Average Monthly Wage in Slovakia Continues to Rise in 2025, Real Growth Slows

Wages in Slovakia continued to grow in both nominal and real terms in 2025, although the pace of real wage expansion moderated compared with the previous year, according to the Statistical Office of the Slovak Republic.

For the full year, the average nominal monthly wage reached EUR 1,620, representing a year-on-year increase of 6.3 percent. After adjusting for inflation, real wages rose by 2.2 percent, marking the second consecutive year of real income growth but at a slower rate than in 2024.

Fourth-quarter wages remain on an upward path

In the fourth quarter of 2025, the average nominal monthly wage climbed to EUR 1,739, up 5.8 percent year-on-year, equivalent to an average increase of EUR 96 per employee. In real terms, wages rose by 1.9 percent.

Both nominal and inflation-adjusted wages have now increased for nine consecutive quarters. Compared with the previous quarter, the seasonally adjusted average wage grew by 1.5 percent.

Broad-based growth across sectors

All 19 monitored sectors of the Slovak economy recorded year-on-year increases in nominal wages in the fourth quarter. The pace of growth varied considerably, ranging from just under 3 percent in public administration to more than 11 percent in electricity, gas and steam supply.

After accounting for inflation, real wages declined in three sectors: public administration, administrative services and real estate activities. In most other areas, employees saw real wage gains, with 14 sectors outperforming the national average.

Industry, the country’s largest employer, recorded a 6.7 percent increase in the average gross monthly wage in the fourth quarter, reaching EUR 1,884. Real wages in the sector rose by 2.8 percent. In trade — the second largest employer — nominal wages increased by 5.6 percent to EUR 1,597, with real growth of 1.7 percent.

Energy sector remains the highest paid

Employees in electricity, gas and steam supply continued to earn the highest wages, with the average monthly salary exceeding EUR 3,000 in the fourth quarter.

At the other end of the spectrum, accommodation and food service activities remained the lowest-paid sector, with average wages only slightly above EUR 1,000. Nevertheless, all monitored sectors reported average pay above the EUR 1,000 threshold for the second consecutive quarter.

Regional differences persist

From a regional perspective, Bratislavský kraj remained the only region with above-average wages, reaching EUR 2,068 in the fourth quarter. In the rest of the country, average wages ranged from EUR 1,411 in Prešovský kraj to EUR 1,685 in Trenčiansky kraj.

Nominal wages increased year-on-year in all regions. The strongest growth was recorded in Nitriansky kraj, where wages rose by 8 percent. In real terms, wages grew in seven of the eight regions, while Banskobystrický kraj registered a slight decline.

Full-year sector trends

Across 2025 as a whole, wages increased both nominally and in real terms in all monitored sectors. The slowest nominal growth was recorded in administrative services, while mining and quarrying saw the strongest increases.

The most pronounced real wage gains — exceeding 4.5 percent — were observed in mining, water supply, healthcare and accommodation and food services, despite the latter remaining the lowest-paid sector. Average pay in accommodation and food services reached EUR 969 for the year, making it the only sector still below the EUR 1,000 threshold on an annual basis.

The highest average salaries, exceeding EUR 2,600, were recorded in financial and insurance activities, followed by energy supply and information and communication. Overall, nine sectors reported wages above the national average.

Company size and outlook

By company size, the fastest wage growth occurred in firms employing 250 to 499 people, where the average monthly wage rose by 7.4 percent to EUR 1,947. Companies with more than 1,000 employees also recorded strong gains, with average pay increasing by 7 percent to EUR 2,269.

Despite the broadly positive trend, regional disparities remain significant. For the full year, average wages were highest in Bratislavský kraj at EUR 1,949, while other regions ranged from EUR 1,285 in Prešovský kraj to EUR 1,522 in Trenčiansky kraj.

Overall, the data indicate that wage growth in Slovakia remains resilient but is gradually normalising after the stronger real gains recorded in 2024.

Source: Statistical Office of the Slovak Republic

Poland’s GDP Expands in Q4 2025, Driven by Domestic Demand

Poland’s economy maintained solid growth at the end of 2025, supported primarily by household consumption and public spending, according to preliminary data released by Statistics Poland.

Gross domestic product rose by 4.0 percent year-on-year in the fourth quarter of 2025, improving on the 3.5 percent increase recorded in the same period a year earlier. On a seasonally adjusted basis, the economy expanded by 1.0 percent compared with the previous quarter and by 3.6 percent year-on-year.

For the full year 2025, economic growth was confirmed at 3.6 percent, unchanged from the earlier estimate.

Domestic demand remained the principal growth engine. Total domestic uses increased by 4.3 percent year-on-year in the fourth quarter. Final consumption expenditure rose by 5.2 percent, driven by a 4.2 percent increase in household spending and a 7.3 percent rise in public consumption.

Investment activity also contributed positively. Gross capital formation grew by 1.7 percent year-on-year, while gross fixed capital formation increased by 4.7 percent. The investment ratio stood at 22.3 percent, slightly below the level recorded a year earlier.

Despite the overall positive picture, inventory changes continued to exert a negative effect on growth, and net exports made a small negative contribution in the quarter.

Quarter-on-quarter dynamics also improved. Gross value added across the economy rose by 0.9 percent compared with the third quarter of 2025. Among sectors, trade and repair, construction and industry recorded notable gains, while financial and insurance activities declined.

Domestic demand increased by 1.4 percent quarter-on-quarter, supported by a 1.5 percent rise in total consumption expenditure.

On a year-on-year basis, gross value added in the national economy expanded by 3.5 percent in the fourth quarter. Industry, construction, trade and transport all posted growth in the range of roughly four to five percent, indicating broad-based expansion across the real economy. In contrast, financial and insurance activities recorded a marked decline.

Overall, the data suggest Poland entered 2026 with steady economic momentum, underpinned mainly by resilient consumer demand and public spending, while external trade provided limited support in the final quarter.

Czech Unemployment Rate at 3.3% in January 2026

The unemployment rate in Czechia rose to 3.3 percent in January 2026, marking a year-on-year increase of 0.5 percentage points, according to the Czech Statistical Office (CZSO). The latest labour market data point to a gradual softening in employment conditions at the start of the year.

The employment rate for people aged 15–64 reached 75.4 percent in January, down by 0.3 percentage points compared with the same month in 2025. Employment remains notably higher among men, at 80.0 percent, while the rate for women stood at 70.5 percent.

The share of unemployed persons within the labour force, which includes both employed and unemployed individuals, climbed modestly. Male unemployment remained below the three-percent mark at 2.8 percent, while the female unemployment rate increased to 3.8 percent.

According to the statistical office, the early data for 2026 confirm a gradual upward trend in unemployment. Officials noted that while male joblessness has remained relatively stable, the female rate has been rising over recent months and is approaching the four-percent level.

Labour market participation showed slight improvement. The economic activity rate for the 15–64 age group reached 77.9 percent, up by 0.1 percentage points year-on-year. Participation among men was 82.3 percent, compared with 73.4 percent among women.

The figures are based on the Labour Force Sample Survey, which follows internationally harmonised definitions of employment and unemployment. The methodology differs from administrative data on registered jobseekers because it captures labour market status based on household survey responses rather than labour office records.

Under the broader EU comparison covering people aged 15–74, the Czech unemployment rate stood at 3.2 percent in January 2026, indicating that the country continues to record one of the lower unemployment levels within the European Union.

The survey is conducted in private households and does not include individuals living in collective accommodation facilities or temporary shelters.

Czech Economy Grew by 2.6% in 2025 as Statistical Office Revises Estimate Upward

The Czech economy expanded by 2.6 percent in 2025, according to updated figures released by the Czech Statistical Office (CZSO), which slightly revised its earlier estimate upward. The performance marks the strongest annual growth since 2022 and reflects support from both domestic spending and external demand.

In the final quarter of the year, gross domestic product increased by 2.6 percent year-on-year and by 0.6 percent compared with the previous quarter.

According to the statistical office, quarterly growth was driven mainly by stronger household consumption and higher investment activity, while inventory changes weighed on the overall result. External demand also made a positive contribution.

For the full year, household consumption rose by 3 percent, while government spending increased by 2.2 percent. Gross fixed capital formation expanded by 2 percent. The surplus in the foreign trade balance reached CZK 504.2 billion at current prices, up by CZK 0.8 billion year-on-year.

Gross value added increased by 2.8 percent, supported primarily by trade, transport, accommodation and hospitality, as well as information and communication activities and industry.

Labour market indicators also improved. Total employment grew by 1.1 percent year-on-year to approximately 5.5 million people, while the number of hours worked rose by 2.3 percent.

In the fourth quarter alone, household consumption increased by 1.3 percent quarter-on-quarter and by 3.2 percent compared with the same period a year earlier, driven mainly by spending on short-term goods and services. Government consumption rose by 1 percent quarter-on-quarter and by 2.5 percent year-on-year.

Investment activity strengthened toward the end of the year. Gross fixed capital formation grew by 1.7 percent quarter-on-quarter and by 5.3 percent year-on-year, supported in part by higher investment in residential and non-residential construction.

The external sector also recorded solid growth. In the fourth quarter, the trade surplus in goods and services reached CZK 133.9 billion, an increase of CZK 9.5 billion year-on-year. Exports rose by 0.8 percent quarter-on-quarter and by 5.1 percent year-on-year, while imports increased by 0.6 percent quarter-on-quarter and by 5.3 percent year-on-year.

Analysts: Economy shows resilience

Economists generally view the latest figures as evidence of stable economic conditions. Some noted that 2025 was the first year in which the Czech economy operated without the direct impact of the major shocks that affected previous periods.

Analysts also highlighted that household consumption in the fourth quarter exceeded pre-pandemic levels, indicating a recovery in consumer activity after several years of pressure from inflation and higher interest rates.

At the same time, observers pointed out that growth was supported by multiple components, including consumer spending, investment — particularly in construction, and contributions from the business sector and IT services.

Looking ahead, several economists expect the Czech economy to expand at a similar pace in 2026, with growth likely to be driven by household demand, public spending and a gradual recovery in investment.

However, they caution that external risks remain. Potential geopolitical tensions, particularly in the Middle East, could affect energy and commodity prices and pose an inflationary risk that may influence the growth outlook.

Source: CTK

Romania: New Housing Supply Falls to Eight-Year Low as Demand Remains Elevated

Residential deliveries and transaction volumes in Romania declined modestly in 2025, but overall demand remained above pre-pandemic levels, according to Colliers’ latest annual review. The market entered 2026 facing moderate upward pressure on prices amid limited new supply.

The consultancy estimates that both housing completions and sales fell by roughly 5 percent last year compared with 2024. Total deliveries dropped to below 58,000 units, marking the lowest annual output since 2017. Despite the slowdown, transaction volumes remained about one-fifth higher than the average recorded before the pandemic.

In Bucharest, demand weakened more noticeably than at national level, with transactions declining by close to 10 percent year-on-year. Even so, activity in the capital still stands significantly above pre-2020 levels and continues to attract the largest share of new development.

Across the country, supply trends were uneven. Most regions recorded declines in new completions, while Bucharest and Ilfov saw a slight increase. Current delivery levels in the capital region remain more than double the average seen in the decade prior to the pandemic, whereas output in the rest of the country sits marginally below long-term norms. Permit data suggests the development pipeline will remain limited in the near term.

Market conditions in 2025 were shaped by high borrowing costs, persistent inflation and higher VAT on residential transactions. Even so, mortgage-financed purchases rose to around 58 percent of total transactions, indicating that buyers have adjusted to the tighter financing environment.

Colliers notes that demand performance varied during the year. Activity started slowly, strengthened during the summer months — including ahead of the VAT increase, and stabilised toward year-end. The firm attributes the market’s resilience partly to longer-term income growth, noting that average purchasing power has expanded substantially over the past decade despite more recent pressures on real wages.

Residential prices in major cities increased by roughly 5 percent on average in 2025. However, the gap between projects has widened. New homes in well-connected locations with strong energy-efficiency standards recorded firmer price growth, supported by financially stable buyers.

Energy costs are also becoming a more significant factor in purchasing decisions. Older residential stock, particularly buildings that have not undergone thermal upgrades, is facing closer scrutiny from buyers who are increasingly comparing long-term operating costs with those of newer developments.

In certain competitive areas or in projects launched during periods of weaker affordability, developers have introduced targeted incentives such as negotiated discounts, flexible payment terms or bundled parking. Colliers emphasises that these measures remain selective and do not indicate a broad market correction.

Looking ahead, the consultancy considers the residential sector to be underpinned by structural demand, noting Romania’s relatively high overcrowding rate within the European Union. A meaningful price decline would likely require a clear deterioration in labour market conditions and sustained pressure on household incomes, developments that are not currently evident.

For 2026, Colliers anticipates a broadly balanced market, with the potential for improved momentum in the second half of the year if economic conditions stabilise and financing costs begin to ease.

The Ultimate Dubai Escape Plan? Why Avoiding a Big Tax Bill Isn’t Always So Simple

Dubai continues to attract entrepreneurs, executives and high-net-worth individuals drawn by its reputation as a low-tax lifestyle destination. With no personal income tax and a business-friendly environment, the emirate has positioned itself as a compelling alternative for globally mobile professionals seeking to optimise their financial position.

Yet advisers across the wealth and tax planning industry increasingly caution that relocating to the UAE is rarely a straightforward solution. While the move can be effective when properly structured, many expatriates discover too late that leaving a high-tax country involves more than booking a one-way ticket and securing residency in Dubai.

The key issue is that tax exposure is usually determined by the rules of the country being left, not the one being entered. Many jurisdictions assess liability based on a combination of factors such as physical presence, family connections, property availability and where a person’s primary economic interests remain. As a result, individuals may continue to face obligations at home even after establishing a life in the Gulf.

Professionals in the field report that one of the most common misunderstandings is the belief that residency can be switched instantly. In reality, it tends to be assessed over time and through evidence of genuine relocation. Frequent visits back to the home country, keeping a readily available residence, or maintaining strong personal ties can all undermine the intended tax outcome.

Timing also plays a significant role. Income received shortly after departure, including bonuses, share payouts or proceeds from asset sales, can sometimes remain taxable in the previous jurisdiction depending on local rules. Similarly, returning home within certain timeframes may reactivate liabilities that individuals believed they had left behind.

Entrepreneurs face an additional layer of complexity. Even when personally based in Dubai, business activities connected to other countries can still create exposure there, particularly if management decisions or revenue-generating functions are seen to occur outside the UAE.

Another factor reshaping the landscape is the global push toward financial transparency. Automatic information exchange between tax authorities has made it far easier for governments to track cross-border financial activity. Advisers say this has significantly reduced the margin for error in international relocation planning.

Importantly, Dubai itself is also evolving. While the absence of personal income tax remains intact, the introduction of a federal corporate tax has marked a shift in the UAE’s fiscal framework, particularly for business owners operating through companies.

Despite these complexities, specialists stress that Dubai can still offer substantial advantages when moves are carefully prepared. Successful relocations typically involve formally ending tax residency in the home country, managing travel patterns and accommodation ties, and ensuring that income events are properly sequenced around the move.

The broader message emerging from advisers is that the era of the quick tax escape is largely over. Dubai remains one of the world’s most attractive destinations for internationally mobile wealth, but the process now demands careful planning and detailed execution.

For investors and executives whose Dubai ambitions do not unfold as expected, the financial consequences of getting the timing or structure wrong can be significant. In an increasingly connected regulatory environment, the difference between a successful relocation and an expensive surprise often comes down to preparation long before the move takes place.

DL Invest Group and Boosteroid Plan Large-Scale AI Data Centre in Bielsko-Biała

DL Invest Group and Boosteroid have formed a joint venture to develop a large AI-focused data centre in Bielsko-Biała. The planned facility will begin with 82 MW of IT capacity, with further expansion phases expected to take total capacity beyond 200 MW and potentially up to 1 GW, subject to electricity availability and grid development.

The project reflects growing demand for infrastructure capable of supporting artificial intelligence, high-performance computing and cloud-based services. Industrial and logistics assets with access to significant power supply are increasingly being considered for conversion into digital infrastructure.

DL Invest Group manages a real estate portfolio valued at more than €1.2 billion, with occupancy levels of approximately 97 percent across more than 400 tenants. The company operates an integrated business model covering development, construction, asset management and property management, and retains assets for the long term. This structure enables it to adapt industrial properties for alternative uses, including data centre development.

Boosteroid operates 29 GPU-based data centres and provides infrastructure for AI and high-performance computing workloads. The Bielsko-Biała facility is being designed to accommodate high-density IT operations and to meet the technical requirements of large-scale cloud providers. The project is being developed in cooperation with hyperscale clients and is intended to support private AI cloud deployments for enterprise users.

The first phase will deliver 82 MW of IT load. A second phase is expected to increase capacity beyond 200 MW, alongside potential expansion into other markets. A third phase could scale the Polish site to 1 GW or more, depending on power supply conditions and transmission infrastructure.

The development is positioned as a step towards strengthening Poland’s domestic digital infrastructure capacity. Locating large-scale data processing facilities within the country allows companies operating in regulated sectors to store and process data locally, which may support compliance with national and European regulatory requirements.

The facility will also be available to businesses seeking dedicated AI infrastructure. Companies in sectors such as finance, manufacturing and healthcare will be able to deploy and train AI models using their own data within a controlled environment.

Access to sufficient and competitively priced electricity remains a key factor for the project’s long-term viability. The scale of further expansion will depend on the development of stable energy sources and grid capacity capable of supporting high-load digital infrastructure.

The Bielsko-Biała investment marks a shift in the use of industrial real estate towards digital infrastructure and reflects broader changes in the European data centre market.

ZEITGEIST Announces Changes to Ownership Structure

ZEITGEIST Asset Management has completed a change in its shareholder structure following the exit of the family office of co-founder Sebastian Junghänel.

Under the transaction, Sebastian Junghänel’s family office sold its stake to Family Office Noack. As a result, Family Office Noack now holds 85 percent of the company, while the remaining 15 percent is owned by RAV SICAF. The transaction concludes the previous partnership between the shareholders.

ZEITGEIST provides development and asset management services to private and institutional investors. Since 2014, the company has managed 67 projects across five countries, covering a total area of approximately 340,000 sqm and representing around €1.2 billion in assets under management. Its activities are focused on residential, office and urban regeneration projects.

Sebastian Junghänel stated that the transaction creates a clearer long-term ownership structure for the company and expressed confidence in its future direction.

Peter Noack, Founding Partner and CEO of ZEITGEIST Asset Management, said the revised shareholder base is intended to support the company’s development strategy and future investment activity.

Photo: Peter Noack, Founding Partner i CEO ZEITGEIST Asset Management, Zdena Noack, CEO ZEITRAUM

Deka Immobilien Signs 13,000 sqm Office Lease in Amsterdam’s Zuidas

Deka Immobilien has agreed a long-term lease with Databricks for approximately 13,000 sqm of office space at The Rock office building in Amsterdam’s Zuidas business district.

Databricks, a company specialising in data and artificial intelligence solutions, will occupy space within the building, which is currently undergoing a comprehensive refurbishment programme.

The renovation includes the redesign of the ground floor and mezzanine into shared areas featuring a reception, hospitality services, an all-day bar and a range of meeting facilities. Office floors from the first and second levels, as well as the ninth through to the twenty-second floors, are being modernised. Planned works include upgrades to ceilings, installation of LED lighting, refurbishment of sanitary facilities and improvements to lift lobbies. Completion of the refurbishment is scheduled for the end of 2026.

The Rock forms part of the portfolio of the WestInvest InterSelect open-ended real estate fund managed by Deka Immobilien. Following completion of the works, the building is expected to obtain a BREEAM In-Use rating of ‘Excellent’ and an A++ energy performance label.

Sportano Expands to 27,300 sqm at Panattoni Park Zielona Góra II, Bringing Scheme to Full Occupancy

Sportano has expanded its operations at Panattoni Park Zielona Góra II, increasing its leased space by 14,846 sqm to a total of 27,300 sqm. The agreement, signed with Panattoni and Accolade, covers both a lease extension and additional space, bringing the building to full occupancy.

The company, which operates an online sports retail platform, has been based at the park since 2021. It sells sports equipment, clothing and accessories across several European markets through its own website, third-party marketplaces and a physical store in Warsaw. According to company data, annual turnover has reached approximately PLN 500 million, with around two million orders processed per year. The decision to expand reflects continued growth in sales volumes.

Sportano’s logistics centre in Zielona Góra is equipped with automation systems including goods-to-person mobile robots, pick-to-light and put-to-light solutions, and an automated parcel sorting system serving multiple carriers. The newly leased space is intended to accommodate further automation, including high-bay storage systems and very narrow aisle configurations designed to increase storage density and operational efficiency.

Panattoni representatives said the expansion highlights the role of warehouse space in supporting the operational needs of e-commerce companies. Accolade, which owns the park, noted that retail remains an important source of demand for logistics space, particularly in regional markets.

Colliers advised Sportano during the lease negotiation process.

Panattoni Park Zielona Góra II is located near the Lubuski Industrial and Technological Park, with road access via provincial road 282 and the S3 expressway approximately three kilometres away. The site also benefits from access to rail infrastructure.

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