Central and Eastern Europe (CEE) has solidified its position as one of the key drivers of European real estate investment, closing 2024 with some of the largest deals in Europe across all major sectors. These landmark transactions demonstrate renewed confidence in the region’s growth potential and economic resilience.
Historically, CEE has accounted for ca. 4 percent of Europe’s total investment volumes. Still, early 2024 forecasts suggest this share could increase to close to 6 percent, narrowing the gap with Western European markets. Total investment volume across key CEE countries (Poland, Czechia, Slovakia, and Hungary) is forecasted to reach €7.7 billion, distributed as follows:
62 percent Poland
25 percent Czechia
9 percent Slovakia
4 percent Hungary
Key Transactions in 2024:
Blackstone’s logistics mega-deal with Contera and TPG at €470 million, marking the largest logistics transaction in Europe this year.
NEPI Rockcastle’s €780 million retail acquisitions make Magnolia Park and Silesia City Centre one of Europe’s largest shopping centre deals.
Ghelamco’s €280 million sale of a Warsaw office tower to Nordic investor Eastnine – Europe’s largest office deal of the year.
Michal Soták, Head of Capital Markets at Cushman & Wakefield Czechia, emphasized: “The Blackstone-Contera transaction demonstrates the return of significant Western capital to the region. This deal underscores the strength of CEE real estate fundamentals, driven by high demand, constrained supply, and unmatched risk-return profiles in markets like Czechia and Slovakia.”
Pawel Partyka, Head of Capital Markets Poland commenting on Poland’s robust performance, added: “Assuming Poland reaches €4.7 billion in transactions this year, it represents a 2.5x year-on-year growth—unprecedented across Europe. The balanced performance across retail, office, and logistics is equally impressive, with each sector contributing between €1.2–1.5 billion.”
This remarkable performance reflects a combination of favourable economic conditions:
Low unemployment, driving positive consumer sentiment
EU stability and strong institutional support
Attractive pricing margins compared to Western Europe
Forecasted Q4 volumes across CEE should reach ca €3.5 billion, with Cushman & Wakefield involved in 53 percent of those transactions, transacting €1.8 billion. This solidifies Cushman & Wakefield’s leadership in key CEE markets like Poland and Czechia.
Jeff Alson, Head of Capital Markets CEE further explains: “2024 demonstrated recovering liquidity, particularly in core CEE markets of Poland and the Czech Republic. Increasingly active local and international capital is now competing on larger volumes which is likely to attract and encourage more global capital into this geography in 2025”.
Looking ahead to 2025, CEE’s trajectory signals resilience and growing importance in the European real estate landscape.
