Warsaw has the highest estimated gross yield in the PFC Property Investor Index, yet it ranks only eighth in the separate five-year view. Strong income today does not automatically mean the strongest medium-term upside.
That is the decision behind the data. An income-led investor may value Warsaw’s 5.59% gross starting point, while a buyer focused on relative appreciation potential must examine a different set of signals.
We built the Index over several weeks to compare both questions under one method. Warsaw is one of the clearest examples of why price, income and five-year potential should not be collapsed into one score.
Some buyers first ask how much space a budget can buy. Others start with income.
Warsaw's strongest Index result speaks to the second group. Its estimated gross yield is 5.59%, the highest in the 11-city comparison.
That income advantage helps Warsaw reach 2nd place in the Current Investment Case table, with a score of 81.04 out of 100.
The strongest gross income starting point
Gross yield compares estimated annual rent with the property value before costs and tax. It offers a common first look at income carry.
Warsaw's 5.59% estimate is the highest result in the group. That matters because Gross Income Carry has a 35% weight in the Current model, the largest of its four weights.
But gross yield is not the amount an owner keeps. Tax, repairs, service charges, vacancy, management and financing can reduce the final result.
For that reason, the number should begin a calculation, not end it.
What €250,000 reaches
Under the standard PFC method, €250,000 buys about 64.0 square metres in Warsaw.
The estimate for mandatory entry costs is 2.59%. This measure covers required entry costs in the standard resale case. It excludes financing, ongoing ownership costs and optional services.
Together, these figures show the wider starting position. Warsaw does not rank second on yield alone. The model also tests buying power, entry costs and foreign investor access.
As with every city benchmark, a real listing may differ. District, building type, condition and exact timing can change the space a buyer finds.
Second today, eighth over five years
Warsaw ranks 8th in the separate 5-Year Investment Potential table.
This gap can look surprising, but it is not a conflict. The Current ranking asks about investable starting conditions today. The Five-Year ranking gives much more weight to Relative Value & Convergence and Repricing Stage.
An investor who values income now may find Warsaw's Current result useful. Someone focused on relative medium-term capital appreciation potential should also study the Five-Year components.
Neither table gives a personal investment answer. They are common comparison tools.
Who should use this finding?
Warsaw’s result is most useful for an income-led investor who wants a stronger gross starting yield and can test the full net cash flow. It is less persuasive on its own for someone whose main goal is relative medium-term appreciation.
The next step is to compare achievable rent with management, tax, vacancy, financing and the exact property price. The 5.59% city benchmark should narrow the search, not replace deal-level work.
Warsaw's Index story is therefore simple. It has the strongest estimated gross yield in the group and ranks second for current conditions. Its Five-Year rank is lower, so a buyer should be clear about the goal before using the result.
The score of 81.04 is not a return percentage. It is a relative Current Investment Case score for PFC Index 2026Q3.
Explore the PFC Property Investor Index and its current and five-year views.
Continue the PFC Index research
Read the previous PFC Index article, continue with Athens today: the current case, or return to the PFC Property Investor Index Hub.