Slovak Organized Tourism Remains Near Record Levels Despite Slight Slowdown in 2025

Slovakia’s organised tourism market recorded a slight slowdown in 2025, although travel demand remained historically strong, according to new data published by the Statistical Office of the Slovak Republic. Despite a year-on-year decline in client numbers, last year still marked the second strongest performance for Slovak tour operators and travel agencies since the beginning of the millennium.

More than 1.2 million people used the services of Slovak travel agencies and tour operators during 2025, representing a 3.6 percent decline compared with the record-breaking results achieved in 2024. However, organised tourism volumes remained above pre-pandemic levels recorded in 2018 and 2019.

Outbound tourism continued to dominate the market, accounting for 84 percent of organised travel demand. More than one million Slovaks travelled abroad through organised tours, making 2025 the second-best year for outbound tourism in the past 25 years. While the number of outbound travellers fell by 3.5 percent year-on-year, demand remained more than 50 percent higher than before the pandemic.

Multi-day holidays with overnight stays remained the preferred option among Slovak travellers, although interest in shorter sightseeing trips and organised sporting events also increased. Same-day organised trips abroad represented around 7 percent of outbound travel volumes.

Turkey retained its position as the leading package holiday destination for Slovak travellers, attracting roughly one in five holidaymakers despite a 16 percent annual decline in visitor numbers to around 226,000 people. Egypt ranked second, welcoming nearly 124,000 Slovak tourists and recording strong growth both year-on-year and compared with 2019. Other leading destinations included Greece, Italy, Tunisia and Cyprus.

Among the ten most popular destinations, Egypt and Italy posted double-digit annual growth in visitor numbers. Meanwhile, travel demand to traditional destinations such as Czechia and Croatia declined compared with the previous year. Compared with pre-pandemic levels, Bulgaria and Croatia recorded some of the sharpest decreases in organised travel demand.

The data also pointed to rising interest in long-haul and exotic destinations. Countries including Oman and the United Arab Emirates recorded higher visitor numbers than before the pandemic, supported by expanding direct flight connections and additional charter services from Slovakia. Although annual figures declined slightly, destinations such as Vietnam and the Dominican Republic reported tourism volumes more than twenty times higher than in 2019.

Inbound tourism continued to lag behind outbound demand. Around 127,000 foreign visitors arrived in Slovakia through Slovak travel agencies and tour operators in 2025, down 3 percent year-on-year and significantly below pre-pandemic levels. Most foreign visitors opted for same-day trips without overnight stays. Visitors from Austria, the United States and Germany accounted for nearly three quarters of all inbound arrivals organised through Slovak operators.

Domestic organised tourism also weakened overall, with participant numbers falling by 6 percent to around 77,000 travellers. However, same-day domestic package trips recorded notable growth, increasing by almost 20 percent year-on-year and more than doubling compared with 2019. The strongest growth in this segment was recorded by travel companies based in the Žilinský kraj region.

Despite softer client volumes, revenues in the organised tourism sector continued to rise. Total turnover from package travel services increased by 4 percent year-on-year to nearly EUR 1.1 billion, exceeding pre-pandemic levels by 46 percent. Outbound tourism generated more than 94 percent of total sector turnover.

Domestic tourism recorded the strongest annual turnover growth, rising 15 percent to EUR 37 million, while outbound tourism revenues climbed to approximately EUR 1 billion. Inbound tourism was the only segment to report declining revenues, falling nearly 13 percent year-on-year to EUR 26 million.

Companies headquartered in Bratislavský kraj continued to dominate the sector, accounting for the majority of turnover in both outbound and inbound tourism activities.

Source: SOSK

Quality, Risk and the Next Phase of Romanian Construction

Romania’s construction sector continues to face pressure from rising material costs, labour shortages, financing uncertainty and increasingly complex technical standards. According to Lucian Linta, CEO at EREN in Romania, however, the greatest challenge facing contractors today is not necessarily pricing volatility or workforce availability, but the unpredictability surrounding project financing and payment flows.

Speaking with CIJ EUROPE, Linta explained that delayed client payments continue to place significant pressure on contractors, who are expected to finance materials and labour long before payments are received for completed work stages. He noted that many projects operate with payment cycles of 60 to 120 days, while suppliers and subcontractors often require far faster settlement in order to guarantee pricing, quality and delivery schedules.

“From a general contractor’s perspective, the biggest threat is client-side financing,” Linta said. “We contract labour and materials from third parties and, in order to obtain a good quality and a good price, we have to pay them very quickly. Clients, however, often expect payment terms much longer than that.”

The situation has become increasingly difficult due to supply chain instability and geopolitical uncertainty. Linta pointed to the ongoing impact of the war in Ukraine and broader European demand pressures, particularly in relation to specialist construction materials such as mineral wool insulation, where lead times have increased considerably due to changing fire safety regulations and sustainability standards.

“The materials are becoming harder to find and harder to deliver on time,” he said. “At the same time, regulations are changing as Romania aligns itself more closely with European standards.”

EREN Romania is currently active in Bucharest, Brașov, Timișoara and Constanța, with an increasing focus on design-and-build projects. Among its newest assignments are military-related developments near Constanța, including a helicopter shelter project at Mihail Kogălniceanu Airport connected to the NATO base.

Linta said that while some defence-related projects in Romania require specialised certifications and security clearances, these current developments fall under standard construction procedures. Nevertheless, the company’s return to government-related defence projects marks a renewed expansion into the public sector after earlier collaborations more than a decade ago.

Beyond financing challenges, Linta believes that maintaining construction quality remains the defining responsibility of a general contractor, even as developers increasingly focus on reducing costs and accelerating delivery timelines.

“We do not agree to contracts if we are not one hundred percent sure we can deliver both quality and timing,” he said. “Sometimes we reject projects because the requested timelines are unrealistic.”

He recalled a recent residential project proposal in Moldova where a developer requested the structural phase to be completed in nine months. According to Linta, EREN Romania declined the timeline and proposed a 12-month schedule instead, arguing that the shorter delivery period would require night work and ultimately compromise construction standards.

“It can be done with night shifts, but the quality is not the same,” he explained. “People are not as efficient during the night and costs also increase significantly.”

Linta argued that many investors continue to underestimate the long-term operational impact of construction decisions, particularly in residential developments where upfront cost reduction often takes priority over lifecycle efficiency and durability.

“The real cost of a building is not the construction cost,” he said. “The real cost is how you operate it over time.”

According to him, insulation systems, façade quality and energy efficiency measures remain among the most overlooked areas in Romanian residential construction. He pointed specifically to the continued widespread use of plaster façades rather than ventilated façade systems, despite the latter offering significantly better long-term durability and maintenance performance.

“It is cheaper to use plaster today, but after ten years it deteriorates and must be redone,” Linta said. “Some investors think that will become the owners’ problem later, but if you want to remain in this market long term, reputation matters.”

The industrial and logistics sector continues to represent a major part of EREN Romania’s business activity, currently generating approximately half of the company’s revenues. However, Linta noted that competition within the logistics market has intensified as major developers increasingly divide projects among multiple contractors in an effort to reduce costs.

According to him, many large logistics developers now separate projects into individual packages for structure, earthworks, envelopes and technical systems rather than appointing a single general contractor. While this may lower short-term costs, Linta believes it increases complexity and places additional coordination burdens on clients.

“The client has to hire more engineers, more project managers and integrate all the subcontractors,” he said. “A general contractor takes those risks and responsibilities away from the client.”

He stressed that general contractors also absorb financial risks connected to material price increases, delays, weather conditions and subcontractor coordination, while simultaneously providing bank guarantees and financing support for projects.

“A general contractor takes the risk from the client and delivers a turnkey product,” Linta said. “Quality cannot depend on luck or individual effort. It has to be embedded into processes, reporting and financial accountability.”

Maintaining quality control has also become more difficult due to declining consistency among subcontractors, according to Linta. He explained that projects which previously required only a small on-site management team now demand significantly larger engineering oversight simply to maintain the same construction standards.

“Ten or fifteen years ago, a large warehouse project could be managed with one project manager and one site engineer,” he said. “Today we need much larger teams because subcontractor quality has decreased.”

At the same time, technology is beginning to reshape both project management and tendering processes across the Romanian construction market. Linta said EREN Romania is already implementing AI-assisted systems to automate portions of document analysis, reporting and tender evaluations.

“We are using AI to read project documentation and extract valuable information during the tendering process,” he explained. “This improves efficiency significantly.”

He believes the next major evolution will come from the integration of AI with BIM systems, particularly in project coordination, real-time reporting and construction monitoring.

“BIM combined with AI is the future of construction,” Linta said. “You will be able to monitor construction progress in real time using drones, cameras and integrated reporting systems.”

Although he does not believe construction sites will become fully automated in the near future, Linta expects clients to increasingly demand higher levels of transparency, live reporting and digital oversight throughout the entire construction lifecycle.

“The most successful contractors in the future will not necessarily be the cheapest,” he said. “They will be the companies investing in technology, systems and long-term processes.”

Linta also raised concerns regarding Romania’s broader infrastructure strategy and the country’s ability to fully utilise available European funding. According to him, Romania remains insufficiently prepared to convert approved EU financing programmes into deliverable projects, particularly under the PNRR framework.

“We are losing money because we are not prepared,” he said. “Projects are approved too late and the market reacts only at the last minute.”

He argued that Romania still lacks a coherent long-term infrastructure master plan, particularly in areas such as highways, rail transport and logistics connectivity.

“We are building disconnected segments instead of complete transport corridors,” Linta said. “Infrastructure should connect the major cities, logistics centres, ports and borders in order to support economic growth.”

Despite these concerns, Linta remains optimistic about Romania’s long-term development potential, particularly in logistics, infrastructure and public investment sectors such as healthcare.

“Romania needs infrastructure,” he concluded. “Without transport, railways and proper planning, sustainable development cannot happen.”

Refugees Face Persistent Barriers to Healthcare Access in Germany

Refugees in Germany continue to encounter major challenges when trying to access healthcare, particularly during the first years after arrival, according to a new study by the German Institute for Economic Research. Researchers found that long waiting times, financial pressures, travel distances and difficulties navigating the healthcare system frequently delay or prevent treatment.

The analysis, based on data from the IAB-BAMF-SOEP survey of refugees, indicates that healthcare access problems are most severe shortly after arrival in Germany. More than one quarter of refugees surveyed reported delays in receiving treatment because of lengthy waiting periods. Among refugees from Ukraine, the figure rises to around 40 percent.

Financial barriers also remain significant. Around one in five recently arrived refugees said they had forgone medical treatment due to costs, while approximately ten percent cited long travel distances as an obstacle to care. Researchers noted that these pressures gradually ease over time, although many difficulties persist.

The study also highlights broader problems in understanding and navigating the German healthcare system. Around one third of respondents said they struggled to find suitable medical services, while many reported difficulties understanding essential health information, including guidance on emergencies and treatments.

Preventive healthcare appears particularly affected. Roughly 37 percent of refugees surveyed said they found information about preventive check-ups difficult to understand. Mental health support also remains challenging, with nearly 39 percent reporting difficulties accessing or understanding care related to psychological problems.

According to the researchers, delayed access to medical treatment can have longer-term consequences both for refugees and for the healthcare system itself. They argue that untreated health issues may worsen over time and ultimately increase healthcare costs.

The report calls for measures to reduce barriers to access, including improved health communication through professional interpreters and clearer information in plain language. It also recommends reducing administrative and structural obstacles linked to appointment scheduling and access to services.

Researchers further warned that proposed changes affecting the legal status of Ukrainian refugees in Germany could deepen existing inequalities in healthcare coverage by limiting entitlement to benefits under the current system.

Source: BIW

Slovak economic sentiment improves in May despite weaker consumer confidence

Economic sentiment in Slovakia improved for the second consecutive month in May, although overall confidence levels remained below the long-term average, according to the latest survey data published by the Statistical Office of the Slovak Republic.

The Economic Sentiment Indicator (ESI) increased by 0.4 points month-on-month to 100.1, marking the first time this year that positive expectations slightly outweighed negative assessments. Compared with May 2025, the indicator was 3.4 points higher, though still 5.6 points below its long-term average.

The improvement was driven mainly by stronger confidence among companies in the services sector, retail trade and construction. However, sentiment among industrial companies and consumers weakened during the month.

In industry, the seasonally adjusted confidence indicator fell by 1.6 points to 0.7. The decline reflected weaker order books and lower expectations for industrial production over the next three months. Reduced demand was particularly visible in the manufacture of coke and refined petroleum products, while producers of basic pharmaceutical products reported weaker production expectations.

The services sector recorded the strongest improvement in sentiment. The confidence indicator rose by 3.7 points to 7, supported by better assessments of current business conditions and stronger demand expectations. Financial and insurance activities contributed significantly to the improved business outlook, while companies in real estate activities anticipated higher demand.

Consumer sentiment remained subdued. The seasonally adjusted consumer confidence indicator declined by 0.9 points to -28.3, reaching one of its weakest levels since March 2023. The indicator remains well below its long-term average, reflecting continued concerns among households about their future financial situation and savings capacity. Consumers were, however, slightly more optimistic regarding broader economic developments and unemployment expectations.

Retail trade sentiment improved moderately in May, with the confidence indicator increasing by 1.7 points to 2. Retailers reported better business activity over the past three months and lower stock levels. Improvements were particularly visible among online and non-store retailers, while specialised retailers of cultural and recreational goods recorded declining inventories.

Confidence in construction also strengthened, rising by 1.5 points month-on-month to -1.5. Construction firms reported improved order books, especially among companies involved in building construction, while employment expectations remained unchanged.

The latest survey suggests that while parts of the Slovak economy are showing signs of stabilisation, weak consumer confidence and softer industrial activity continue to weigh on the broader economic outlook.

Source: SOSR

MLP Group signs new lease with Stook Concept at MLP Bucharest West

MLP Group has signed a new lease agreement with Stook Concept at its MLP Bucharest West logistics park in Romania, continuing the expansion of the developer’s flagship industrial project near Bucharest.

The Romanian company has leased a 3,600 sqm unit in building C2, comprising approximately 3,500 sqm of warehouse space and 100 sqm of office accommodation. The building is currently in the final stages of construction, with delivery scheduled later this quarter. Colliers advised Stook Concept during the leasing process.

Founded in 2023 and headquartered in Bucharest, Stook Concept operates in the e-commerce and retail sectors, focusing on consumer brands and non-food products. The company distributes products through online platforms including eMAG Marketplace and Altex Marketplace, while also developing its own brands.

Olga Melihov, Country Head Romania at MLP Group, said the tenant selected the park due to the quality of the logistics space, flexible leasing conditions and the location’s connectivity for distribution operations. She added that Romania remains a strategic growth market for the company as it continues to expand its logistics platform.

Robert Alesu, CEO of Stook Concept, said the new facility would support the scalability of the company’s operations and improve its ability to serve customers and partners.

Dan Dragomirescu of Colliers Romania said the lease reflected continued demand for modern logistics space in well-connected locations around Bucharest.

Buildings C1 and C2 form part of the fourth phase of development at MLP Bucharest West. Each building will provide 10,600 sqm of space. The first three phases of the project delivered approximately 58,700 sqm, which the developer said is fully leased.

Located in the Chitila area in north-west Bucharest, near the city’s ring road, the Class A logistics project is being developed on an 18.3-hectare site. Once completed, the park is expected to provide approximately 99,000 sqm of warehouse space. The development is designed to meet BREEAM environmental certification standards.

MLP Group continues to operate under its long-term “build & hold” strategy, retaining completed assets within its portfolio and managing them directly.

German companies report growing pressure from payment delays and bad debts

Late payments and rising bad debts are placing increasing pressure on German companies, according to the latest payment behaviour survey published by Atradius.

The report found that 87 percent of surveyed businesses experienced payment delays in business-to-business transactions, above the Western European average of 77 percent. Companies cited customer liquidity problems, internal approval procedures, banking delays and complex payment processes among the main reasons for slower payments.

According to the survey, tighter lending conditions and higher borrowing costs are increasing dependence on supplier credit as a source of financing. At the same time, German companies continue to apply relatively cautious credit practices compared with other Western European markets.

Atradius said many suppliers now limit payment periods to a maximum of 30 days in an effort to protect liquidity and reduce exposure to delayed receivables.

The report also highlighted growing concerns over bad debts. Around 10 percent of surveyed companies stated that unpaid receivables accounted for at least five percent of their total B2B invoice value, creating additional pressure on profitability and working capital.

Approximately one in five companies surveyed said they had delayed payments to their own suppliers due to payment problems further along the supply chain.

Frank Liebold, Country Director Germany at Atradius, said the combination of economic weakness, geopolitical uncertainty and rising insolvencies continues to weigh on the business environment, particularly for export-oriented companies.

The survey found that 34 percent of respondents expect insolvencies to increase further, while 52 percent believe insolvency risks will remain at current elevated levels.

Businesses identified a further economic slowdown as the main threat to payment stability, followed by cost pressures and geopolitical risks.

The findings are based on a survey of 210 German companies conducted during the first and second quarters of 2026.

SCF expands Polish retail portfolio with acquisition of Janki Retail Park

SCF Group and its investment partners have completed the acquisition of Janki Retail Park near Warsaw, further expanding the group’s retail property portfolio in Poland.

The retail park is located adjacent to the Janki shopping centre, which has already been part of the group’s portfolio for the past two years. The scheme includes stores operated by MediaMarkt and TK Maxx, with a combined leasable area exceeding 7,000 sqm.

The property was acquired from LCP Poland, part of M Core. Financial details of the transaction were not disclosed.

Josef Malíř, CEO and owner of SCF Group, said Poland remains one of the company’s main target markets for retail real estate investment in Central Europe. He added that the group continues to expand its local portfolio through acquisitions supported by its Warsaw-based team.

Magdalena Kowalewska Kasperowicz, Chief Operating Officer at LCP Poland, said the transaction aligns with the company’s portfolio management strategy, which remains focused on the continued development of retail parks under the M Park brand.

SCF entered the Polish retail market in 2024 through the acquisition of six shopping centres from Cromwell Property Group in a transaction valued at nearly EUR 300 million. Earlier this year, the company also acquired the Jantar shopping centre in Słupsk, which provides approximately 44,000 sqm of leasable space.

The group’s Polish retail assets are held within the SCF Eagle sub-fund, part of SCF Investment Partners SICAV.

Aareal Bank provided financing for the latest acquisition. Advisory services on the transaction were provided by JLL and Gleeds, while legal counsel was handled by Dentons.

Geosan Development launches final phase of residential plots in Choťánky

Geosan Development has started sales of the final phase of residential building plots in Choťánky near Poděbrady in the Central Bohemian Region.

The latest phase includes 30 plots designated for the construction of family houses, with sizes ranging from 640 sqm to 982 sqm. Infrastructure works are currently underway and are scheduled for completion by the end of 2026, after which buyers will be able to begin construction.

According to the developer, all plots will be connected to water, sewage and electricity networks, while the project will also include public lighting, roads and pavements.

Eliška Koderová, Sales Director at Geosan Development, said demand for the earlier phase of the project had been strong, with only two plots remaining available from the previous release of 30 parcels.

She added that the newly released plots are generally larger in size while remaining aimed at buyers seeking residential living outside Prague with access to urban infrastructure and transport links.

Choťánky is located approximately three kilometres from Poděbrady and around 30 minutes by car from Prague’s Černý Most district. The area is also accessible by train and bus connections to Prague.

Local amenities in the village include a grocery store and municipal services, while broader retail, healthcare, educational and leisure facilities are available in nearby Poděbrady and Nymburk.

The surrounding area also offers cycling routes and recreational facilities, including the Elbe cycling trail, sports centres and leisure areas around Poděbrady.

Polish economic indicator points to moderate growth trend

Poland’s Economic Indicator (WWK), which tracks expected economic trends, declined by 0.9 points in May compared with the previous month, suggesting that the economy continues to expand at a moderate pace.

Among the eight components of the index, one improved, four remained unchanged and two weakened.

Data from the industrial sector showed a slight increase in new orders. Although companies reporting lower order volumes still outnumber those seeing growth, the difference between the two groups narrowed compared with earlier this year.

The improvement was more visible among larger manufacturing companies. Producers of non-metallic mineral products and transport equipment recorded some of the strongest increases in incoming orders.

Analysts noted that higher EU-funded investment activity and increased defence spending may be supporting demand. Economic conditions in Germany have also shown some improvement in recent months.

At the same time, manufacturing companies continue to face pressure on profitability. Despite better financial results reported in official statistics for the first quarter, business managers do not yet report a broader improvement in financial conditions.

Higher producer prices and rising operating costs continue to affect margins, particularly where companies have not been able to fully pass increased costs on to customers.

Business sentiment surveys also indicate that companies remain cautious in their assessment of the broader economic situation.

Source: BIEC

Resi4Rent portfolio sale closes in major Polish PRS transaction

The sale of 18 completed residential rental projects from Resi4Rent to Vantage Development, part of the TAG Immobilien group, has been completed following approval from Poland’s competition authority.

The portfolio includes 5,322 rental apartments located across Warsaw, Kraków, Wrocław, Gdańsk, Łódź and Poznań. The transaction value exceeded PLN 2.437 billion, equivalent to approximately EUR 575 million.

According to the parties involved, the deal represents the largest transaction completed to date within Poland’s institutional private rented sector (PRS). The agreed purchase price reflects an estimated forward net operating income yield of around 6.3 percent for 2026.

Following the transaction, Resi4Rent will continue operating and developing its remaining portfolio, which includes nearly 4,000 units consisting of completed assets and projects currently under construction.

Rafał Mazurczak, COO of Echo Investment, said the transaction reflects the development of the institutional rental housing market in Poland and confirms continued investor interest in the sector. He added that the company intends to continue expanding its remaining portfolio across Poland’s largest urban markets.

Resi4Rent was established in 2018 as a joint venture between Echo Investment, which holds a 30 percent stake, and a global investment fund advised by Griffin Capital Partners, which owns the remaining 70 percent.

Tomasz Kosieradzki, Director at Griffin Capital Partners, said the transaction forms part of the planned rotation of stabilised assets within the portfolio. He added that the company continues to view Poland’s residential rental market as an attractive long-term investment segment supported by housing shortages, urbanisation trends and growing demand for professionally managed rental accommodation.

Resi4Rent currently manages the full rental process, including development, leasing and property management. The platform’s apartments are offered as furnished units under institutional management standards and currently house around 18,000 residents.

According to market estimates cited by the company, Poland’s institutional PRS market could expand from approximately 27,000 units by the end of 2025 to around 45,000 units by 2030.

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