Transactions of apartments and houses began to decline starting from the spring of this year, as a result of high energy costs, rising construction materials and fuel prices, in addition to the rising costs associated with mortgages, according to real estate consultancy Colliers.
Duna House has released its monthly Transaction Estimate, showing that there were 9,748 residential property transactions in Hungary in August 2022. This marks an increase over July but a 14% drop compared to the number of transactions recorded last August.
As students are preparing to resume their university studies in person, asking rents in large cities have gone up by up to 10% by the end of August 2022 compared to the same period of last year, according to property platform Imobiliare.ro.
Romanian company Eden Capital Development has started the development of the second phase of the Cortina North residential project in Bucharest that will include close to 1,000 apartments, with the first deliveries expected in the second half of 2023.
Another Prague brownfield will be turned into a residential project. Development group Crestyl will be building on the site of the former Waltrovka in Prague's Radlice district. The plan is to build a total of 170 flats for CZK 1.5 billion (almost €61 million) on the land, which the company bought with a zoning permit from the Red Group at the turn of this year. Preliminary construction work on the Semerínka project should start at the turn of the year and the entire project is scheduled to be completed within three years.
Property developer Prime Kapital has delivered four out of five apartment buildings in its first residential project in Bucharest. The company has invested €47.8 million in the project that will feature 458 apartments.
The third and final stage of the Hron Residence project in Zvolen, Slovakia, is now starting to be built. Arkon, the developer of the €15 million project, has announced the final stage launch on its social media.
Investment group DRFG has started to build a new apartment complex in Mladá Boleslav in Michalovice. As part of the project, called Green, an apartment building with more than a hundred apartments, garages and a large garden with a water reservoir will be built within two years. The market value of the project is CZK 634.6 million (€25.9 million), according to DRFG spokeswoman Monika Brichtová.
GLP has signed a new lease agreement with Static Control, a manufacturer and supplier of printer consumables for 7,000 sqm at Wrocław V Logistics Centre in Magnice near Wrocław in Poland. The complex is now fully leased.
Less than four months after deciding to enter Panattoni Park Tricity East I, Chemart International Trader has decided to expand and occupy an additional 3,000 sqm. The company was represented in the negotitions by Axi Immo.
Newgate Investment has signed lease agreements for two Polish premises with a total area of around 1,200 sq m, previously leased by Neonet. A Rossmann shop will open on the space in Zgierz and a Media Expert shop in Grodzisk Mazowiecki.
Szymon Zduńczyk has joined the Management Board of Karimpol Poland as of 1st of March, 2024. The former Executive Director has been promoted to Managing Director and Member of the Management Board of the Group's Polish subsidiary. Mr Zduńczyk is the first Pole in the company's history to sit on its Management Board alongside Andreas Prokes and Harald Jeschek.
Building on the successes of last year, GARBE Industrial Real Estate CEE is responding by promoting Martin Stratov to the position of GARBE Director for the Czech Republic and Slovakia, Veronika Zacha will be the new Head of Business Development and Construction in the Czech Republic and Jan Hradecky will move to the position of GARBE Project Management Manager for the Czech Republic.
Gellért Berkes has been appointed as Head of Property Management at ConvergenCE. He has been a member of the real estate development team for two and a half years. He has nearly 15 years of professional real estate experience.
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