BBJ: How did DVM come to be formed?
Balázs Czár: DVM was founded by the late Attila Kovács, and it’s now no secret that it was 30 years ago; the original company name was DVM Design Kft. At the beginning, the company was mainly engaged in office and interior design, which was our principal profile. A few years later, in 2001, DVM Construction Ltd. was established, specifically to carry out construction work.
BBJ: What have been the company highlights from the past three decades?
BCz: It is difficult to highlight certain things. For me, the last three decades have been more about steady, consistent work and company building that has, naturally, had its ups and downs. It had some very uplifting and also some very difficult human moments. These have stayed with me more than the professional and business successes.
BBJ: How has the market in Hungary changed in that time?
BCz: The Hungarian property market has changed as Hungary has, in economic, social, and technical terms. The players, the companies, the professionals, the clients, and the designers are all much better prepared than they were 30 years ago. At the same time, everything has become more complex: the legal and business environment, the technical systems and regulations, and the needs of the customer. Overall, I feel that we have a more challenging job today than we did a few decades ago.
BBJ: Looking back, is there anything you would change or do differently?
BCz: I’m sure there would be if I started thinking about it, but I don’t want to!
BBJ: What role did international projects play in the last 30 years, or was the focus on Hungary?
BCz: Most of our work is in Hungary, but almost every year we have also performed some design or project management projects abroad. Many of our clients are international companies, for whom we have worked in other countries on many occasions. This is something we would like to develop naturally, and we are currently in the process of some promising negotiations.
BBJ: How many people are employed by DVM today? What business lines do you operate?
Péter Haberl: DVM group currently employs a team of 150 professionals, the majority of whom are engineers, complemented by specialists in key support functions such as finance, human resources, legal, and administration.
In addition to our core organization, we also operate joint venture companies established either on a project-specific basis, such as the DVM-MAN partnership for the Klotild Palace development, or focused on specific industry segments, such as DVM Greenfield, which specializes in the construction of industrial facilities.
DVM has long been recognized for its dual strength in both design and construction, a reputation that is particularly evident in our design and build projects. This integrated capability was a hallmark of our early fit-out operations and continues to characterize our current activities across office, hospitality, residential, and industrial developments.
BBJ: What are the most significant projects you have worked on recently?
PH: Following the recent completion of the five-star W Hotel within the historic Drechsler Palace, our team is currently engaged in developing another five-star establishment, the St. Regis Hotel in the Klotild Palace. This project is scheduled for completion by the end of this year. Both properties are part of Marriott’s portfolio of luxury brands; thus, the standards and expectations are equally exacting. In both instances, our task involves the integration of a contemporary, five-star luxury hotel within the framework of a nationally protected, iconic heritage building in Budapest.
While the W Hotel’s interior design presented a bold contrast to the richly ornamented Lechner-Pártos architectural style of the former Ballet Institute, the St. Regis embraces and reflects the turn-of-the-century ambience of the Klotild Palaces, designed by the architectural duo of Korb and Giergl.
Simultaneously, we have commenced preparatory works on the Gellért Hotel, including demolition and foundation reinforcement. This building will also be transformed into a five-star luxury hotel, operating under the prestigious Mandarin Oriental brand. As with the previous projects, this endeavor involves the careful restoration and modernization of a protected historical landmark.
Beyond our hospitality developments, we remain active in the residential real estate sector. We recently concluded the Luminor Apartment and Villa project on Svábhegy, and construction is well underway on the Dunaterasz Vista residential complex near the Foka Bay, comprising 632 apartments. This latter development represents one of our most significant undertakings to date, both in scale and value.
BBJ: How has the nature of the work you do today changed over the past 30 years?
PH: DVM began its journey in the fit-out sector, primarily within the office and retail segments, working predominantly with discerning international clients. Design and build contracts were a defining feature of our early operations, where we provided comprehensive solutions from design and project management to execution, tailored to the specific needs of each client.
While this approach remains central to our identity, the scope of our services has significantly expanded over time. Today, in addition to fit-out, we are active in base building projects, as well as in the hotel, residential, and industrial sectors. Despite this diversification, the original commitment to quality, our meticulous approach, and an unwavering attention to detail continue to define our work.
Maintaining these standards is no small feat, as the focus required for structural and foundation reinforcements, façade restoration, and mechanical and electrical upgrades of a heritage building differs significantly from the precision and refinement demanded by the luxury interiors of any five-star hotel housed within it. At DVM, these distinct phases are handled by specialized teams, yet the final result must be consistently of the highest quality for the entire property, without compromise.
BBJ: Is it harder to do business today, not least because of the growing demands made for ESG and sustainability?
PH: DVM has always been committed to sustainability and transparency, and this commitment has remained unchanged in the past 30 years. We were perhaps among the first to apply green certifications to our own projects and developments. Even before these became the standard, we already had in-house certification experts and a sustainability group. Naturally, the biggest challenge in construction today is increasing efficiency, one of the key components of which is sustainability.
BBJ: What role do international projects play today?
PH: In the sector where DVM operates, there are many international players, and the vast majority of our clients are foreign, whether the project is located within the country or abroad. Typically, most of our projects are executed with international teams. This has allowed us to become accustomed to managing different cultures, approaches, and demands. We view this as a part of our growth rather than a challenge. International players often bring unfamiliar procedures with them; however, by combining these with our own experience, we are always able to turn them to the advantage of the project, and the DVM team also benefits from such collaborations.
BBJ: Are there any significant projects in the pipeline you can talk about now? Where will we see DVM signs next?
Tibor Massányi: You’ll find the DVM Group logo and our colleagues in countless locations in Budapest and across Hungary. We are currently involved in hotel projects (St. Regis and Gellért), residential developments (Andor Liget and Dunaterasz Vista), industrial projects (BMW), office buildings (Nilfisk, Morgan Stanley, Wise, and St. James), and even at the Formula 1 track (the Hungaroring at Mogyoród, just outside the capital).
Beyond Hungary, we also have ongoing projects in France, Bulgaria, Switzerland, and Germany. We have a few exciting surprises in the pipeline that we believe will generate strong market interest, but we’ll share more details in due course. For now, let these examples suffice, just a small fraction of our current portfolio.
BBJ: What is the vision for the company moving forward? Are there new areas of business you want to move into?
TM: We are currently active in the office, retail, industrial, and residential sectors, providing both design and build services. I don’t see the future of the DVM group in entering new sectors. Instead, I believe our path lies in refining and enhancing our design and construction services. While we’ve been crossing Hungary’s borders for years and following our clients throughout Europe (something that used to be a dream and is now a reality), the focus remains on perfecting what we do. This means improving our daily processes, fostering seamless collaboration between team members, developing more efficient working methods, and planning and executing projects more consciously. We must focus even more on environmental awareness and recognize the responsibility we bear in shaping our surroundings.
It’s often the sum of small improvements that results in truly great outcomes. These “small things” are what make our work better and more meaningful. So, while I don’t have grand new business plans to announce, I believe it’s these detailed, thoughtful improvements, born from the engineering mindset, that hold the real value. I hope this doesn’t sound discouraging, because engineering is a deeply exciting and motivating field.
BBJ: Developing that thought, if you cast forward another three decades, what do you think the DVM of the future will look like? How will it be different from today?
TM: One thing is certain: at DVM group’s 60th anniversary celebration,»I would much rather attend as a guest at age 77 than be the one giving the speech! Jokes aside, I believe that during its first 30 years, DVM group always recognized market shifts and emerging demands at the right time. We’ve always approached our work with humility and professionalism, investing all our energy into what we do. That’s the key to our success. These values won’t change as long as Balázs, Péter, and I are involved in the company’s daily operations. And I hope that, just as in the first 30 years, we’ll continue to deliver remarkable projects that make our colleagues, and me, proud. In the next 30 years, the nature of our work will likely change significantly due to technological advancements, and as a result, our team structure will evolve too. But that’s how we’ll continue to uphold the standard of engineering excellence we’re known for today.
BBJ: We constantly hear how AI and digitization will change our future. Are you already seeing signs of that today? What might the next significant trend look like for the construction industry?
TM: Digitalization has been present in the construction industry for many years. The supporting technologies are constantly evolving, and new solutions regularly appear that promise greater efficiency. Identifying the right tools, integrating them into workflows, educating users, and convincing them that these tools genuinely support their work must be a priority. There is no room for hesitation or postponement in adopting these technologies. Anyone who avoids them will inevitably fall behind and lose their competitive edge.
Although I would currently place AI in a separate category within construction, the same principle applies: we must actively explore and understand its potential. We need to identify where it can be integrated into workflows and how it can increase efficiency. There are already countless promising applications out there today.
That said, I’d like to highlight a shocking, and perhaps alarming, statistic: by 2030, the energy required for data processing (primarily driven by AI) is projected to equal the entire energy demand of the steel, cement, and other energy-intensive goods combined in the United States. This means that, by 2030, AI-related energy consumption will quadruple.
From this forecast, two things are clear: 1) If AI continues to evolve at its current pace, it will permeate every aspect of our lives by 2030, including construction. 2) It is critically important to approach new technologies with conscious caution and to ensure proper regulation.
Future trends in construction will be more technology-driven than ever. On the software side, AI will become increasingly common. On the implementation side, I believe prefabrication will gain ground, especially in markets that demand high-volume, standardized production, something that suits ongoing technological development. With the global and Hungarian decline in the number of engineers, technological progress is key to maintaining and improving efficiency in construction. In that sense, it could also help balance the growing energy demands of AI, at least in our industry.
BBJ: Do you ever worry about the future of the firm, or the industry in general, or are you positive about the resiliency of (and need for) the business
TM: As a leader, it’s natural to sometimes worry about the future. But I also believe in staying optimistic about change and spotting emerging trends and opportunities before they fully materialize. While concern is part of leadership, it’s our ability to recognize and respond thoughtfully to change that helps shape a more secure and positive future. In my view, it’s the leader’s vision that defines the direction of progress. Without vision, there’s no promising future, only aimless drifting. And without a compelling vision, there’s no talented, motivated team to turn that into reality.
This article was first published in the Budapest Business Journal print issue of May 16, 2025.
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