Hungary’s investment property market delivered an outstanding first quarter, recording transaction volume exceeding €325 million, nearly double the amount from the same period last year and the strongest start to a year since 2018, according to a regional analysis by Colliers.
Across the entire CEE region, €2.1 billion in transactions were completed in Q1 2026, down from €3 billion a year earlier, primarily due to weaker performance in the Czech Republic and Slovakia following their exceptional 2025 results.
Hungary outperforms in election year
Hungary’s strong performance came despite being a politically sensitive election year, a timing that typically raises questions about institutional focus and partnerships with European counterparts.
Instead of deterring capital, the environment appears to have encouraged selective risk-taking. Domestic and regional investors returned to the market with long-term strategies, supporting pricing and helping restore liquidity.
Poland solidifies regional leadership
Poland reinforced its position as the CEE region’s dominant investment market, with Q1 volume approaching €1.1 billion, a year-on-year increase of more than 40% and the strongest start since 2022.
Logistics assets led activity, while the retail segment regained prominence through large portfolio deals. The office market also showed signs of revival, especially for prime assets in top locations.
A key structural factor behind Poland’s resilience is the growing role of local capital, which has become a stable and reliable demand source, accelerating deal execution and boosting overall market confidence.
Bulgaria surges, other markets cool slightly
Bulgaria recorded a significant rebound, with investment volume exceeding €100 million, more than double the previous year and the strongest Q1 since 2007. In contrast, Czechia and Slovakia saw notable declines compared to their exceptional Q1 2025 levels, as Romania experienced only a slight slowdown.
Retail leads, offices and logistics are still strong
In the CEE region, retail real estate attracted the strongest investor interest, continuing 2024 trends supported by recovering household consumption and broader economic growth.
Nearly €630 million flowed into retail in Q1 alone. The office sector followed closely with over €600 million, while industrial and logistics properties accounted for roughly a quarter of total volume.
