Hungary property market turnover more than doubles in 2007

Deals

Turnover on Hungary’s property market reached €2 billion ($3.1 billion) in 2007, two-and-a-half times more than in the 2006, according to an analysis by brokerage DTZ.

The biggest transaction was the €380 million sale of Arena Plaza, the region’s biggest shopping center, by Israeli property developer Plaza Centers to the UK’s AIM Symmetry Fund. Another big transaction was the €229 million sale of the Corvin Atrium, part of a rehabilitation project in Budapest’s District VIII. Both sales were forward deals -- transactions made before the projects were completed.

German property investors accounted for 14% of the value of transactions on Hungary’s property market last year. Austrian and French investors each generated 13% of transactions. Hungarians accounted for just 3%. Property market yields continued to fall in 2007. Both office and commercial property yields were 6%. Four years earlier, office property market yields were 10% and commercial property market yields were 8%. (MTI-Econews)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry