The first half of 2025 has confirmed a strong return of investor activity in Central and Eastern Europe. The Czech Republic, with the most remarkable performance, is emerging as the regional leader, ahead of even Poland, according to the latest iO Partners report.
In a regional comparison, the Czech Republic recorded over €2 billion in commercial real estate investments in H1 2025 – a record-breaking first six months – clearly outperforming its neighbouring markets. Poland reached more than €1.5 billion across 61 transactions, 11% down year-on-year but marking the highest number of deals since 2021. Slovakia posted €320 million, with retail assets accounting for more than half of the total volume. In Hungary, investment activity reached €300 million – already 70% of its full-year 2024 result – complemented by an additional €200 million in signed deals expected to close by year-end. Romania, by contrast, saw a 7.4% year-on-year decrease to €386 million, while Serbia recorded €92 million.
The Czech market thus not only confirmed its leading position in the region but also outpaced most Central and Eastern European countries in terms of growth rate. "Czech commercial real estate is on fire in 2025. With €650 million transacted in Q2 alone, H1 volumes reached €2 billion – already surpassing any full year since 2020 (excluding the Residomo deal). Logistics dominated activity in H1, and with major office and shopping centre deals in Prague lined up for H2 and early 2026, momentum is set to continue," said Petr Strýček, Head of Capital Markets, iO Partners Czech Republic.
The industrial and logistics sector played a dominant role in the Czech market, attracting both international institutional investors and local capital. A notable transaction included the acquisition of the Contera Industrial Portfolio by Blackstone for more than €370 million. The strong first half of the year was also supported by hotel acquisitions in Prague, with the Hilton and Four Seasons hotels changing ownership.
Overall, investors in the CEE region closed hundreds of transactions in H1 2025, with strong performances also in Hungary and Slovakia. Industrial and logistics properties remained in high demand, alongside retail parks and office assets in regional cities. The easing of monetary policy in Europe and gradually improving financing conditions have been key drivers of this activity.
