedule has at least 4 stages, and each stage is 10–25% of the total cost of the project, not of the price of your flat (art. 24 ust. 2). If you buy with cash, you pay rent and the developer’s instalments at the same time throughout construction. We cover this in the guide on paying in cash: instalments on a schedule or everything at once.
Mortgage. Ask the bank how it will pay out the loan when you buy under construction and when you start paying instalments. That decides whether you pay both an instalment and rent for part of the time. Add those months to the table.
Delay. The date in the agreement is a deadline, not a moving date. If the developer does not transfer ownership to you on time, you set it an additional deadline of 120 days. Only if it misses that too may you withdraw from the agreement, keeping your right to the contractual penalty for the delay (art. 43 ust. 1 pkt 6 and ust. 3, as at October 2026). That is why the table has a row with a margin of about 4 months.
The penalty versus your rent. The developer agreement states the interest and contractual penalties, if the parties provided for them (art. 35 ust. 1 pkt 14). Compare the penalty for a month of delay with your rent. If the penalty is lower, you pay the difference out of your own pocket for each month of delay.
The lease. Check your notice period and whether you can extend the lease by a few months. If the handover date slips, a rigid one-year lease can cost more than the delay itself.
What do you gain by waiting for a flat under construction?
Waiting has advantages, too, and they are worth pricing before you rule out a flat under construction.
Protection of your payments. Under a developer agreement your money goes into an escrow account. From a closed account the bank releases it to the developer only after the deed transferring ownership (art. 15), and from an open account in stages (art. 16). Payments into an open account, in the cases in art. 48 ust. 1, are protected by the Developer Guarantee Fund (Deweloperski Fundusz Gwarancyjny, DFG). The developer pays the DFG contribution: 0.45% for an open account and 0.1% for a closed one (regulation, Dz.U. 2022 poz. 1341, as at October 2026).
Payments spread over time. Under a developer agreement you do not pay the whole price at once, only the successive stages on the schedule. With a ready flat bought straight under a sale agreement there is no such schedule.
A price fixed in the agreement. Check in the prospectus and the draft agreement whether the price may be indexed and on what terms. A government bill amending the Developer Act (UD361, published on the RCL on 11.05.2026) would ban price indexation, but as at 7 October 2026 it had not reached the Sejm. It is a bill, not law in force.
No difference in VAT today. As at 7 October 2026, the sale of a dwelling of up to 150 m² is subject to 8% VAT whether or not the building is finished (art. 41 ust. 2 and 12–12c and art. 146ef of the VAT Act, t.j. Dz.U. 2026 poz. 1263). The Minister of Finance’s notice that would end the period of reduced rates (art. 146ef) had not been published by 5 October 2026. Check the rate again before you sign.
A ready flat in two months: what decides when you get the keys?
With a ready flat, the developer may sell the unit straight under a sale agreement (art. 3 of the Developer Act). Then only part of the Act applies, including the rules on reservation, the reservation fee and handover (art. 29–32, art. 34 ust. 1 pkt 1–2, art. 41 ust. 1–3). The rules on the escrow account and the DFG do not apply. Instead, you view the finished flat and inspect it before the deed. The developer is liable for defects of the property under the warranty (rękojmia) for 5 years, for a ready flat and one under construction alike (art. 568 § 1 of the Civil Code, t.j. Dz.U. 2026 poz. 795).
Three things mainly affect when you get the keys:
- The credit decision. The bank gives its decision on the 21st day after you apply, earlier only with your consent; the decision binds the bank for at least 14 days (art. 14 ust. 2 and 6 of the Mortgage Credit Act, t.j. Dz.U. 2025 poz. 720).
- The reservation period. A reservation agreement is made for a fixed period. If you borrow, that period must allow for the time needed for the credit decision (art. 31). The reservation fee is at most 1% of the unit’s price (art. 32 ust. 2). It is returned to you if the bank refuses credit because of a negative assessment of your creditworthiness (art. 34 ust. 1 pkt 1).
- Handover and the date of the deed. You agree the date with the developer, the notary and the bank.
“Two months” is therefore a plan, not a certainty. Give notice on your lease only once you have the dates of the deed and of the handover in writing. We describe the whole process of buying a ready flat in the guide on how to buy a ready flat from a developer, step by step.
What changes the sums when you buy as a foreigner?
A permit and the timeline. You need no permit for the flat itself, ready or under construction. A self-contained flat (samodzielny lokal mieszkalny) outside the border zone can be bought without a permit from the Ministry of the Interior and Administration (MSWiA), whatever your citizenship (art. 8 ust. 1 pkt 1 and ust. 3 of the Act on the Acquisition of Real Estate by Foreigners, t.j. Dz.U. 2017 poz. 2278). Warsaw is not in the border zone. A permit is needed for a share in a separate property sold with the flat, such as an access road, unless you are exempt. According to MSWiA, in practice that takes 2–4 months or longer. If a “keys in two months” flat comes with such a share, the permit alone can add 2–4 months of rent, PLN 7,794 to PLN 15,588 at the average rent above (our calculation, as at October 2026). Ask about separate shares before you reserve.
Polish paperwork. The Developer Act says nothing about the language of the prospectus or the agreement, so it gives you no right to a translation. The notarial deed is in Polish. If you do not know Polish and no translation is attached, the notary translates it, personally or with a sworn translator (tłumacz przysięgły), and must make sure you understand its content and meaning (art. 2 § 3, 87 § 1 pkt 1 and 94 § 1 of the Law on Notaries, t.j. Dz.U. 2026 poz. 614).
Two deeds when buying under construction. Buying under construction means two notarial deeds, often far apart: the developer agreement now and the transfer of ownership after completion (art. 40 ust. 1 of the Developer Act; art. 158 of the Civil Code). If you may be abroad for the second one, a power of attorney must also be made as a notarial deed (art. 99 § 1 of the Civil Code); agree its form with the Polish notary in advance. A ready flat sold under a sale agreement needs one deed.
Payments from abroad. The notary and the real estate agent must identify you and, where circumstances justify it, check the source of your funds (art. 34 ust. 1 of the AML Act, t.j. Dz.U. 2025 poz. 644). Banks report transfers above €15,000, including those from abroad, to the General Inspector of Financial Information (GIIF; art. 72). Under construction, you pay in several stages over the whole building period, so keep the paper trail for each transfer.
Mortgage as a foreigner. Ask a mortgage adviser (doradca kredytowy) before you reserve.
Questions to ask before you choose
- How much is my rent, and how many more months will I pay it with the flat under construction?
- What is the price gap between the whole units, including a parking space and a storage room?
- What transfer-of-ownership date is in the draft agreement, and what is the contractual penalty for delay?
- Does the agreement allow price indexation?
- Is the escrow account open or closed?
- How will the bank pay out the loan when I buy under construction, and when will I start paying instalments?
- Is the ready flat sold under a developer agreement, or straight under a sale agreement?
- How long will fitting out take, and what will it cost? This applies to both offers if both are in shell condition. See the guide on turnkey finishing from the developer.
- Do I need an MSWiA permit for a share in a separate property, and will I be in Poland for every notarial deed?
If you are still unsure whether to buy new or resale at all, start with comparing the primary and secondary market in Warsaw.
This text is for information only and is not legal advice.
See also: after the key handover: service charges, electricity, meters.
FAQ
Is a flat under construction in Warsaw cheaper than a ready one?
On average, no. According to BIG DATA RynekPierwotny.pl (August 2026), ready flats in Warsaw cost an average of PLN 19,700 per m², while flats due for handover in 2 years or more cost PLN 26,200 per m². These are averages across different locations and standards, so compare specific flats in the same area, not the averages.
How much does waiting cost if I rent?
Your monthly rent multiplied by the number of extra months you wait. At the average rent for a 2-room flat of 40–59 m² in Warsaw, PLN 3,897 a month (May 2026 data, Bankier.pl report based on Otodom Analytics, 22.06.2026), 18 months of rent come to PLN 70,146 and 16 extra months to PLN 62,352 (our calculation, as at October 2026).
What if the developer hands the flat over late?
As at October 2026, you set the developer an additional 120-day deadline to transfer ownership. If it misses that too, you may withdraw from the developer agreement and keep your right to the contractual penalty for the delay (art. 43 ust. 1 pkt 6 and ust. 3 of the Developer Act, t.j. Dz.U. 2026 poz. 880). Every month of delay is another month of rent.
Is my money protected with a ready flat as it is during construction?
Not always. If the developer sells a ready flat straight under a sale agreement (art. 3 of the Developer Act), the rules on the escrow account (mieszkaniowy rachunek powierniczy) and the Developer Guarantee Fund (DFG) do not apply. Instead, you view the finished flat and inspect it before the deed. The 5-year warranty for defects of the property applies in both cases (art. 568 § 1 of the Civil Code, as at October 2026).
How many ready flats are on offer in Warsaw?
According to CBRE and Tabelaofert.pl, at the end of June 2026 Warsaw had 3,344 ready, unsold flats, or 20.5% of the offer. According to BIG DATA RynekPierwotny.pl, in August 2026 ready flats made up about 20% of the offer, or about 3,600 flats.
Comparing a ready flat with one under construction? Write to us before your first visit to the developer’s sales office (biuro sprzedaży), so that we can register you there as our client. We will go through the information prospectus and the draft agreement with you, point out what to ask the developer or a lawyer, and go to the sales office together. We serve clients in 7 languages. As a buyer on the primary market, you pay us no fee.
Jawno · Vladyslav Moroz, real estate agent (pośrednik w obrocie nieruchomościami), sole trader with OC liability insurance · +48 692 649 839 · infojawno@gmail.com