中东欧投资市场2025年上半年

INVESTMENT MARKET OVERVIEW Real estate investment volumes in H1 2025 across the CEE-5(Czech Republic, Poland, Romania, Slovakia, Hungary)reached nearlyEUR 5 BILLION, representing almost 60% of the full-year 2024 total andcontinuing the rebound that began last year.The Czech Republic led with an investment volumeof EUR 2.1 billion, surpassing Poland (EUR 1.7 billion)for the first time. Together, these two markets dominatedthe CEE-5 real estate sector, accounting for 77%of investment volumes in H1 2025. MACROECONOMIC OUTLOOK In 2025, Central and Eastern Europe (CEE) continuesa cautious yet steady recovery. Growth has resumedand inflation is easing, though challenges like labourshortages, core inflation, and fiscal pressures persist.Despite geopolitical risks and reliance on the Eurozone,the region benefits from strong EU integration, resilient Logistics remained the most sought-after asset class,particularly in the Czech Republic, Poland, and Slovakia,reaffirming the region’s appeal as a high-performing hubfor both manufacturing and distribution. This sector,which attracted 32% of the total investment volume,continues to offer strong fundamentals, stable income,low risk, and a positive outlook, driven by sustainedoccupier demand and structural tailwinds suchas nearshoring and e-commerce growth. and 80% of total investment volume in H12025, respectively. In Romania, domesticcapital represented 35%, while in Polandit reached 15% - a significant increase frommarginal levels just five years ago. Prague. Meanwhile, the living sector showssteady growth, particularly in Poland andthe Czech Republic, underpinned by solidmarket fundamentals. The largest transaction in H1 in CEE-5was the industrial Contera portfoliotransaction including assets in the CzechRepublic and Slovakia acquired byBlackstone for EUR 470 million, followedby the aforementioned Hilton Praguedeal by PPF Real Estate and a record-breaking sale-and-leaseback deal in theCEE region, the EUR 253 million saleof two manufacturing facilities belongingto window producer Eko-Okna, with a totalarea of 264,000sqm, located in southernPoland. The buyer was the U.S. fund RealtyIncome, highlighting the growing returnof large institutional investors to the CEEmarket. Out of regional investors, the most activeis Czech capital that was responsible for51% of the investment volume in Slovakiaand 11% in Poland. The office sector maintains a robust position, capturing22% of total investment volume, highlighting renewedinvestor confidence fuelled by the strong performanceof well-located, top-tier, ESG-compliant assets. Retailaccounted for 16% of investment activity, followed byhotels (11%) and the living sector (11%). Hotel investmentssurged, driven by PPF Real Estate’s high-profileacquisitions of the Hilton Prague and Four Seasons Hotel Overall, the CEE-5 region continues itsupward investment cycle, though marketdynamics differ across countries. TheCzech Republic is poised for a record year,also Slovakia recorded strong growth inH1, and Hungary and Romania postedcontinued volume gains. Poland’s rapidrebound last year has stabilised in thefirst half of 2025. The region’s trajectoryremains positive, supported by afavourable macroeconomic environment,the ongoing return of major globalinvestors, and growing participation fromlocal capital. domestic demand, and improving external conditions.Moderate, sustainable growth is expected, particularlyin Poland, Romania, and the Czech Republic, which are projected to outperform the Euro Area.Romania shows the strongest momentum,while Hungary and Slovakia are recovering more gradually. Overall, the region remainson track for long-term convergence withWestern Europe. However, the presence of domesticinvestors is increasing, with the trendmost notable in the Czech Republic andHungary, where they accounted for 78% INVESTMENT OUTLOOK large, dynamic market and active foreigninvestor base, while other CEE marketsare anticipated to provide compellingrisk-adjusted returns in lower-liquidityenvironments. As evidenced by the H1 2025 strong results,we expect a positive outlook for real estateinvestments for the remainder of the yearacross all CEE markets. REAL ESTATEOUTLOOK IMPROVES There are, however, certain downside risksstemming from the heightened uncertaintyin the global geopolitical landscape,as well as the potential impact of U.S. tariffincreases on economic and real estateforecasts in the CEE countries. WhilePoland is relatively insulated from suchpressures due to its diversified economy,countries with a stronger reliance onexports in the automotive sector, such asSlovakia and the Czech Republic, may bemore exposed to adverse effects. CONTACTS: This optimism is underpinned by a robustpipeline of ongoing transactions and thedownward trend in interest rates. CZECH REPUBLIC & SLOVAKIA: Josef KarasHead of Investment+420 720 053 583josef.karas@cz.knightfrank.com Core offices across all CEE countries,industrial in Polan