The year 2024 marked a revival in Slovakia’s real estate market. The total investment volume reached half a billion euros, with projections for 2025 already surpassing the 10-year average.
“Commercial real estate has bounced back from its price lows, and in this new investment cycle, it is unlikely to get cheaper,” said Rudolf Nemec, Head of Capital Markets at Cushman & Wakefield Slovakia.
While the first half of 2024 was subdued due to high interest rates and market uncertainty, the second half saw price stabilization and the return of investors, particularly local ones. Slovak and Czech investors accounted for 65 % of the total investment volume, with the remaining share coming from international players such as Blackstone.
Overview of Key Transactions:
- TPG x Blackstone: The sale of the Czechoslovak logistics park portfolio Contera for €470 million was the largest logistics transaction of the year in Europe.
- VGP x Areim: The Swedish fund Areim acquired a 50% stake in the Triblavina project, with a total transaction value of €500 million.
- Asseco x Erste: The GBC V office building in Bratislava changed ownership, signaling a recovery in the office space market.
- Patria x KLM: The Czech fund Patria acquired retail parks in Zvolen and Bytča, further expanding its portfolio in Slovakia.
- Panattoni x Accolade: The sale of a 50% stake in the logistics park near Košice Airport highlighted the growing importance of sustainability in the market.
As we look to 2025, further diversification of capital is anticipated, but foreign investors remain vigilant about the country’s political landscape.