ARTICLES LABELLED WITH TAG Hungary

Real estate group Duna House estimates the number of residential property deals completed in Hungary to have reached 13,511 in April 2021. Although this is a slight decrease compared to the pre-pandemic peak in the same month of 2019, overall it is still the third strongest April in the last ten years.

Cushman & Wakefield has summarised the first quarter of 2021 in the CEE commercial real estate market. Investment volume at the end of the first quarter stands at €2 billion, down by around 20% compared to the same period in 2020.

Gergely Biró is the new CEO of Hungary’s OTP Real Estate Fund Management. The aim of the change is to further increase the fund manager's share in the domestic market with new, innovative investment solutions following the consolidation of the portfolio and to enter the regional markets with its products in the coming years.

Deutsche Hospitality has opened its first IntercityHotel in Budapest. The 312-room hotel, realised by the Hamburg-based B&L Group, will be Deutsche Hospitality's first property in Hungary. Located right next to Keleti Railway Station, it will also feature resplendent latest generation IntercityHotel interior design by the Milan-based architect Matteo Thun.

EuroCenter owner and developer Wing has selected Bernecker Kft. to carry out general contractor tasks for the modernisation of the 46,000 sqm shopping centre located in the northern Buda area. The shopping centre has closed for the duration of the renovations and is scheduled to reopen in spring 2022, boasting a modern appearance and ready to meet 21st-century customer demands. Construction work begins in late April.

Hungarian state-owned NIPÜF Group commenced the construction of a 10,000 sqm warehouse in its Tatabánya industrial park. The developer signed a lease agreement for one third of the building, and the remaining space awaits prospective tenants. The facility is to be delivered in the first quarter of 2022.

The interior of the Campona shopping centre in South Buda, owned by CPI Property Group,  will be completely rebuilt by the end of 2021.

The Hungarian residential rental property market continues to be a mixed bag based on current asking prices, according to the latest monthly survey of real estate portal ingatlan.com, which presents the latest joint rent index of ingatlan.com and the Central Statistical Office (KSH) for March and summarises the supply and average rent as of the end of April based on 40,000 ads.

S Immo is ramping up its development activities in CEE with a new office project in Budapest. An ensemble consisting of three office buildings offering roughly 29,000 sqm of usable space will be built on Váci Road, one of the most important office locations in the Hungarian capital. The most significant structure is an 11-storey building located directly on Váci Road. The company plans to obtain sustainability certification according to BREEAM and WELL.

Retail chain Penny Market will expand one of its three logistics centres in Hungary. The project, which is expected to be completed by August 2022, will add 30,000 sqm to the company's facility in Karcag, Eastern Hungary, increasing its storage capacity. Penny Market will also create new jobs through the one-year project.