The total volume of real estate investments in Central and Eastern Europe (CEE), excluding Russia, amounted to about EUR 10 billion in 2020. Analysts do not fully agree on the impact of COVID-19, estimating that investments decreased by 24-32% compared to the pre-pandemic level. The first three quarters of 2021 brought another decline of at least 10% compared to the same period of 2020. Yet, major CEE economies recorded lower recession in 2020 than the entire EU and the European Commission itself forecasts faster rebound in 2022-2023 in these countries. Therefore, outlook for CEE real estate investments seems to be positive but may be challenged by supply shortages and next infection waves.

Guide to Taxes on Real Estate in Central and Eastern Europe – Edition 2021
The total volume of real estate investments in Central and Eastern Europe (CEE), excluding Russia, amounted to about EUR 10 billion in 2020. Analysts do not fully agree on the impact of COVID-19, estimating that investments decreased by 24-32% compared to the pre-pandemic level. The first three quarters of 2021 brought another decline of at least 10% compared to the same period of 2020. Yet, major CEE economies recorded lower recession in 2020 than the entire EU and the European Commission itself forecasts faster rebound in 2022-2023 in these countries. Therefore, outlook for CEE real estate investments seems to be positive but may be challenged by supply shortages and next infection waves.