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JLL: CEE Investment Market, H1 2020

During the first six months of 2020the CEE investment market saw a number of transactions for a total of over €6.4 billion.

With over 46% of that amount, Poland persisted its dominance among CEE countries. Despite the outbreak of COVID-19, the investors activity remained at extremely high level in H1 2020, and the market experienced continuation of trends that have already been observed for some time.

In H1 2020, Czech Republic recorded the largest deal in its history with the Residomo transaction of €1.3billion. Nevertheless, the total number of transactions and consequently the total investment volume were significantly affected by the global pandemic. Czech investors kept dominating the market with 65% market share.

The uncertainties associated with the COVID-19 did not refrain strong investment activity in Hungary, where a 6% increase of the transaction volume, compared to the same period of 2019, was recorded. The most active asset class in H1 2020 was offices representing 80% of the transaction volumes.

In Romania, 2020 started with a large pipeline of transactions; several high-profile office deals were in advanced stages of negotiation. While the outbreak of COVID-19 had a significant impact on the investment market, the total transaction volume in H1 was still 21% higher than the one registered in the same period in 2019.

In Slovakia, the changed circumstances in global economic activity has not yet impacted the investment real estate market, with the logistics and warehouse sector even gaining in importance.

WithinH1 2020, prime yields saw some upward pressure in comparison to the end of 2019, with the most visible decompressions noted, for example in the office and retail sectors in Poland, as well as in the retail sector in Czech Republic and Hungary. However, a substantial yield decompression trend is unlikely.

The remainder of 2020 should be busy for market players acting on the CEE investment market, especially considering the growing interest in the industrial sector which seems to be the least affected by the global pandemic.

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