NOHO Investment – Luxury That Lasts. Quality, Experience, and the Future of Polish Real Estate 

Rafał Kula, President and Co founder of NOHO Investment, a nationwide premium real estate developer, talks to Poland Weekly about how to become a leader in the field, build genuine added value for clients, and how the definition of luxury is evolving.

What genuinely sets NOHO Investment apart from other developers operating in the premium segment today?

Rafał Kula: First and foremost, it is our passion for architecture and design, and a real desire to leave something valuable behind, for us, for our clients, and for the city. Our philosophy goes far beyond an ambition or aspiration to be “premium.” We build a lifestyle around our investments, so our clients can experience the highest quality of living. In Poland, many companies use the word “premium”, but very few have the courage and consistency to deliver it in practice, in every detail and at every stage. NOHO is a brand without equal because we create a complete experience.

Everything at NOHO is cohesive: architecture, interiors, materials, shared spaces, services, art, and the way a place functions day to day. This is not a collection of eye catching elements “for show,” but a carefully designed system of quality. That is why our projects do not resemble others, they become a point of reference. We do not compare ourselves to the market, because the market is not our benchmark.

How do you assess the current condition of the Polish real estate market, particularly in the largest urban agglomerations?

Rafał Kula: The market is maturing, and that is a very positive development. In major cities, demand has not disappeared, but it has become more selective. Clients are more aware, more demanding, and less susceptible to marketing labels. The word “luxury” alone no longer convinces anyone. What convinces is proof: quality that stands the test of time, well designed shared spaces, privacy, execution standards, and consistency.

At the same time, we are seeing a natural verification of projects built on shortcuts: nice visualisations, cost cutting compromises, and repetitive schemes. When the market stops rewarding appearances, what remains is what is real. And from the very beginning, NOHO has been built on what is real.

In your opinion, does Poland remain an attractive destination for foreign investors?

Rafał Kula: Yes, although there is now a more cool headed evaluation of quality. Poland is no longer a country simply “catching up with the West.” It is a stable market with strong urban centres and very solid fundamentals. Foreign capital is still focused on Warsaw and the largest agglomerations, but it expects predictability and long term value, not just quick returns.

This is also a positive shift, because the best investors ask about brand, reputation, quality of execution, location potential, and product durability. These are precisely the areas in which NOHO is exceptionally strong.

How has the definition of “luxury” in real estate changed in recent years?

Rafał Kula: Luxury has stopped being a manifesto and has become comfort. It used to be associated with what was visible: size, shine, expensive materials used for effect, the proverbial gold door handle. Today, luxury is more mature and more demanding. It is time, calm, privacy, discretion, and quality you feel every day, not just in a photograph.

It is also the ability to design an experience: entering the building, the atmosphere of the lobby, light, acoustics, proportions, details, materials you touch, and services that make life easier, including great gastronomy. True luxury is not about having “more.” It is about having it better, smarter, quieter, more precise.

What needs and expectations dominate today among clients purchasing premium apartments?

Rafał Kula: Clients are pragmatic and extremely well prepared. They are looking for privacy, security, a high culture of shared spaces, and quality that does not wear out after three seasons. It is more about quiet luxury than the ostentatious, material kind that defined the category for decades. They want buildings that feel intimate, not “premium” in name only. They are interested in solutions that genuinely improve everyday life: comfort, functionality, silence, light, air quality, refined common areas, and services.

There is also a growing expectation of responsibility on the developer’s side. Today’s premium client does not want to buy promises. They want certainty that the brand delivers and takes responsibility for the entire experience. This is exactly our approach at NOHO: we do not finish a project when the contract is signed. We deliver the standard we put our name to.

Which three trends do you believe will be key for the real estate market in 2026?

Rafał Kula: First, experience as the main currency. The market will reward those who can design not only a building, but a way of living in it, drawing on hospitality level thinking.

Second, timelessness over fashion. The quality of detail, materials, and execution will matter more, while short term “wow effects” will matter less. Less noise, more class.

Third, brand credibility and consistency. In 2026, the winners will be those with a track record of delivered projects and a repeatable standard, not just a good campaign.

For NOHO, these are not trends. They are our foundation. That is why we are one step ahead of the market, not because we talk about it, but because we do it.