Thursday, 9 April 2026
The recovery of air travel across Europe is increasingly influencing real estate activity, particularly in sectors linked to tourism and transport infrastructure. Passenger traffic reached record levels in 2025, reinforcing the role of airports not only as transport nodes but also as catalysts for development in surrounding areas.
According to data from ACI Europe, European airports handled around 2.6 billion passengers in 2025, marking a year-on-year increase of approximately 4.4 percent and confirming a return to steady growth following the post-pandemic rebound . Growth has been driven primarily by international travel, which continues to account for the majority of passenger volumes across the region .
Within this context, secondary airports in Central and Eastern Europe have recorded some of the strongest increases. Passenger traffic at Václav Havel Airport Prague has grown at a double-digit pace, placing it alongside other expanding regional hubs such as Kraków and Budapest. Industry data shows that airports in this size category have been among the fastest-growing segments, supported by rising leisure travel and improved connectivity .
The expansion of air traffic is translating into increased interest from investors, particularly in sectors directly linked to passenger flows. Hotels, retail schemes and food and beverage operators are expanding near major transport hubs, while logistics and distribution facilities are also benefiting from improved connectivity. This pattern reflects a broader trend in which airport infrastructure supports wider economic activity beyond aviation.
At the same time, major European hubs are pursuing long-term capacity growth, although progress varies. Projects such as the expansion of Heathrow Airport and the continued development of Istanbul Airport highlight the scale of investment required to accommodate future demand. Istanbul, in particular, is expected to play an increasingly important role due to its position between Europe and Asia.
Airport operators across Europe are also investing in infrastructure upgrades. The Spanish operator Aena has outlined a multi-billion euro investment programme aimed at expanding capacity in key markets, reflecting strong passenger growth and rising demand for air travel.
The link between aviation and real estate is becoming more pronounced as passenger numbers increase. Higher volumes of travellers support demand for accommodation, retail and services, while also reinforcing the need for logistics and office space in areas with strong transport connections. This is particularly visible around regional airports, where growth is opening new locations for development that were previously overlooked.
Looking ahead, industry forecasts point to continued expansion in European air traffic, with moderate annual growth expected over the next decade. While this trajectory is subject to economic and geopolitical conditions, the current trend suggests that airports will remain an important factor shaping real estate markets, especially in cities where capacity is expanding and connectivity is improving.
Sources: Colliers and CIJ EUROPE Analysis Team
