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Czech businessman Radovan Vítek has amassed a fortune estimated at around €4.1 billion while increasing his influence in the European property sector. Vítek holds firm control of CPI Property Group, the company he founded with assets topping €11 billion and has gradually built majority stakes in Globalworth and Immofinanz, both competing groups in Central and Eastern Europe. By purchasing controlling participations in these companies, Vítek could build his property investment empire across CEE to the tune of around €20 billion and 7 million sqm of developed space, covering every country and asset class in the region. This story is a prime example of the rise and strength of local capital in CEE, in addition to the gradual decline of influence held by Austrian companies over the region.

In December 2021, the construction output increased by 8.1%, year-on-year (y-o-y), in real terms. In the month-on-month (m-o-m) comparison, it was 1.8% higher. December was, in terms of year-on-year indices, the most successful month of 2021 too. The planning and building control authorities granted 8.3% more building permits, y-o-y. The approximate value of permitted constructions increased by 52.8%, y-o-y. The number of started dwellings increased by 120.8%, y-o-y. The number of completed dwellings decreased by 18.7%, y-o-y, the Czech Statistical Office (CZSO) announced in a report.

Occupancy levels in purpose-built student accommodation (PBSA) have on average reached pre-pandemic figures in many countries, a new study released by market research and advisory specialist Bonard shows.

Last year, 9698 flats in Prague received final building permits, which is 5363 more than the year before and the most since 1997, the year from which data is available. This is according to data on the construction industry published by the Czech Statistical Office (CSO). In recent years, the Czech capital has been struggling with a rise in housing prices by tens of percents a year, which the city's authorities say is also due to insufficient construction. Deputy Mayor Petr Hlaváček said that with the recovery of construction, the prices of flats are expected to get cheaper in the medium term, Czech News Agency reports.

The main themes on Slovakia´s office, retail and industrial markets in the fourth quarter of 2021 were supply-side shortfalls and rising prices. However, the office market saw one of its strongest quarters yet as take-up soared. Cushman & Wakefield published its Q4 2021 snapshots for Slovakia’s office, retail and industrial sectors.

A large share of real estate professionals globally no longer view office space as being essential for a company to operate successfully. At the same time, increasing demand for flexible workplaces is evident and office space is being repurposed for other uses more and more frequently, according to the RICS Global Commercial Property Monitor for Q4 2021.

Based on independent external appraisals, CA Immo expects a positive net property revaluation result of around €355 million (around €3.52 per share) for the fourth quarter of 2021. Overall, a highly positive net property revaluation result of approximately €540 million (around €5.36 per share) is expected for the business year 2021, which will significantly exceed the reference value of the previous year of €184 million. The result reflects the still attractive market environment FOR Class A properties in Germany and especially in Munich and Berlin despite the Covid-19 pandemic.

Lease transactions on Bratislava's office market reached approx. 98,000 sqm in Q4 2021, which represents a 124% increase in leasing activity compared to the previous quarter. The Bratislava Research Forum announced the office market figures for Q4 2021.

While the future of the office industry was unpredictable in the early days of the pandemic, companies are doubling down on their investments in strategic office locations and preparing for a future in which hybrid work could become mainstream. Large employers still see the office as a central pillar of work arrangements and have made strategic acquisitions in the recent period.

The Q4 2021 results of the RICS Global Commercial Property Monitor indicate a continued improvement in market sentiment across Europe compared to the previous quarters, with progress particularly evident on the investment side of the market. That said, conditions remain polarised at the sector level, with the latest feedback still signalling a challenging set of circumstances for retail while industrials continue to post robust expectations for the twelve months ahead.