The latest Hungarian house price index for Q1 2023, which includes preliminary data, shows that the sharp fall in the number of sales transactions has not yet been followed by a similar decline in prices. The preliminary figures published by the Central Statistical Office (KSH) show prices stagnating in nominal terms: after a 2% drop in the previous quarter, prices have now risen by 2%, essentially returning to their Q3 2022 level. But what does this mean in relation to market fundamentals and what could be in store for the rest of the year?

Romanian property developer Comnord Development will start in September the construction of a new luxury residential project in northern Bucharest, with a projected investment of €30 million. 

In June 2023, only 7,120 residential properties changed hands in Hungary, according to the the monthly Transaction Number Estimate (DH-TB) of Duna House Group. This is a very low number again, so even though May was stronger, it seems that buyers are still waiting. We last saw so few sales in the first half of this year in 2014.

PSN is opening up the brownfield site in Plynárenská Street in Brno to the public, which is being transformed into the "Brno Jedna" project. The company plans to organise small cultural and social events in the area, as well as the possibility of private renting of space. The developer is also leasing the existing office space, which is currently 60% occupied. Construction, which will include both apartments and new commercial units, will begin after all necessary permits have been processed. The approval process is expected to start this year. The company's goal is to revitalize the site overall so that it can offer a pleasant place to work, live and gather not only for local residents but also for the general public.

UBM Development Czechia has successfully completed the rough construction of the Astrid Garden residential project in Prague 7 - Holešovice, where 138 apartments and two commercial units are being built. Construction of Astrid Garden has been underway since November 2021 and is scheduled for completion in the second half of 2024. The sale of the project, designed by renowned architectural studio Bogle Architects, is being handled exclusively by the real estate agency Lexxus Norton. 

After Cavatina Group S.A. separated the residential development business from the entity responsible for the construction and management of a portfolio of PRS projects, with Resi Capital S.A. and Cavare S.A. taking over respective roles, the latter company is preparing to launch its first investments. The company announces its presence primarily in the markets of Warsaw, Wrocław, Gdańsk, Kraków, and Poznań, a secured pipeline of circa 1.6k units.

Viorel Lăcătuș, Country Manager in Romania for Atenor, talked to Property Forum about the company’s ongoing residential and office developments in Bucharest and the growing interest of tenants for the sustainability certifications of buildings.

Local company Glavbolgarstroy is building a new residential project named Ѕmаrt Тоwеr іn thе nеw buѕіnеѕѕ сеntre оf Ѕоfіа, іn thе аrеа оf Нlаdіlnіkа, nехt tо Раrаdіѕе Mall аnd Ѕоuth Раrk.

Local real estate developer Redport Capital, founded by Cosmin Savu-Cristescu, has announced the completion of 127 apartments in The Level Apartments project and the construction start for the new phase of the complex located in the Străulești area of northern Bucharest. 

Emma Toma, Head of Office Division at AFI Europe Romania, talked to Property Forum about the company’s investment plans in the office, retail and residential areas, as well as the solutions implemented in all projects in the area of sustainability.