Central and Eastern Europe (CEE) marked a decisive turning point in 2025, moving from hesitation to execution as investment volumes surged to EUR 11.6 billion across the region’s six core markets, a 31% year-on-year increase according to latest insights from Colliers. The rebound was driven by disciplined underwriting, stabilising pricing and the return of liquidity — increasingly led by domestic and regional investors.
After two subdued years, core sectors reclaimed momentum. Offices re-emerged as values stabilised in supply-constrained CBD locations, industrial and logistics continued to benefit from long-income visibility and manufacturing resilience, hotels rode a full tourism recovery, and retail parks once again demonstrated their defensive appeal across economic cycles.
A defining feature of 2025 was the outsized role of domestic capital, particularly from Czechia and Poland, which stepped decisively into the space left by more cautious global investors. This shift not only sustained transaction flow but reshaped the region’s investment dynamics.
Czechia Sets a Historic Benchmark
Czechia emerged as the standout performer, delivering a record-breaking EUR 4.3 billion in investment volume, the highest in its history. The market was overwhelmingly driven by domestic real estate funds and private capital, creating rare stability and rapid execution even amid global volatility. Czech investors also exported capital across the region, acquiring nearly EUR 600 million in Poland and EUR 266 million in Slovakia, reinforcing Czechia’s position as one of Europe’s most resilient investment ecosystems.
Last Quarter-End Closings Reveal Poland’s Market Liquidity
Poland retained its status as the region’s heavyweight with EUR 4.5 billion in transactions. While headline volumes appeared softer, underlying momentum strengthened significantly, with nearly 40% of deals closing in Q4 as pricing clarity returned. Domestic capital reached a historic high of almost EUR 860 million, while demand remained solid for offices, logistics portfolios, retail parks and living sector assets.
Liquidity Re-Engages Across the Region
Across CEE, financing conditions improved materially. Prime yields largely stabilised, debt markets reopened, banks showed renewed appetite for grade-A income streams, and real estate debt itself emerged as a competitive investment product. High-profile transactions — from Prague’s Palladium and Myslbek to Poland’s landmark Eko Okna sale-and-leaseback — confirmed that pricing is clearing in prime mixed-use retail, and manufacturing-anchored logistics platforms, setting the tone for early 2026.
Elsewhere in the region, Hungary rebounded to EUR 0.8 billion, supported by a reviving office market, strong tourism, and rising manufacturing interest tied to Asian EV supply chains. Romania’s EUR 0.5 billion masked very strong occupier fundamentals, particularly in logistics, while Slovakia approached EUR 1 billion, driven mainly by retail consolidation. Bulgaria held steady at EUR 0.4 billion, with investor confidence strengthening ahead of euro adoption in
January 2026.
Outlook for 2026: Grounded Momentum
Looking ahead, Colliers forecasts a moderate uplift in investment volumes in 2026. Bid-ask spreads continue to narrow, banks remain willing lenders for prime and long-income assets, and investors are increasingly comfortable structuring single-asset core and core+ transactions. CEE’s renewed positioning as a European safe haven is attracting capital seeking markets where income durability, rental growth and fundamentals still genuinely matter. With inflation easing, interest rates gradually falling and debt markets functioning again, CEE stands on the threshold of a self-reinforcing recovery. As 2025 demonstrated, when assets come to market at market- reflective pricing, they trade — swiftly and decisively.
“What we saw in 2025 was not a return to exuberance, but a return to realism,” noted Grzegorz Sielewicz, Head of Economic & Market Insights, CEE. “Investors re-enter the CEE market because pricing, financing and occupier fundamentals finally aligned.”
Colliers
