Young Entrepreneurs Gain Ground Across Europe, with Poland Near the Top

Eurostat data for 2025 shows that entrepreneurship is becoming an increasingly important entry point into the labour market for young Europeans. Across the European Union, around 2.06 million people aged between 20 and 29 were self-employed, representing 7.9 percent of all entrepreneurs.

In Poland, approximately 266,200 young people were running their own businesses, accounting for 9 percent of the country’s self-employed population. This places Poland just outside the top ten in terms of share, but among the leading countries in absolute numbers, ranking third behind France and Italy.

The highest proportion of young entrepreneurs was recorded in Slovakia, followed by Malta and Romania, highlighting a strong presence of youth-led businesses across parts of Central and Eastern Europe.

Analysts note that entrepreneurship is increasingly seen not only as a personal choice driven by independence and creativity, but also as a practical response to a changing labour market. As entry-level roles become less available, partly due to automation and technological shifts, more young people are turning to self-employment as a viable career path.

Despite the relatively strong position, Poland has seen a decline in the number of young entrepreneurs compared to recent years. The figure has fallen from over 300,000 in 2023 to its current level, marking the lowest reading since 2020, although still above pre-pandemic levels.

At the same time, broader employment indicators show a mixed picture. Across the EU, the employment rate for people aged 20–29 reached 65.6 percent in 2025, continuing a gradual upward trend over the past decade. Poland stands slightly above this average at 69.1 percent, though it still trails leading markets such as the Netherlands and Germany.

Overall, the data points to a shifting dynamic in Europe’s labour market, where entrepreneurship is playing a growing role in absorbing younger workers. However, sustaining this trend will depend on economic conditions, access to financing and the ability of young business owners to scale their activities in an increasingly competitive environment.

Tokyo office strength underpins Japan property groups as cost pressures build

Japan’s largest property companies are entering a period of steady performance, supported by strong domestic leasing conditions, even as rising borrowing costs begin to test financial resilience.

Demand for office space in Tokyo continues to recover, with vacancy levels tightening and rental values moving upward across prime locations. The improvement reflects a return of corporate activity and a renewed focus on high-quality workplaces, as companies seek to attract employees back to central business districts.

At the same time, the development pipeline remains relatively constrained. Fewer large projects are expected to be delivered in the near term, partly due to higher construction costs and labour shortages. This limited supply is helping sustain favourable conditions for landlords, particularly for well-located, modern assets.

Investment activity has remained active, with both domestic and international buyers continuing to target Japanese real estate. The market’s relative stability, combined with favourable financing conditions compared with other regions, has helped sustain investor interest despite a gradual shift in interest rate trends.

However, the sector faces growing financial pressures. Developers are maintaining elevated levels of borrowing as they continue to invest in new projects and expand portfolios. As financing costs rise, the ability to maintain profitability will increasingly depend on continued rental growth and disciplined capital management.

Earnings are expected to remain supported by ongoing development activity and asset sales, although this introduces greater variability compared with traditional rental income. This shift highlights a balancing act between growth and stability, as companies seek to enhance returns while preserving financial strength.

Compared with other major markets, Japan’s property sector continues to benefit from relatively stable fundamentals. Office demand remains more resilient than in the United States, where occupancy has yet to fully recover, while oversupply continues to weigh on parts of the Asian market.

The outlook remains broadly positive, but the coming years will test whether income growth can keep pace with rising costs, shaping the financial trajectory of Japan’s leading real estate groups.

Poland’s non-bank lending surges in early 2026 on rising incomes and demand

Poland’s non-bank lending sector recorded strong growth in the first quarter of 2026, supported by rising wages, resilient consumer demand and stable credit quality.

Data published by Biuro Informacji Kredytowej shows that loan companies granted approximately 4.6 million loans in the first three months of the year, with a total value of PLN 7.4 billion. In March alone, lending reached around 1.67 million loans worth PLN 2.7 billion.

The figures translate into year-on-year growth of 15.2 percent in the number of loans issued and 21.1 percent in value terms for the quarter, indicating that not only more loans are being taken, but also that average loan sizes are increasing. On a monthly basis, March recorded particularly strong dynamics, with increases of 16.9 percent in volume and 24.2 percent in value compared with a year earlier.

The expansion is closely linked to improving household incomes. According to data from Statistics Poland, average wages in large enterprises reached PLN 9,652 gross in March, up 6.6 percent year-on-year, marking a record level. The combination of rising earnings and a relatively stable labour market has strengthened borrowing capacity and supported consumer activity.

At the same time, expectations of further price increases, partly driven by higher fuel costs, have encouraged households to bring forward spending, adding momentum to the lending market. Analysts also point to a noticeable increase in demand for cash loans, suggesting that some households are using short-term financing to support day-to-day budgets.

Despite the rapid growth, the overall quality of loan portfolios has remained stable, with no significant deterioration in repayment performance reported. This indicates that, for now, higher lending volumes are not translating into increased credit risk.

Industry analysts caution, however, that the current environment requires careful financial management. While access to credit has expanded alongside incomes, sustained reliance on short-term borrowing could create vulnerabilities if economic conditions weaken.

The latest data confirms that Poland’s non-bank lending segment continues to expand, reflecting both stronger household finances and persistent consumption pressures in the broader economy.

Europe’s housing gap widens as climate pressure meets affordability constraints

Europe’s housing stock is coming under growing pressure as climate exposure rises faster than the ability of households to adapt, revealing a widening gap between environmental risk and financial resilience.

Survey findings from Eurofound show that a large majority of residents have already been affected by extreme weather, while a significant share report being unable to maintain comfortable indoor conditions during periods of high heat. The burden is most acute among lower-income households, where affordability constraints limit access to cooling and energy-efficient upgrades.

For property markets, the issue is becoming increasingly structural. A large portion of Europe’s urban population lives in rented accommodation, where investment decisions sit with landlords, while tenants carry the cost of inefficient buildings. This disconnect continues to slow renovation activity, despite rising demand for more resilient and energy-efficient housing.

Data from the European Environment Agency points to intensifying climate patterns across the continent, with heat events, flooding and storms becoming more frequent. At the same time, progress in upgrading existing buildings remains gradual, even as the sector accounts for a substantial share of energy consumption.

Regional differences are sharpening the divide. Southern Europe is facing more extreme heat stress, while northern and western markets are increasingly exposed to water-related risks. In Central and Eastern Europe, awareness and local preparedness are relatively strong, but financial capacity to implement upgrades remains more limited.

For investors and policymakers, the data underscores a shift in focus. Climate resilience is no longer a peripheral consideration but an emerging factor in asset value, tenant demand and long-term urban planning. Bridging the gap between exposure and adaptation will depend on targeted incentives, regulatory adjustments and scalable financing models that can accelerate renovation without pricing out vulnerable households.

Czech Republic keeps deficit in check as debt edges higher

The Czech Republic maintained a controlled fiscal position in 2025, with the budget gap holding at 2.1 percent of GDP, signalling a pause in consolidation but continued compliance with European fiscal limits.

Data validated by Eurostat and released by the Czech Statistical Office shows that the deficit totalled CZK 183.7 billion last year, while public debt rose to 44.3 percent of GDP.

The figures confirm that, although the pace of deficit reduction has slowed following a sharper adjustment in 2024, the country remains comfortably within the EU’s fiscal framework. At the same time, the gradual increase in debt reflects ongoing borrowing needs, even as overall levels remain well below the European average.

For investors and regional markets, the data reinforces the Czech Republic’s position as one of the more fiscally stable economies in Central and Eastern Europe. However, the stabilisation of the deficit, rather than further improvement, suggests that future progress will depend on sustained budget discipline and the management of longer-term spending pressures.

The latest notification forms part of the EU’s regular fiscal reporting cycle and provides a benchmark for assessing how member states are navigating the balance between economic support and fiscal consolidation.

Fewer scams, bigger losses: Czech banking fraud shifts in scale

Online fraud affecting bank customers in the Czech Republic rose slightly at the start of 2026, but the financial impact increased at a much faster pace, indicating a change in how scams are being carried out.

Figures published by the Czech Banking Association show that close to 24,000 cases were recorded in the first quarter, representing a modest increase compared with the same period last year. However, the total amount lost climbed sharply to around CZK 800 million, reflecting a significant rise in the average value per incident.

At the same time, banks succeeded in stopping a far greater volume of attempted fraud, preventing transactions worth approximately CZK 3.4 billion. This gap between losses and blocked activity highlights both the scale of attempted attacks and the growing effectiveness of monitoring systems.

The nature of these schemes is also evolving. Rather than relying on large volumes of low-value attempts, perpetrators are increasingly targeting individuals with more convincing scenarios, often posing as trusted institutions and creating a sense of urgency to prompt transfers.

Insights from Mastercard suggest that younger users are among those most exposed, despite their familiarity with digital tools. Engagement with suspicious links and messages remains relatively common within this group, pointing to behavioural factors rather than technical limitations.

The latest data underscores a broader shift in the risk landscape, where the number of incidents is growing slowly, but the financial consequences are becoming more severe.

Germany’s growth outlook softens as recovery loses pace

Germany is preparing to scale back expectations for its economic performance this year, with expansion now likely to come in at around 0.5 percent, reflecting a slower and more fragile recovery than previously anticipated.

Earlier projections had pointed to a stronger rebound, but recent data has highlighted ongoing pressure across key sectors of Europe’s largest economy. Output in manufacturing remains muted, while export activity continues to face headwinds linked to softer global demand.

Recent assessments by institutions such as the Ifo Institute, DIW Berlin and the German Council of Economic Experts point to only limited expansion in the near term, with growth expected to remain below long-term averages.

The weaker outlook reflects a combination of cyclical and structural factors. German industry is still adjusting to changes in energy supply and costs, while higher borrowing costs have slowed investment decisions. At the same time, labour shortages continue to constrain productivity across several parts of the economy.

External conditions are also playing a role. Demand from key trading partners has not fully recovered, particularly in Asia, reducing momentum for export-driven sectors. While geopolitical tensions are contributing to uncertainty in energy markets, economists generally see these as adding volatility rather than fundamentally altering the underlying trajectory.

Looking ahead, any meaningful acceleration will depend on a recovery in global trade and a stabilisation of industrial output. For now, the outlook suggests a period of modest expansion rather than a strong rebound.

The implications extend beyond Germany. As a central hub in European supply chains, weaker growth in the country is likely to influence economic activity across Central and Eastern Europe, where many markets remain closely tied to German industrial demand.

HIH Invest secures full occupancy at Hanse-Forum in Hamburg

HIH Invest Real Estate has achieved full occupancy at the Hanse-Forum office building on Axel-Springer-Platz in Hamburg following the signing of a new lease with Hurtigruten.

The cruise and shipping operator will occupy approximately 600 sqm of office space on the second floor, taking the final available unit in the property. The leasing transaction was brokered by NEWMARK.

Located in Hamburg’s central business district, the Hanse-Forum comprises around 15,000 sqm of total lettable area and is primarily configured for office use. The building also includes ground-floor retail and fitness facilities, while a large central atrium connects its various sections.

A representative of HIH Invest noted that the latest lease completes the occupancy of the asset, highlighting the continued appeal of centrally located, modern office space with flexible layouts. The deal reflects sustained tenant demand for well-connected city centre properties despite broader market adjustments.

Completed in 2002, the Hanse-Forum is considered a prominent office scheme in Hamburg’s core market. The tenant mix spans multiple sectors, with WeWork among the main occupiers.

Hungary’s Supreme Court extends abuse-of-rights doctrine to consumer complaints

Hungary’s top court has ruled that the general prohibition on abuse of rights applies to financial consumer protection, establishing a precedent that affects how complaint-handling obligations are interpreted across the sector.

The decision by the Hungarian Supreme Court confirms that consumers’ rights, including the right to file complaints, may be exercised in an abusive manner and therefore may not trigger the usual legal consequences.

The case originated from a dispute between a credit institution and a former client who, after terminating all contractual relations, continued to submit a large volume of complaints, repeatedly contact the institution’s call centre and visit its branches. The institution concluded that the behaviour was excessive and intended to exert pressure, and therefore declined to provide substantive responses.

The matter was brought before the Central Bank of Hungary in its supervisory capacity. The authority initially held that sector-specific regulations did not allow consideration of abuse of rights in complaint handling, meaning the institution remained obliged to respond.

That position was upheld by lower courts. However, the Supreme Court overturned both the administrative decision and earlier rulings, stating that authorities must assess whether procedural rights are exercised in good faith and prevent their misuse.

The court noted that the prohibition of abuse of rights applies across the legal system and extends even to fundamental procedural rights, including the right to administration and the right to lodge complaints.

The ruling is expected to have broader implications for financial institutions and other service providers subject to statutory complaint-handling obligations, including insurers and investment firms. Consumer protection authorities will now be required to assess whether complaints are submitted in line with their intended legal purpose.

In practical terms, the decision allows service providers to introduce safeguards within their complaint-handling processes to address submissions deemed abusive or made in bad faith.

The judgment may also prompt legislative changes to formally incorporate the abuse-of-rights principle into complaint-handling regulations, providing clearer guidance for both consumers and service providers.

The credit institution in the case was represented by the litigation team of CMS.

Source: CMS

CA Immo sells bus station and car park at Frankfurt Central Station

CA Immo has completed the sale of a long-distance bus station and a multi-storey car park located at Frankfurt Central Station. The transaction was concluded at a premium to the combined book value of the assets.

The disposal aligns with the company’s strategy to focus on high-quality Class A office buildings in central locations, alongside the divestment of non-core assets.

Hedwig Höfler, Group Head of Investment Management at CA Immo, said: “The transaction is another logical step in the implementation of our portfolio strategy. With the sale of these non-core assets, we are strengthening our capital allocation and creating additional scope for investments in our core business – modern, sustainable Class A office properties in central European metropolitan locations. This also includes our current project developments such as the Anna Lindh Haus in Berlin. At the same time, this transaction marks the sale of the last parking garage in our German portfolio.”

Both assets were originally developed by CA Immo, which owns the wider site, including the neighbouring InterCityHotel. The company had previously considered developing an office tower on the site of the car park, as part of Frankfurt’s high-rise framework plan under the “Campanile” project, which envisaged a building of up to 85,000 sqm and a height of 160–200 metres.

However, due to delays in the planning process, uncertainties related to Deutsche Bahn AG’s redevelopment plans for the station, and changes in market conditions, CA Immo decided not to pursue the project and instead proceeded with the sale.

The car park provides 349 spaces across 11 levels and includes a bicycle parking facility on the ground floor. It is located on a 4,100 sqm plot on Stuttgarter Strasse, south of the station. The adjacent long-distance bus station occupies approximately 1,200 sqm and is leased long-term to FlixBus.

BNP Paribas Real Estate GmbH advised on the transaction, while McDermott Will & Schulte provided legal counsel to CA Immo.

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