In a video interview recorded at CEE Property Forum 2025 in Vienna, Günther Artner, Head of Group Commercial Real Estate at Erste Group, reflects on the main banking challenges of 2025, the strategic acquisition of Santander Bank Polska and why he expects another active year for real estate financing across the region.
From a banking perspective, what were the most important challenges and biggest achievements in 2025?
Starting with the challenges, market conditions have been good for clients but somewhat more demanding for banks. Margins have been tight, and we have seen increasingly competitive and structured offers in the market. That has certainly been a challenge.
Another key topic is the decarbonisation of our loan portfolio. ESG may no longer be as prominent in public debate as before, but for Erste Group, it remains a priority to follow a clear decarbonisation path. The integration of AI tools into our internal processes is also an important challenge we are working on.
In terms of achievements, we financed many excellent projects this year, including several that were recognised on the Property Forum award lists. I am very proud of the work done by my team across all our countries.
Finally, the acquisition of Santander Bank Polska, which will likely be renamed Erste Bank Polska in the future, is a major milestone. It strengthens our position and enables us to become a leading player in commercial real estate financing in Poland.
What are your expectations in terms of financing conditions and market activity for 2026?
I expect the market to remain active, potentially even more active than this year. However, from a banking perspective, I do not expect margin pressure to ease. Competition will likely continue to push margins and structures to their limits.
We may also see refinancing in certain loan situations. AI adoption will continue to progress internally.
From a market perspective, I am optimistic. We could see some yield compression, which would have positive valuation effects. It will be interesting to see which country performs best next year, whether it will again be Poland, perhaps the Czech Republic, or another market emerging as a leader.
In terms of asset classes, where do you think activity will be the highest?
I expect activity to be well distributed across asset classes. Hospitality has shown strong development recently. Offices have improved. Retail is in good shape. Logistics should remain in demand.
Residential also offers significant catch-up potential, particularly in capital cities where market penetration remains relatively low.
Overall, I do not expect any particular sector to be weak next year. Most asset classes should see solid activity.
How will Erste Group’s strategy evolve in the region in the next couple of years?
Our strategy remains largely unchanged. We want to grow and to grow alongside our clients.
We will continue to focus on Central and Eastern Europe, including Austria and, to some extent, Germany. A key priority will be the integration of Santander Bank Polska, which will be a major task for us.
Beyond that, I expect a good and active period ahead for our bank, and I hope we will once again see many of the projects we finance recognised at CEE Property Forum in 2026.
