Airport investment in Eastern Europe: opportunities abound but caution needed amid changing markets

In Mar-2015 CAPA published a report highlighting how Belgrade Airport, in tandem with Air Serbia, was working towards a re-balancing of power in central and eastern Europe, away from the traditional hubs of Vienna, Budapest and Prague, although it had a long way to go to achieve such an ambitious aim.

Belgrade Nikola Tesla Airport passenger numbers grew almost 32% in 2014 and Air Serbia underwent "one of the most amazing turnarounds in history," as it joined the Etihad equity partnership. But not everyone is experiencing such blue skies.

This is an appropriate moment to review infrastructure investments and privatisation activities at airports throughout the entire region, where there are opportunities for investors through concessions, BOTs and IPOs. But as ever, caution is required.