ARTICLES LABELLED WITH TAG Budapest

The first phase of Atenor’s BakerStreet office project in District 11 of Budapest has received the final building permit. Located at the intersection of Szerémi and Hengermalom Roads, BakerStreet Phase 1 will be implemented as a Class A+ office development on 17,000 sqm and will be handed over in Q1 2023.

Construction works have started on the second phase of the Park West project of Wing's residential development division, Living, as announced in September 2020. Park West 2 is expected to be handed over at the end of the first half of 2023.

In Immofinanz's Hungarian portfolio, several lease agreements and extensions of almost 21,000 sqm have recently been completed. Thus, most of the company's local office buildings are currently fully leased.

Hungarian developer Wing is set to start renovation works on the EuroCenter shopping centre in Budapest in the spring of 2021 with reopening scheduled for the spring of 2022. In addition to the international fashion brands, the shopping centre will offer its future visitors a diverse range of services, a renovated cinema, culinary experiences and a roof garden.

Residential rents in Hungary rose slightly in February, but looking at the longer term, this appears to be more stagnation than a substantial turnaround, the joint rent index of the Central Statistical Office (KSH) and real estate portal ingatlan.com shows. The average rent rose 1.1% in Hungary and 0.8% in Budapest month-on-month.

Cushman & Wakefield Hospitality supported B&B Hotels in disposing of a portfolio of two hotels to Primonial REIM, a leading independent real estate asset management group based out of Paris, France.

GTC has decided to extend its Hungarian portfolio with the Váci Greens D office building in Budapest. The transaction is partially financed from the green bonds issued in 2020 and is in line with the Group strategy to invest in a sustainable portfolio of commercial buildings located in the CEE capitals.

The construction of a new building in the BudaPart mixed-use project in Budapest has started. As Mihály Schrancz, Managing Director of developer Property Market Kft., said earlier in an interview with Portfolio in December, the company has signed an agreement with the Radisson chain for a mixed-use development comprising a four-star hotel and office space. The Radisson Hotel Budapest BudaPart, to be built as part of the BudaPart Downtown project, will be operated by the Radisson Hotel Group international chain.

Budapest’s housing market is becoming more eventful for used and newly-built homes alike as sales have started to pick up in early 2021. As a result, developers sold more than 1,600 new homes between December 2020 and February 2021, nearly half the total number of new homes sold last year. At this rate, total sales figures may even double this year. As usual, most new homes were sold in Budapest's District 13, but the Inner Pest districts have also attracted large numbers of buyers. Data from the Budapest Housing Market Report by Eltinga and Ecorys reveals the number of new homes sold early this year in various locations.

Public transport expert Dávid Vitézy, CEO of the governmental organisation Budapest Development Agency (BFK), was recently invited by RICS to join its ranks as a Fellow Member, recognizing his unique professional knowledge. On the occasion of this new appointment, he talked to Property Forum about the future he imagines for Budapest.