The glow of the Burj Khalifa at sunset versus a spruce forest and the smell of resin after rain. Both images sound like a good investment. But the numbers say more than emotions – and the geopolitical context says even more than the numbers.
Part I: Market analysis – the hard data
Dubai: spectacular numbers, rising risk
Over the last three years, Dubai has been the undisputed favourite among property investors worldwide. The data confirms it: the value of transactions on that market reached AED 761 billion (about USD 207 billion) in 2024, and 2025 brought further growth – over 205,000 residential transactions with a combined value exceeding USD 147 billion, an increase of nearly 25% year on year.
Gross rental yield averages 6–7% per year, and in the small-apartment and studio segment as much as 9%. Add to that no capital gains tax and no tax on rental income. On paper: ideal.
But in real estate, as in life, what counts is what you can't see on paper.
Prices have reached historic highs. Between 2022 and the start of 2025, property prices in Dubai rose by about 60%. The Fitch agency forecasts a possible correction of 10–15% in 2025–2026. The reason? Unprecedented supply is entering the market – in 2025–2026 alone, around 210,000 new units are scheduled for completion, twice as many as in the previous three years. When supply outstrips demand, prices and rents come under pressure.
Geopolitics: a risk that isn't in the developer's brochure. The escalation of the Israeli-Iranian conflict in 2025 shook the perception of security across the entire Gulf region. Iranian missile strikes on bases in the Persian Gulf, reports of explosions near Dubai and Doha, aviation warnings – this is not a distant theatre of war. It is a geographic neighbourhood that property investors have to take into account.
Property brokers in Dubai openly admit it: potential buyers have adopted a wait-and-see stance. Investors from Russia, Ukraine and Western Europe, who fuelled the Dubai boom in recent years, are now hesitating. What's more, explosions in the region are not only a matter of the sense of security but also a real threat of disruption to air traffic – and therefore to tourism and demand for short-term rentals.
| Parametr | Polish mountains – Świeradów-Zdrój (2025/2026) |
|---|---|
|
Average net yield
|
6–9% (best locations); higher ROI from premium apartments |
|
Rental tax |
8.5% flat rate; option to deduct VAT on the purchase |
| Geopolitical risk | ✅ Minimal |
| Price-correction risk | ✅ Low (no market overheating) |
| Oversupply risk | Moderate (verifiable locally) |
| Entry barrier | From about PLN 500,000–900,000 gross (new developments, Świeradów-Zdrój) |
| Property management | Possible locally or through a Polish operator |
| Accessibility for the owner | 1.5–3 h by car from most cities in Poland |
The Polish mountains: stability that is hard to price
The Polish holiday-property market in mountain resorts is at a completely different point in the cycle. There is none of Dubai's overheating here, which means: lower correction risk, more predictable price behaviour and a real hedge against inflation.
According to data from Expander/Rentier.io (2024), the average net yield on long-term rental in Poland is about 4.66% per year. However, a well-managed apartment in a mountain resort with year-round tourism can generate 6–9% net – and that's without taking into account the appreciation of the property itself. Historically, property values in Polish mountain resorts have risen by 7–10% per year, making them one of the better-protected forms of capital against inflation.
In peak seasons – winter and summer – a well-managed mountain apartment achieves occupancy of 70–85%, and over the year it holds steadily at around 55–70%. Importantly, the mountain season long ago ceased to be seasonal. Skiing, wellness, health and festival tourism, trekking, MTB – demand is spread evenly across 12 months.
A concrete market example: a 4-person apartment at Izera Park in Świeradów-Zdrój (gross price about PLN 894,400) generates, according to forecasts by the operator Royal Aparts, annual revenue of about PLN 92,358. With a 75/25 split in the owner's favour and a model with no fixed shared-area fees, the estimated net ROI after deducting VAT is about 8.7% per year – without taking into account the appreciation of the property itself.
Comparison: where is the higher return?
On paper Dubai looks more attractive – higher nominal returns, zero withholding tax, the prestige of a global market. But once we add up the real costs, the picture becomes more balanced.
In Dubai: to the purchase price you must add a 4% registration fee, management costs (about 10–20% of revenue), service charges (about AED 12,000–20,000 per year), and – if you are Polish – the obligation to declare rental income to the Polish tax authorities (Poland does not have a full double-taxation treaty with the UAE, which complicates the tax situation). On top of that, the AED/PLN rate and exposure to USD fluctuations.
In Poland: 23% VAT on the purchase of an investment apartment (deductible by a business owner), an 8.5% flat-rate tax on revenue, no currency costs, no 5–6 hours on a plane.
Net to net, taking all costs into account, the difference in yield between Dubai and a good Polish mountain location is small – and the risk is decidedly on Dubai's side.
Part II: Security – and what isn't in the spreadsheet
Money likes peace and quiet
There is one thing rarely said out loud in the context of foreign investments: the sense of control. A foreign investment – especially in a zone of active armed conflict – is an investment you simply can't see. You can't drive over, check it, feel it. You manage it by email, an app and hope.
This is not an abstraction or a future scenario. It is, quite literally, the last few days.
On 28 February 2026, Iran responded to Israeli-American strikes on its territory with a wave of missile and drone attacks aimed at the Persian Gulf. For several days, explosions shook Dubai, Abu Dhabi, Doha and Manama. Iranian drones and missiles hit Palm Jumeirah, causing a fire near the Fairmont The Palm hotel. The fire engulfed the façade of the Burj Al Arab – one of the most recognisable buildings in the world. Dubai International Airport – the world's busiest airport for international traffic – was hit and evacuated. In Abu Dhabi one person died and seven were injured. In total, three people died in the attacks on the UAE and 68 were injured.
A Gulf expert at the European Council on Foreign Relations commented briefly: this is the worst-case scenario for Dubai, because its very essence rested on being a safe oasis in a turbulent region.
The UAE closed its airspace, recalled its embassy from Tehran, and dozens of airlines suspended flights. At this moment, as you read this text, the conflict is still ongoing.
For an investor who owns an apartment on Palm Jumeirah or in Dubai Marina, the questions are very concrete indeed: what about my property? What about the guests who were due to arrive in March? What about the spring bookings?
Investing is about managing risk. The Polish mountains and Dubai are, right now, two completely different planets of risk – and no table of returns changes that.
Poland as a choice, not a compromise
There is one more dimension to this decision, often forgotten in conversations about "exotic" investments.
When you invest in the Polish mountains, your money stays in Poland. It works for the local economy, jobs in tourism, the region's infrastructure. You buy a piece of the country that is yours – legally, emotionally, logistically.
At a time when Europe is engaged in an intense debate about economic sovereignty, reindustrialisation and the repatriation of capital, investing in Polish property is not only a financial decision. It is a form of engagement with something closer and more real.
An apartment you can actually use
And here we come to an argument that will never appear as a line item in any ROI analysis, but which for many investors is quietly the most important.
A mountain apartment is not just an investment. It is a place.
Your place. A place you can drive to on Friday afternoon and return from on Sunday evening. Where the children learned to ski. Where there is a favourite table at the restaurant and your piece of the view.
Where no one tells you the dates are taken.
A Dubai apartment? You visit it once a year, if at all. Most often it is an "investment the investor never sets eyes on" – an asset managed by someone else, in a place that is not part of your life.
A second home in the mountains is something completely different. It is not a cost – it is a value that won't fit into any spreadsheet.
Part III: Izera Park – an investment worth seeing
If you are looking for a place that combines investment discipline with the emotion of owning your own piece of the mountains, Izera Park in Świeradów-Zdrój deserves attention.
A location no other Polish spa town can replicate
Świeradów-Zdrój is a certified radon spa in the heart of the Izera Mountains – but what sets it apart from Zakopane, Karpacz or Szczyrk is its geographic reach: Wrocław in 1.5 hours, Prague in 2 hours, Berlin in 3.5 hours.
No other Polish mountain resort lies within such close reach of foreign tourism markets.
The effect? Real demand from the Czech Republic, Germany and western Poland for twelve months of the year. Not a seasonal peak, but stable occupancy driven by health, sports and weekend tourism.
A project created with the investor in mind, not the brochure
Izera Park is two intimate buildings at ul. Zakopiańska 23A – just 70 apartments of 26 to 73 m², surrounded by spruce forest with a natural stream, 400 metres from the gondola lift.
What sets Izera Park apart from a typical condo hotel? The answer is simple: the architecture of costs.
In most Polish condohotel developments, a pool, jacuzzi or spa zone is presented as an asset – but maintaining them burdens every owner through shared-area fees. That is, in real terms, PLN 800–2,500 per month per unit, regardless of occupancy. In other words, as much as PLN 30,000 a year "in the red" before the investor sees a first profit.
At Izera Park, the IzeraZEN zone with Japanese Ganbanyoku saunas, a yoga room and the Longevity Studio is run commercially as a separate entity. The owner benefits from the amenity in the rental offering but does not finance its upkeep. This is a structural advantage that, year after year, translates into higher net profit.
Numbers backed by reality
The primary market in Świeradów-Zdrój prices new investment apartments in the range of about PLN 13,500–27,000/m² depending on standard, location and construction stage. In practice this means that for a compact 2-person apartment (26–35 m²) you will pay about PLN 500,000–700,000 gross, and for a larger 4–6-person unit (50–73 m²) – from about PLN 850,000 to over PLN 1.2 million gross.
The recommended Izera Park operator – Royal Aparts – forecasts, on the basis of historical data from similar properties in the region:
| Apartment type | Forecast annual revenue |
|---|---|
| 4-person apartment | **PLN 92,358** |
| 6-person apartment | **PLN 113,589** |
The owner receives 75% of net rental revenue. The operator takes a 25% commission – and that is the only fee. Zero fixed monthly costs, zero hidden charges.
For an apartment priced at about PLN 894,400 gross, after deducting VAT, the estimated net ROI is about 8.7% per year. Importantly: premium apartments achieve a higher ROI – larger, better equipped, with a balcony with a view or proximity to the gondola lift. For these, nightly rates and occupancy are clearly higher, which, with a similar cost model, translates directly into a better return on capital. This is a result comparable to the best Dubai locations – but without the geopolitical risk, without currency costs and without 5 hours on a plane.
A developer with a track record
Behind Izera Park stands Proxin Development – a company operating on the property market since 2007, with a portfolio of residential, commercial and holiday developments across Poland. A key point of reference is Nautic Park in Darłówek – 68 intimate apartments on the seafront, delivered on time and sold out in full. Today it is an operating investment property with confirmed results.
In 2024, Proxin Development received the award of the Mayor of the City of Poznań in the Architectus Civitatis Nostrae competition for an outstanding contribution to shaping urban space – confirmation that the quality of architecture is taken seriously here.
Summary: two philosophies of investing
Dubai is an investment for those seeking exposure to a dynamic global market and willing to accept higher risk – currency, geopolitical, cyclical. It is a market that has delivered excellent returns in recent years, but is today in a phase where every rational analyst says: be careful.
The Polish mountains – and Izera Park as their concrete, thoughtful representation – are a philosophy of investing in something lasting, close and multidimensional. The returns are comparable. The risk – decidedly lower. And on top of that you get something no Dubai apartment can give: your own place in Poland that you can genuinely use.
A comparative analysis of markets with such extreme dynamics shows one thing: in 2026, luxury is no longer just a high standard, but above all calm and predictability. Investing in apartments in Polish resorts such as Świeradów-Zdrój is a choice of security without having to give up high rates of return. An investment in Izera Park apartments proves that a business model based on local demand and a unique architecture of costs can compete with global metropolises. If you are looking for investment apartments in the mountains that form a stable base for your portfolio and offer an ROI of 8.7% net, take a look at the detailed prospectus of our development. Bet on capital you keep close to you.
Not every good investment has to be distant, exotic and complicated. Sometimes the best investment is the one you can drive to on a Friday afternoon and feel that you are home.
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*Market data: Dubai Land Department (DLD) 2025, Knight Frank, ValuStrat, Expander/Rentier.io 2024, Royal Aparts. This material is informational in nature and does not constitute investment advice. Actual investment results may differ from those forecast.*
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Get in touch with the Proxin team: sprzedaz@proxin.pl / +48 603 711 805 / izerapark.pl
