Real estate practitioners, mark your calendars for July 2024. A new real-time invoice reporting regime will be introduced in Poland, marking both a revolution and evolution in tax digitalization reporting. While technology is driving the implementation of the new rules, the potential benefits for the real estate sector are extensive. Zbigniew Deptuła, Partner, Global Compliance & Reporting and Paulina Faryn, Manager, Global Compliance & Reporting at EY Poland explain how these changes could impact businesses.

The volume of investment in the regional real estate market during H1 2023 was one of the lowest in Central & Eastern Europe. Poland accounted for most of the regional transaction volume at 42%, followed by the Czech Republic with 34%. Total transactions in the Czech Republic in H1 amounted to approximately €692 million, a 42% year-on-year decline and a 9% decrease compared to the same period in 2021. The retail sector saw growing demand, accounting for approximately 61% of transactions. In Q2 of this year, the volume of transactions in the Czech Republic reached €298 million, down 27% compared to the previous quarter, reports Colliers in the survey.

Bulgaria's real estate market in the first half of 2023 showcased a mix of stability, growth, and adaptability, according to the latest investment market overview from H1 2023, issued by Colliers. The main challenge for commercial real estate remains the ongoing business climate unpredictability.

In H1 2023, the total transaction volume in the CEE region decreased by 59% year-on-year. The current results in the property investment market may not appear very optimistic at the moment, but this is only a temporary situation, Avison Young reports.

The Prague office market proved its stability with a total modern office stock surpassing 3.85 million sqm by the end of Q2 2023. Despite no new office buildings being completed this quarter, ongoing construction projects are poised to add approximately 66,800 sqm of office space across seven projects by year-end. In tandem, the market is embracing the evolving demand for flexible workspace solutions, with four new flexible office centres inaugurated during this quarter, iO Partners reports.

In the second quarter of 2023, the total office stock in Bratislava represented 2.02 million sqm, unchanged from Q1 2023. 17% of total stock consists of class A+ office space, 38% of A class, and 45% of class B office space, reports the Bratislava Research Forum. 

Urbanity Real Estate Group has presented its first ESG report. The company's new system for evaluating sustainability data is intended to enable it not only to better monitor and manage its operations, but also to meet the requirements of new European legislation. Financial institutions and clients that use manufacturing campuses operated by Urbanity are also starting to require the data.

Belgrade’s residential market is not cooling down with demand remaining strong and price growth continuing, according to real estate agency Cordon’s report for Q2 2023.

Romanian developer One United Properties expanded efforts last year in landmark restoration, with two new acquisitions - One Downtown, (including the former Hotel Muntenia), and One Plaza Athénée as part of its sustainable urban regeneration strategy.

Bulgaria's retail sector has displayed resilience and growth in Q2 2023, with positive economic indicators, aggressive retail park expansion, and stable pricing trends. Despite challenges faced by CEE countries, Bulgaria's economy is on a positive trajectory, setting the stage for a promising retail landscape. These are the highlights of Cushman & Wakefield/Forton's latest retail market report.