P1 Lexicon
A structured vocabulary for European property investment. Entries are written in English, while important German and Polish words are preserved in brackets where useful.
Editorial rule. Terms are practical, not decorative. Each entry should help verify a deal, improve a listing, reduce risk, or clarify an investment decision.
All terms
Airbnb
Platform · Global short-term rental marketplace used to distribute privately operated apartments to leisure and business guests.
Platform · Global short-term rental marketplace used to distribute privately operated apartments to leisure and business guests.
ADR
Finance · Average daily rental rate generated for occupied nights. A central metric for short-term rental performance.
Finance · Average daily rental rate generated for occupied nights. A central metric for short-term rental performance.
Booking.com
Platform · Accommodation marketplace with strong European hotel and apartment demand; highly relevant for Gdańsk-style short stays.
Platform · Accommodation marketplace with strong European hotel and apartment demand; highly relevant for Gdańsk-style short stays.
Gross Yield
Finance · Annual gross rental income divided by total property cost before operating expenses, taxes and vacancy.
Finance · Annual gross rental income divided by total property cost before operating expenses, taxes and vacancy.
Cash Flow
Finance · Net movement of money after income and costs. P1 treats timing of cash flow as a risk factor, not just accounting output.
Finance · Net movement of money after income and costs. P1 treats timing of cash flow as a risk factor, not just accounting output.
Czynsz
Poland · Polish recurring administrative building charge. It may include maintenance, common areas and reserve fund but often excludes utilities.
Poland · Polish recurring administrative building charge. It may include maintenance, common areas and reserve fund but often excludes utilities.
Dead Zone
Design · Area in an apartment that consumes floor space without adding function, guest value or visual clarity.
Design · Area in an apartment that consumes floor space without adding function, guest value or visual clarity.
Due Diligence
Process · Structured verification before investment: seller, legal title, documents, payment, building, location, operating model and liquidity.
Process · Structured verification before investment: seller, legal title, documents, payment, building, location, operating model and liquidity.
Dynamic Pricing
Operations · Adjusting nightly rates based on season, events, occupancy, lead time and market demand.
Operations · Adjusting nightly rates based on season, events, occupancy, lead time and market demand.
Advance Invoice
Poland · Polish advance invoice issued after payment is received, used in company-seller real estate transaction flows.
Poland · Polish advance invoice issued after payment is received, used in company-seller real estate transaction flows.
Kawalerka
Property Types · Polish term for a one-room apartment, usually a combined living/sleeping space with kitchenette and separate bathroom.
Property Types · Polish term for a one-room apartment, usually a combined living/sleeping space with kitchenette and separate bathroom.
KRS
Poland · Polish official register for companies and other entities; key for checking company existence and representation.
Poland · Polish official register for companies and other entities; key for checking company existence and representation.
Land and Mortgage Register
Poland · Polish public land and mortgage register showing legal title, ownership, rights and encumbrances for property.
Poland · Polish public land and mortgage register showing legal title, ownership, rights and encumbrances for property.
LEND
Finance · Swiss loan-investment platform used in the P1 financing stack; created yield and liquidity timing constraints.
Finance · Swiss loan-investment platform used in the P1 financing stack; created yield and liquidity timing constraints.
Liquidity Risk
Risk · Risk that assets exist on paper but cannot be accessed in time or without unacceptable cost when payment is required.
Risk · Risk that assets exist on paper but cannot be accessed in time or without unacceptable cost when payment is required.
Micro Location
Location · Precise position of a property within a neighbourhood; often more important than the city itself for rental performance.
Location · Precise position of a property within a neighbourhood; often more important than the city itself for rental performance.
Młode Miasto
Location · Gdańsk redevelopment district with city-tourism potential, industrial-transition character and development-timing risk.
Location · Gdańsk redevelopment district with city-tourism potential, industrial-transition character and development-timing risk.
NIP
Poland · Polish tax identification number used to verify companies, VAT status and official business identity.
Poland · Polish tax identification number used to verify companies, VAT status and official business identity.
Notarial Escrow
Legal · A notary-controlled account that can be used to secure payment until contractual conditions are met.
Legal · A notary-controlled account that can be used to secure payment until contractual conditions are met.
PCC
Tax · Polish civil-law transaction tax. Its relevance depends on whether the transaction is VAT-taxed or exempt.
Tax · Polish civil-law transaction tax. Its relevance depends on whether the transaction is VAT-taxed or exempt.
PESEL
Poland · Polish personal identification number. Not always strictly required for foreign buyers, but useful for land-register processes.
Poland · Polish personal identification number. Not always strictly required for foreign buyers, but useful for land-register processes.
Porto Style
Design · Internal P1 interior style: warm wood, black details, vertical slats, mirrors and compact hotel-like premium feeling.
Design · Internal P1 interior style: warm wood, black details, vertical slats, mirrors and compact hotel-like premium feeling.
Prestige 1
Internal · First permanently owned property in the P-system. P1 is a portfolio status, not merely a project name.
Internal · First permanently owned property in the P-system. P1 is a portfolio status, not merely a project name.
Proforma Invoice
Poland · Preliminary payment document used to initiate a transfer; not the final VAT/accounting invoice.
Poland · Preliminary payment document used to initiate a transfer; not the final VAT/accounting invoice.
Pseudo-1BR
Design · Studio layout that feels like a one-bedroom through visual separation rather than legal room separation.
Design · Studio layout that feels like a one-bedroom through visual separation rather than legal room separation.
ROBYG
Developer · Polish residential developer considered in P1 Gdańsk, especially for Nowa Wałowa / Młode Miasto scenarios.
Developer · Polish residential developer considered in P1 Gdańsk, especially for Nowa Wałowa / Młode Miasto scenarios.
Spółka z o.o.
Poland · Polish limited-liability company. When seller is a spółka, company documents and representation become core due diligence.
Poland · Polish limited-liability company. When seller is a spółka, company documents and representation become core due diligence.
VAT
Tax · Value-added tax. In P1 S17, the 600,000 PLN price was understood as gross including 8% VAT.
Tax · Value-added tax. In P1 S17, the 600,000 PLN price was understood as gross including 8% VAT.
Wise
Finance · International money-transfer and FX service considered for large CHF→PLN conversion due to transparent pricing.
Finance · International money-transfer and FX service considered for large CHF→PLN conversion due to transparent pricing.
Yield Compression
Market · Decline in percentage yield when property values rise faster than rental income.
Market · Decline in percentage yield when property values rise faster than rental income.
Walkability
Location · How easily guests can reach useful places on foot: shops, beach, public transport, restaurants and landmarks.
Location · How easily guests can reach useful places on foot: shops, beach, public transport, restaurants and landmarks.
Exit Strategy
Risk · Predefined plan for selling, refinancing or switching rental model if the original thesis fails.
Risk · Predefined plan for selling, refinancing or switching rental model if the original thesis fails.
Rooftop Premium
Property Features · Additional value created by accessible roof terraces, viewpoints and shared high-level amenity spaces.
Property Features · Additional value created by accessible roof terraces, viewpoints and shared high-level amenity spaces.
View Durability
Risk · Likelihood that a view remains unobstructed over time, considering zoning, ownership and likely development.
Risk · Likelihood that a view remains unobstructed over time, considering zoning, ownership and likely development.
Platform Risk
Risk · Dependency on Airbnb, Booking.com and similar platforms: algorithms, commissions, account health and policy changes.
Risk · Dependency on Airbnb, Booking.com and similar platforms: algorithms, commissions, account health and policy changes.
Hybrid Management
Operations · Owner manages digital tasks while a local partner handles cleaning, keys, inspections and small repairs.
Operations · Owner manages digital tasks while a local partner handles cleaning, keys, inspections and small repairs.
Cap Rate
Finance · Net operating income divided by property value. Useful for comparing income assets independent of financing.
Finance · Net operating income divided by property value. Useful for comparing income assets independent of financing.
NOI
Finance · Income after operating expenses but before financing, taxes and owner-specific capital structure.
Finance · Income after operating expenses but before financing, taxes and owner-specific capital structure.
Stress Test
Risk · Scenario analysis where several negative assumptions occur at once to test whether the investment remains survivable.
Risk · Scenario analysis where several negative assumptions occur at once to test whether the investment remains survivable.
FOMO
Psychology · Fear-driven urge to act because a perceived opportunity may disappear. Explicitly controlled in the P1 decision process.
Psychology · Fear-driven urge to act because a perceived opportunity may disappear. Explicitly controlled in the P1 decision process.