According to Colliers, 225 million euros were invested in hotel properties in the first quarter of the year, which is equivalent to the weakest opening quarter since 2014.
"The quarterly result is also just below that of the second quarter of 2020, when far-reaching contact restrictions were imposed by politicians following the outbreak of the Covid 19 pandemic and the real estate market briefly remained in a state of shock," the company announced.
René Schappner, Head of Hotel at Colliers: "The first three months of the year were quiet as expected. Only 17 transactions were notarised. Many processes that were already initiated last year are still not completed or partly on hold. The weakening economy and high inflation in combination with rising interest rates and financing costs are currently slowing down the market dynamics significantly." However, there is improvement in sight: "We expect the market to pick up in the second half of the year, although the full-year result will fall short of that of recent years. For 2024, we expect market momentum to pick up again, in line with the current framework data."
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