CEE Investment Market Perspective - 2023

Economy in convalescence – prospects for coming months. A Review of 2023

February 09, 2024

The global investment market faced an unprecedented rise in borrowing costs in 2023, coupled with the possibility of a recession in major economies. This combination significantly reduced investor activity in the commercial real estate market. Additionally, the uncertainty surrounding price adjustments made market players hesitant to actively bid in most sectors due to challenges in determining potential exit strategies. Furthermore, the lack of prime transaction evidence during a period of increasing capitalization rates disrupted the valuation process, which serves as a crucial reference point for both landlords and potential investors. Consequently, sellers' price expectations exceeded what most buyers were likely to offer, leading to a bid-ask spread. This situation resulted in a subdued transaction volume in 2023.


Poland’s total transaction volume has reached approx. €2.0 billion, translating into the lowest investment market activity since 2009. The industrial sector, where almost a half of the turnover was recorded, reached €967 million of transaction volume, the lion’s share of which was generated by NREP's acquisition of an 80% stake in 7R marking a milestone transaction in last 12 months.

Czech Republic

In the Czech Republic, the total investment volume in 2023 was approx. €1.3 billion, which represents a decrease of 27% compared to last year. Czech investors continue to be the most active buyers responsible for more than 70% of the total investment volume. Retail was the most dominant sector (39%) throughout 2023.


In 2023, Hungary experienced a notably subdued total investment volume of approx. €610 million, marking a year-on-year decline of 30%. The primary driving force behind transactions were Hungarian buyers (80%). Offices maintained their status as the most active (40%) asset class.


In Romania, the property investment volume in 2023 was approx. €500 million, which is 60% lower than the one registered in 2022. Retail transactions were dominant, with approx. 58% of the total, followed by office (17%). Local (Romanian) investors were only responsible for 23% of the investment volume.


Investment volumes in Slovakia were diverted in 2023, with approx. €660 million total, which reflects a 40% decrease year-on-year. However, it’s worth to relate it to the five-year average annual volumes, where the decline stands at a more moderate 17%. 

More details can be found in our latest report.


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