At €2.83 billion, the first quarter of 2022 saw CEE investment volumes return to pre-pandemic levels, up ca. 33% YoY. While we originally estimated that year-end volumes for 2022 could reach in excess of €12.0 billion, uncertainty around the war in Ukraine, economic headwinds, and other factors could impact this outlook.
Individually, some countries are still behind their pre-pandemic volumes. However, Poland has increased by 23% YoY and has secured a 56% share of Q1 2022 volumes. After a slow start last year, the Czech Republic had a good first quarter in 2022. Signs are mixed for the remainder of the year, with a number of challenges, but also opportunities ahead.