CBRE: Investment property market to grow 10%-30%
Turnover on Hungary’s investment property market was valued at €270 million last year, and this year the amount is expected to rise to €300 million to €350 million, Tim O’Sullivan, the local investment director for real estate consultant CBRE, said at a press conference in Budapest today.
Top-tier properties remain the most popular among foreign investors, said O’Sullivan, but there is also Hungarian demand for vacant property in the lower category. The National Bank of Hungary’s Funding for Growth scheme could support the pickup in demand, he added.
Take-up on the office space market rose between 6% and 8%, but extensions to extant leases accounted for half of the increase. The vacancy rate in the segment fell by about two percentage points to 18.4%.
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