investment in eastern europe property soars
News Posted On: 18 January 2012
Investment in Eastern European property was up 6% last year according to new data from global consultancy Cushman and Wakefield. According to the firm investors poured some 6.1 billion euros into Poland, the Czech Republic, Slovakia, Hungary and Romania, more than twice the 2.9 billion euros invested across the same markets in 2010.
The news comes as no shock to us, as we have written several reports showing the incredible economic growth in these economies compared to the so-called "established" markets in Europe.
Poland is the biggest hit with investors, with 2.58 billion euros worth of property investment last year. However, while Slovakia is the littlest in terms of overall volume it was the fastest growing with 263 million euros invested in 2011 almost 4 times the 53 million invested in 2010. Czech Republic saw the second biggest growth, with 2.2 billion invested in 2011, compared to 479 million euros in 2010. Hungary was the next hottest climber with 728 million euros investd last year, up from 240 million in 2010. Romania saw investment volumes grow to 320 million euros from 2010's 241 million.
Some time ago I tipped big things for residential property in Latvia, Slovakia and Romania, but now the boat for Latvia has been missed. It has gone from being one of the worst performing markets in the world, to bottoming, and turning into one of the fastest growing. In my recent top 5 hotspots for 2012 prediction I went with Romania out of the three as my strongest choice. It still uses its own currency and prices have crashed massively in the last 18 months. If Latvia is anything to go by Romania is about bottom and set for a quick turnaround.
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Article written by Liam Bailey
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