ARTICLES LABELLED WITH TAG Hungary

A 1,500 sqm mixed-use real estate development is underway in the Sóskúti Ipark Park, located next to the M7 motorway in the Budapest area. 

The construction of Park West 3 will start in the second half of 2022. It comprises 230 apartments in the renewed Ferdinánd quarter of the 13th District, and is scheduled for delivery in the first quarter of 2025.

Hungary's B+N Referencia Zrt. has acquired Bulgarian facility management company i-Facility EOOD. With this new subsidiary, the company is now present in 7 countries in Central Europe. 

The first two warehouses of industrial real estate developer HelloParks have become 100 percent occupied over a few months. The Maglód and Fót developments, which opened earlier this year, are the first industrial buildings in Hungary to meet the sustainability requirements of the Excellent certificate in the BREEAM New Construction category. In addition to Maglód and Fót, HelloParks’ megapark in Páty is also being developed at full capacity. The nearly two-year-old company plans to deliver two more projects in 2022. As a result, the total gross leasable area offered by the HelloParks megaparks in the county will be increased to 160,000 sqm by the end of this year representing a total investment value of €190 million.

The first phase of the Millennium Gardens office building has opened its doors with an occupancy rate of over 90%, following an investment of €150 million from Revetas Capital for the development of the North Tower. Millennium Gardens is part of the portfolio of assets of Revetas Capital in Hungary, the pan-European real estate investment advisor that also manages 12 retail parks across the country. The project is being developed by TriGranit, which has more than 20 years of experience and has successfully implemented more than 50 landmark projects.

DBH Group, a Dutch-based international corporation, focusing on venture capital, flexible infrastructure & corporate services, has leased office spaces in two buildings owned by Skanska in Romania and Hungary. 

Advance Tower, located on Budapest’s Váci Road office corridor, has become the latest office building to receive a WELL certification. With the International WELL Building Institute’s (IWBI) recent acknowledgement, two out of the three already WELL-certified office complexes in Hungary were developed by Futureal. Since 2020, Advance Tower has been part of Erste Open-Ended Euro Real Estate Investment Fund’s portfolio.

Hungary’s high construction activity start in Q1 2022 was followed by a slowdown in Q2 2022. The EBI Construction Activity Report has found that between this April and June construction works started at a value of around HUF 800 billion. Although the value of projects entering construction decreased in Q2, these are not low numbers at all as Activity Start has been the 5th highest (on a quarterly basis) of recent years. It should be added, though, that recently construction costs have dramatically increased, massively pushing up the Activity Start indicator calculated at current prices, while at constant prices the volume would be lower.

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.

Hungarian investor-developer Wing has sold the Family Center retail park in the Western Hungarian city of Szombathely to local investor Unione Investment Group. Family Center Szombathely, with 28 shops and seasonally changing stalls, was acquired by Wing at the beginning of 2018 and has now been sold to the new owner with almost 100% occupancy.