Central and Eastern Europe (CEE) recorded a total turnover of approximately EUR 85 mln of property transactions in the month of May, thanks to two investment transactions in Russia, according to CB Richard Ellis' latest monthly CEE Property Investment MarketView.
Central and Eastern Europe (CEE) recorded a total turnover of approximately EUR 85 mln of property transactions in the month of May, thanks to two investment transactions in Russia, according to CB Richard Ellis' latest monthly CEE Property Investment MarketView.
This result is close to the average CEE monthly investment volume tracked so far in 2009, CBRE said. With the addition of several transactions from the first quarter of 2009 that were recently made public, the region's year-to-date property investment volume reached EUR 419 mln by end-May.
Transactions in Russia now account for about 40% of CEE's 2009 investment volume, an increase from 34% during 2008.
Jos Tromp, Head of CEE Research & Consulting, said: 'Continued investment activity in Russia can be attributed to several factors, including sharper price movement than elsewhere in CEE, the size of Moscow's office and retail markets, rising commodity prices and the more local nature of the Russian investment market. Nonetheless, most institutional investor interest remains in Central Europe despite the low volume achieved there so far this year.'
