ARTICLES LABELLED WITH TAG Hungary

The performance of sectors relevant to the commercial real estate market improved in the second quarter of 2021, while the positive impact of growth on the real estate market fell short of that observed in previous cycles, partly due to the direct impact of the pandemic (lasting drop in tourism) and partly to uncertainties resulting from the trends accelerated by the pandemic (penetration of home office and e-commerce), the National Bank of Hungary (MNB) said in its latest Commercial Real Estate Market Report. In addition to an overview of the office, warehouse, hotel and retail markets, the report also reveals that the ratio of domestic investors in all property deals was nearly 80%, even higher than in the especially active year of 2019.

Real estate group Duna House has released its monthly Transaction Estimate and mortgage forecast, showing that there were 11,526 residential property transactions in Hungary in October 2021, down 2.4% over September, and also below the October prints of the previous years. This marks a downturn after a pickup in August and September, but the number of transactions is still expected to exceed 150,000 in 2021.

Wing launched the development of Hall D3 in East Gate Business Park to respond to distinct market needs reflecting increasing demand and increasing interest in the park. The hall, with a total area of over 9,000 sqm nearly 20% of which is office space, has now reached a 100% occupancy rate. This speculative investment project caters to tenants with production, manufacturing and complex, special warehousing needs.

Total demand on the Budapest industrial demand amounted to 143,530 sqm in Q3 2021, indicating a 19% decrease year-on-year, according to the BRF’s latest industrial market snapshot.

Bayer Property has bought an 11,000 sqm plot for residential development in Budapest’s District 10 from the GEOS Group.

The shortage of skilled workers and engineers is the biggest obstacle to the business activities of design and construction enterprises, a market survey of the National Federation of Hungarian Building Contractors (ÉVOSZ) finds. While the number of people employed in the construction industry is growing each year, the number of vacancies is dropping rapidly, indicating that the labour supply is unable to keep pace with the development of the industry. The federation has therefore initiated a programme to call industry professionals working abroad home.

M7 Real Estate, the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has fully deployed the capital raised on behalf of M7 CEREF II, its value-add fund targeting logistics and office investments in key Central European markets. The final acquisition is Pallag 43, a modern, last-mile logistics asset in the north of Budapest acquired from a private investor for €9.6 million.

Wing and Accor have concluded a long-term agreement for a 12,000+ sqm area of the 42,000 sqm Liberty complex. As a result, the office building pursuing the BREEAM Excellent rating has added to its profile a dual-branded hotel under the Ibis and Tribe brands. The hotel part will be located in the landmark South wing and it is expected to be completed in 2023, which means this will be the first Tribe Hotel in Hungary.

As of September 2021, Colliers is responsible for the property and facility management services of Green Court Office, a new, Class A office development by Codic, located on Dózsa György út.

Kassák Passage, the second phase of LIVING’s Kassák project, has reached its highest point. The project features 262 units and is located close to the Váci út office corridor. It is expected to be completed in the second half of 2022.