Hungary’s residential market records 15% growth in 2021

04
Jan
2022
News - Hungary’s residential market records 15% growth in 2021 #Budapest #Duna House #Hungary #report #residential

by Property Forum | Residential

Duna House has released its monthly transaction estimate, showing that there were 11,422 residential property transactions in Hungary in December 2021. The tally for the whole year shows 150,975 transactions, which marks a 15% growth over 2020.

Duna House estimates that 11,422 residential property transactions were realised in December 2021, which marks a growth of nearly 4% over November, 10.3% over December 2020 and 12.8% over December 2019.

With last month's result, the number of domestic real estate transactions reached and even exceeded the 150,000 mark in 2021: Duna House estimates that 150,974 transactions were realised in 2021, corresponding to year-on-year growth of 15%.

 

Rental fees declined by 15 to 20% in 2020, but they keep on rising and are currently only 7 to 8% lower than before the coronavirus outbreak. Experts forecast that this process will continue and rental fees will be back at pre-crisis (early 2020) levels by 2022. Uncertainties, however, are great in this respect, with some respondents projecting that the previous peak will be reached by this spring, while others estimate that rental fees will still be a few percentages lower than that even in December 2022.




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New leases

  • Froo Romania, a subsidiary of the Żabka Group, has relocated its HQ to the Bucharest-based Hermes Business Campus. The retailer secured around 2,900 sqm of office space in a transaction facilitated by Colliers.
  • Court One has signed a lease for approximately 6,300 sqm of space at MLP Business Park Vienna. The tenant, a subsidiary of the Padeldome group, is currently Austria’s largest operator in the sector, managing 42 courts across four locations in the capital.
  • Polish fashion and lifestyle brand Medicine has accelerated its domestic expansion, headlined by the opening of its largest store to date, a 985 sqm flagship at the Silesia City Center in Katowice. This strategic scale-up is mirrored by simultaneous growth in several regional markets, including a new 740 sqm unit at Magnolia Park in Wroclaw and a 600 sqm extension at Galeria Warmińska in Olsztyn. The retailer further bolstered its Silesian presence with a 500 sqm location at Pogoria Shopping Centre and a new opening at CH Platan, significantly increasing its total floor space across Poland.

New appointments

  • Avison Young has promoted Bartłomiej Krzyżak and Marcin Purgal to the roles of Co-Heads of the Investment Department in Poland. Krzyżak, previously Senior Director, brings 18 years of commercial real estate experience, having joined Avison Young in 2017. Purgal, also a former Senior Director and a member of the Royal Institution of Chartered Surveyors (MRICS), transitions into the co-head role with 23 years of experience in the CEE commercial markets.
  • Avison Young has strengthened its Polish leadership with three senior promotions. Patryk Błach ascends to Associate Director within the Investment Advisory Department. Kamil Głowienka has been named Senior Project Manager. Furthermore, Katarzyna Uzar becomes a Valuation and Innovation Specialist, tasked with integrating technological solutions and coordinating global departmental projects.
  • Katarzyna Myjak has joined Axi Immo as Senior Business Advisory Manager, tasked with strengthening the company’s Industrial & Logistics business line.


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