Smaller town developers should not be affected to much as labour will be more available and building prices will drop.
I wonder if that will be the case. I live 30 kilometers outside of Kraków. The local market for flats is now just finally taking off as so many people have been priced out of Kraków. If Kraków were to become more affordable over the next 12 months it could be bad news for the small local developers.
It will be interesting to see how this all goes down. The economic news out of the US gets worse by the day, and now it seems that there is very little support for the Asian decoupling theory. What's bad for the US will be bad for Poland.
Fundamentally I think the housing market in Poland is sound; domestically driven, still a shortage of housing, credit is not (nor was ever) easy to come by, a booming economy, remittances from abroad, pro-business government, dramatic wage inflation in the private sector, strong currency.
However, I am a bit skeptical of all of these off-plan projects due to complete in the next 24 months across all of the major cities. If the "foreign" investors decide en masse to take their chips off the table at the same time it could be very interesting. Just look at Miami.