SEE Property Forum 2024, Romania’s leading international real estate event, brought together top economic minds to debate the effects of the economic convergence process in the region and also the current and future economic outlook of CEE.

Hungary's construction sector showed a spectacular rebound in April, with output volumes up 11% on the previous month, completely making up for the feeble performance of the previous two months. The production figures in recent months for a sector in fundamentally poor shape are far from tragic, nor are the order books figures, but we are seeing such huge month-to-month fluctuations that it is very difficult to assess what is happening in the construction sector.

The European Central Bank (ECB) has reduced its main interest rate from 4% to 3.75%, following Canada's rate cut earlier in the week. ECB President Christine Lagarde announced that the outlook for inflation had significantly improved, which enabled the rate cut. However, she warned that inflation would likely stay above the 2% target, averaging 2.5% in 2024 and 2.2% in 2025. The ECB remains committed to keeping its policy restrictive to achieve the inflation target. This rate cut, though anticipated, is seen as a relief for consumers and businesses, aiming to stimulate economic activity by making borrowing cheaper.

In less than five months, the new building code for common buildings in the Czech Republic is going to enter into force. However, clouds are gathering around it. Builders are afraid of the shortcomings they have encountered recently when familiarizing themselves with the new requirements of the legislation, reports Seznamzpravy.cz.

As part of the so-called consolidation package, which has changed several dozen laws since January in the Czech Republic, the property tax is rising by an additional 80% starting this year, reports Seznamspravy.cz.

The Construction Act in Slovakia has been in force for half a century, and this year will probably not be its last either. The new Construction Act, or the Construction Act and Spatial Planning Act, was supposed to enter into force in Slovakia on 1st April 2024. The validity of part of the new legislation will be postponed, reports yimba.sk.

The reconstruction of the Masaryk railway station in Prague will be done for the Railway Administration (SŽ) for approximately CZK 3.39 billion (€138.5 million) by Strabag Rail and Strabag, which were successful in the tender. ČTK was informed about this by SŽ spokeswoman Nela Eberl Friebová. During the reconstruction, a platform will be built above the track, a better connection with Florence will be created and trains will be able to run on nine tracks instead of the current seven. SŽ also plans to reconstruct the Smíchov and Main Railway Stations in Prague, writes ČTK.

The Hungarian property scene is welcoming a new development company brought to life by three experienced real estate market players - Mihály Schrancz, Tamás Ádány and Zsolt Gyöngyösi. Realis Development is part of Realis Group, a holding company active since 2013.

According to the preliminary results of the parliamentary elections held in Poland on Sunday, after 2 terms and 8 years of independent rule, Prawo i Spawiedliwość (Law and Justice) will have to hand over power to the opposition. This is certainly good news for foreign investors, who may have feared worsening chaos in law and taxation and, in the longer term, Poland's potential exit from the structures of the European Union.

Consumer prices in Hungary were 17.6% higher on average in July 2023 than a year earlier. The highest price rises were measured for electricity, gas and other fuels as well as food over the last twelve months. In one month, consumer prices increased by 0.3% on average, within which, however, clothing and footwear cost 1.4%, food 0.9% and consumer durables 0.5% less, the Hungarian Central Statistical Office (KSH) reports.