. ALBANIA
“Albania’s real estate landscape is at a crossroads, presenting both opportunities and challenges. The surge in construction permits and investments in the tourism sector indicates a promising trajectory” Alban Caushi, Partner, CR Partners in cooperation with Karanovic & Partners, wrote in an article published on Issue 11.2 of the CEE Legal Matters Magazine. “As Albania moves ahead, the success of its real estate market hinges on making intelligent and sustainable choices” he concluded.
. BOSNIA-HERZEGOVINA
Building Permits increased to 465 Units in April from 457 Units in March of 2024, the Agency for Statistics of Bosnia and Herzegovina said. Building Permits in the country averaged 369.92 Units from 2019 until 2024, reaching an all time high of 526.00 Units in October of 2023 and a record low of 268.00 Units in January of 2020, according to Trading Economics.
. CYPRUS
Across Cyprus, on an annual basis, at the end of the first quarter of 2024, prices increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, 0.4% for retail, 3.6% for holiday apartments, 1.0% for holiday houses, and stable for warehouses, according to a report by Askwire, at tech-informed real estate company that monitors transactions, asking prices, and construction activity across the island. Limassol has the highest percentage price increase for both apartments and houses . Pavlos Loizou, CEO of Ask Wire, commented that “geopolitical tensions and unrest in the region continue to influence overseas real estate demand, accelerating the pace at which prices are affected.”
. CROATIA
“There is a significant shortage of modern office space throughout the entire country, as the demand far outweighs the available supply. This is especially evident in the country’s capital Zagreb, where thousands of people still work in buildings damaged in the earthquakes from 3 years ago. Therefore, the market is ready for a new development
cycle in the office sector”, Avison Young Croatia said in its Croatia Real Estate Market Report, published on March 19.
. GREECE
Apartment prices grew by 10.4%, on average, in the first quarter of 2024, on an annual basis, a report by the Bank of Greece revealed on Tuesday. Based on revised data, for 2023 the average annual rate of increase in prices for apartments was 13.8% compared to an increase of 11.9% in 2022. The price increase in the first quarter of 2024 compared to the corresponding quarter of 2023 was 9.4% in Athens, 12.2% in Thessaloniki, 10.3% in other large cities and 12.1% in the other regions of the country.
. ROMANIA
In Q1 2024, companies leased 91,000 sq. m of office spaces in Bucharest, up 63% y-o-y, according to Cushman & Wakefield Echinox data. A number of 55 transactions were concluded during the period under review, with an average deal size of 1,657 sq. m, twice the level of recorded in Q1 2023. Transactions pertaining to areas of up to 1,000 sq. m accounted for the largest share (65% of the total), followed by those ranging between 1,000 – 2,000 sq. m (16%). Seven deals were signed for offices with an area between 2,000 – 5,000 sq. m, while three exceeded 5,000 sq. m. Business process outsourcing (BPO) companies were the most active in terms of the leased areas, accounting for 36% of the total.
. SERBIA
Throughout 2023, Serbia’s real estate market has demonstrated resilience amidst global uncertainties, driven by robust demand for residential, commercial, and industrial properties, according to the “Overview of Real Estate Market in Serbia I Q4 2023” report by Colliers.
