Coping out of the comfort zone
Feature
“We are currently living under this VUCA (a time of volatility, uncertainty, complexity and ambiguity), in unpredictable times – and investors are aware of that, but are also probing the different opportunities that are arising on the market,” believes Małgorzata Dankowska of TPA Poland
The beginning of the year is usually a time of renewed hope, a reset after reflecting on the previous twelve months of hard work. But last year saw an unprecedented conjunction of events – the return of inflation, interest rates hikes after many years of zero rates, and, above all, the outbreak of war in Ukraine
All this was taking place just when we starting to think that the economic pain inflicted by the pandemic was finally behind us. And so, we entered 2023 with the spectre of recession hanging over us once again, and if this transpired, it could have dealt a devastating blow to the real estate investment market. However, we seem to have dodged this doomsday scenario. The slowdown that has naturally occurred due to all these macro-economic and geopolitical factors has actually been more of a ‘soft-landing’, that resembles some of the more gentle recent examples of the investment cycle bottoming out.
“Last year, we predicted EUR 10–11 bln would be transacted in the CEE-6 region and our estimate has turned out to be pretty close – almost EUR 11 bln or even just over that figure,” reveals Kevin Turpin, the CEE regional director of capital markets at real estate advisory Colliers. “What made the difference (about EUR 300-400 mln) was a transaction in
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