Capital Markets

Investment activity in the SEE region remained stable in 2025, with only a slight decline in volumes and performance largely in line with regional expectations. Regional and domestic capital continued to gain ground—surpassing international investors in markets like Serbia—while Bulgaria remained dominated by local buyers and Croatia and Slovenia saw stronger foreign participation. Serbia was the most active market overall, accounting for nearly 40% of total investment volume.

Yields compressed across almost all asset classes except shopping centres, where limited activity kept pricing flat, and prime segments recorded compressions exceeding 100 bps. Offices attracted the largest share of investor interest at over 50%, followed by retail—both retail parks and shopping centres - at more than 20%, while the hotel sector was active across several markets, with Serbia capturing nearly half of all hotel transactions, including both prime and outdated assets.

International buyers represented under 45% of all investors in 2025, originating mainly from Hungary, Russia, Germany, Austria, and the Czech Republic. Regional capital has also become increasingly prominent across the wider CEE, with foreign investors remaining particularly focused on prime office and logistics assets.