Recovery in progress

According to Wolf Theiss, the Polish real estate investment volume in the first half of the year was around EUR 1.7 bln. The period also saw the highest number of transactions since H1 2021, a time when funds and investors felt confident enough to spend the money they had been sitting on during the pandemic. But that was before the surge in inflation and the interest rate hikes that to an extent stymied capital market activity in the years that followed. And then there were also the geopolitical factors that further dampened the moods of financial institutions and investors, such as political instability at home and abroad, trade wars and actual wars – including the one that has had the most impact in our part of the world, the ongoing conflict in Ukraine. And while the volume transacted itself isn’t the biggest for the first half-year this decade – this was in H1 2022, when EUR 2.88 bln changed hands, according to CBRE) – and is even slightly less than last yea