Globalization of real estate markets in Central Europe

The process of globalization is increasing competition between urban areas for the attraction of investment. Within this context the paper initially highlights the impact of global change on city economies linking this to international investment within the real estate market. Factors influencing diversification strategies and international investment activity within property markets in central Europe are considered relative to a range of performance criteria. Office markets in Prague, Budapest and Warsaw are forwarded as case study examples to assess the degree of maturity that is occurring in these former socialist cities based on the activity of investors and end‐users including the extent to which there are dual markets operating for local and international actors.