REITs in Poland and the SINN act — is 2026 a breakthrough for institutional rental
For over a decade, the Polish real estate market has been waiting for its own REIT-style investment vehicle. After another round of work — this time under the name SINN — there is conceptual movement at the Ministry of Finance in 2026, but still no act of law. More importantly, the direction the project is taking may disappoint precisely those who counted on it most: the residential market.
What SINN is and where it came from
SINN — a company investing in rental property — is the Polish working name for the structure known worldwide as a REIT. A listed company raises capital from investors, buys property to rent out and pays the profit from rents as a dividend, benefiting from preferential taxation. In April 2024, the Ministry of Development and Technology presented preliminary assumptions covering both commercial and residential property.
Where the legislative work actually stands
The factual position calls for caution: the analytical work was completed in March 2025, but the draft act has still not reached the Sejm. In 2026, the Ministry of Finance declares the conceptual stage complete, and the introduction of REITs was listed as a priority in the “Directions of activity and development of the MF for 2025–2028”. In other words: the topic is alive and high on the list, but as at the time of publication there is neither an enacted law nor a formal bill in parliament.
The turn that changes everything: no housing
The most important change of recent months concerns the scope. Finance Minister Andrzej Domański announced that the ministry will not propose REITs for the residential market — the Polish vehicle is meant to serve mainly commercial property investment. This is a reversal of the original 2024 assumptions, which also covered flats, student housing and care homes. Behind the exclusion of residential lies a political concern about housing availability for individual buyers.
How the tax mechanism is meant to work
The proposed structure rests on two elements: deferral of CIT payment by the SINN until profit is distributed to shareholders, and a reduced CIT rate of 10% (instead of 19%) on rental income. This is a model closer to commercial solutions than to a universal residential REIT.
How this compares with the West
Poland is clearly behind here. In the USA, REITs have operated since 1960; in Europe, dedicated structures exist in France (SIIC), the UK and Germany (G-REIT since 2007), among others. The effect of the absence of such a vehicle in Poland is tangible: the institutional rental market is financed almost exclusively by foreign funds, because Polish capital has no statutory, tax-efficient route to enter.
What this means for the market
2026 is more a “breakthrough in announcements” than a “breakthrough in law”. If the SINN does indeed bypass residential, flat rental will remain the domain of foreign capital. Even a commercial SINN would, however, be a qualitative change: it would activate domestic capital and add liquidity to the office, warehouse and retail markets. Until then, the principle of caution applies: what counts is the date the bill reaches the Sejm, not the next conference.
Editorial content by Method Press based on public industry sources, market data and legal acts. Current as at the time of publication — data, regulations and deadlines may change.