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According to Cushman & Wakefield’s latest report, the Polish hotel market is seeing a steady increase in demand and key performance indicators. These positive trends are expected to continue into 2024, with a recovery in the number of international guest nights in Polish hotels. In the long term, the market will increasingly focus on hotel retrofitting and implementing modern technological and ESG solutions.

2024 is foreseen to experience a decline in SEE construction markets but a comeback is the projected current scenario for 2025. Romania is expected to contribute most negatively to the shrinkage of the SEE region in 2024. The rest of the countries is forecast to perform better. Bulgaria, Croatia and Serbia could end up at higher level in 2025 than what was experienced in 2023. The EECFA (Eastern European Construction Forecasting Association) released its 2023 winter construction forecast.

According to the "Ski Report" published by Savills for the eighteenth time this year, on average, across the Savills Ski Prime Price League table of the top twenty resorts, prices for prime residential property fell by approximately -4% for the year. However, this fall is from record levels, after prices rose more than 20% in the 2021/22 season. While down slightly from their 2022 highs, values remain on average 20% above 2021 levels and 41% above pre-pandemic prices. 

The decline in investment volume, which has been recorded this year in all sectors of the commercial real estate market in Poland, is particularly visible in the office segment. Despite the relative recovery that was observed at the end of the summer, the total value of the transaction volume recorded in Q1-Q3 2023, amounted to only ca. €1.7 billion, with merely ca. €267 million allocated in office assets. However, in this time of slowdown, there is also room for success. Avison Young's investment team can boast of approximately one-third of completed transactions in this sector - both in terms of volume and number of transactions.

At the peak of the construction season, there were double-digit year-on-year drops in the issuance of building permits and approvals, the Statistical Office of the Slovak Republic reports. The number of started dwellings was significantly behind even the pre-pandemic period, but the completion was higher. The pace of completion and the start of construction slowed year-on-year in up to 6 regions.

In the face of the housing crisis, the possibility of repurposing existing commercial buildings for residential use is receiving increasing attention. The question is: Can this approach provide a solution to the housing shortage in appropriate locations, and can it be profitable for developers? According to experts at the Urban Land Institute (ULI), changing trends in the office, retail, and hotel markets are making commercial adaptive reuse not just an option, but often a necessity.

According to Savills, about half (51%) of European investors plan to invest in co-living developments in the next three years, and, compared to 2022, co-living projects are where investor interest has grown the most. Market players, including Lithuania-based investor Baltic Asset Management, see big potential for projects of this type in the Czech market as well. The company’s CFO, Dalius Kaveckas, shared his insights with Property Forum.

Savills has presented a preliminary summary of 2023 and predicted key trends going forward. The commercial property market in Poland is expected to see a rebound in investor, developer and tenant activity in the near future against the backdrop of continued global uncertainty and the climate crisis.

Savills Investment Management announced its global outlook for real estate investment markets in 2024, highlighting several key sectors it believes offer rewarding opportunities for informed investors.

CTP has so far concluded lease deals with a total area of over 400,000 sqm for space in industrial properties in the Czech Republic in 2023, including more than 10 lease contracts for premises larger than 10,000 sqm. The largest transaction was a contract to renew the lease of almost 54,000 sqm of space in CTPark Bor. The developer continues to build new industrial space across the Czech Republic and is confident that the Czech industrial property market will continue to grow.