INVESTMENT MARKET REPORT - Q3/2025

In the third quarter, investment volume totalled EUR 481.62 million, showing a significant decrease in investment activity compared to the first two quarters. The "explosive" first quarter (around EUR 1.7 billion) was followed by a gradual slowdown - around EUR 0.7 billion in the second quarter and just below EUR 0.5 billion ended in the third quarter - but this reflects a seasonal slowdown during the summer months rather than a structural weakening of the market. It continues to consolidate in the sectors most affected by the pandemic - hotels, offices and shopping centres. While yield requirements in these classes have not fully reached pre-pandemic levels, transaction volumes in them are rising and represent a significant proportion of overall activity. Overall, yields have stabilised over the course of the year; property consultants have reported balanced values for almost three consecutive quarters and changes have been marginal so far.