In addition to the traditionally strong Czech capital, which accounted for 61 pct of investment volume, Western Europe came in at 26 pct, with the remaining 13 pct covered by the MEA region.
Czech capital, which traditionally dominates the Czech market, accounted for 61 pct of investment volume this time around. The remaining share was divided between investors from Western Europe and the Middle East and Africa region.
Josef Stanko, Director of Market Research at Colliers
The slight year-on-year decline does not represent a change in trends, it is only the result of completed transactions. Although it is true that many domestic investors are also active in foreign markets. AFI Europe, which acquired a planned rental housing project from Finep in Prague 9, accounted exclusively for the Middle East share of investors. Western European investors in Prague bought smaller office buildings and an exclusive hotel. Transactions that made a significant mark on the market in the first quarter included the sale of Vienna House Anděl's Prague to the OREA Hotels chain and the transfer of Prague's Novo Plaza shopping centre from the Bluehouse Capital portfolio to Dandreet.
The share of individual asset classes as part of total volume was relatively balanced. Hotels, retail properties, residential projects and offices achieved shares ranging between 21 pct and 27 pct. The industrial and logistics real estate sector was only marginally represented in the first quarter, with only a few small transactions involving very specific properties being completed.
Premium real estate yields on the Czech market remained unchanged in Q1 2026; continuing the stability seen in the previous year despite a more challenging macroeconomic environment. The highest quality office properties maintained their yield at 5.25 pct, premium industrial properties at 5 pct, top shopping centres at 6 pct and retail properties on main business streets at 4.50 pct. Although the office and industrial segments saw a slight decrease of 25 basis points year-on-year, quarterly stability in an environment of geopolitical turmoil is a positive sign.
The cost of capital and risk-adjusted return expectations remain primary forces in shaping price dynamics, with the highest prices maintained by segments showing transparent rental performance, namely logistics and premium office properties.
Although activity in the Czech real estate investment market is often determined by supply, Colliers analysts expect another successful year in terms of transaction volume.
The main driver of this volume should be office buildings, especially modern buildings in Prague. In terms of capital value and current status, the local office market is considered one of the highest-performing in Europe. For 2026, we expect investment volume to reach approximately EUR 3.5 bln.
Josef Stanko
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