Czech Republic Leads CEE Real Estate Investment in H1 2025 with Over €2 Billion in Transactions

The Czech Republic has emerged as Central and Eastern Europe’s most active commercial property market in the first half of 2025, with investment volumes surpassing €2 billion, according to figures from IO Partners, Cushman & Wakefield, Savills and CBRE. The total, driven by large hotel and logistics deals, already exceeds the country’s full-year performance in 2024.

Cushman & Wakefield reported Czech H1 volumes at €2.1 billion, up 187% year on year, while Savills cited “nearly €2.1 billion.” CBRE’s estimate of €2.2 billion highlights that Czech activity is leading the CEE region, with domestic investors accounting for roughly 80% of closed deals.

Two sectors dominated: logistics and hotels. Blackstone completed the purchase of a Contera/TPG portfolio across the Czech Republic and Slovakia. While valuations vary depending on currency and portfolio allocation, market reports place the Czech element at around €370 million, with the cross-border transaction reaching the high hundreds of millions.

In Prague, major hotel assets also changed hands. PPF acquired the 791-room Hilton Prague in February for an estimated €270–280 million, making it the largest single-asset hotel deal in CEE to date. The group also agreed to purchase the Four Seasons Hotel Prague from Northwood Investors, with CoStar reporting a price of CZK 3 billion (around $137 million).

Retail activity included the sale of the Atrium Flora shopping centre in Prague by G City Europe to Max Realitní Fund, part of Redstone Group.

Elsewhere in the region, activity was more subdued. Poland recorded just over €1.5 billion across 61 transactions, Slovakia €320 million, Hungary €300 million (with an additional €200 million in signed deals pending), Romania €386 million, and Serbia €92 million, according to sector data. 

Analysts point to three factors behind the Czech lead: renewed price discovery for prime assets, especially hotels and logistics; improving financing conditions amid easing eurozone rates; and strong domestic capital depth enabling deals to close. CBRE notes that prime office yields have already begun to compress in Prague, reflecting demand for core assets.

Looking ahead, further office and retail sales are expected in Prague in the second half of the year, alongside continued logistics development. While selective, 2025 is shaping up to be the strongest year for CEE real estate investment since the pandemic, with the Czech Republic firmly setting the pace.

Editors Note: Czechia’s first-half performance shows both strength and good timing. Local investors, logistics demand and scarce prime properties provide a solid foundation, but the record-breaking volumes also reflect one-off deals like the Hilton and Four Seasons hotels. The country is likely to remain a regional leader, though activity at this scale won’t be the norm every half-year.