The four main economies of central Europe — the Czech Republic, Slovakia, Poland and Hungary — have flourished since EU accession in 2004. With the help of billions of foreign real estate investment euros, pounds and dollars, huge mixed-use developments have changed the skylines and streets of capital cities in the region. Even more massive development is planned as developers cast their eyes on uninhabited islands, old shipyards and abandoned rail yards. Stable rents and low vacancy rates prove that the development that has come online so far was greatly needed, but are we nearing the saturation point? Are the economies deep and dynamic enough to handle current and planned levels of development?

Up to this point, no-one has questioned that development was a slam dunk opportunity in the growing central European economies. Central Europe became one of thehot spots for investment just before and just after EU accession, w