Investment property market in Hungary grows to €460 mln in 2014
Turnover of the investment property market in Hungary grew to €460 mln in 2014 from the previous year’s €270 mln, real estate consultancy CBRE analyst told Hungarian news agency MTI today.
According to CBRE chief analyst Gábor Borbély, the market could have reached €600 mln, however some transactions were postponed until this year. The market is favorable for investors due to low interest rates, liquidity and uncertainty in the real economy, he added.
Overall office space in the Hungarian market grew by 68,000 sqm and take-up reached 125,000 sqm. State-run institutions and IT companies each accounted for 22% of the market. The vacancy rate on the office market in Budapest is currently around 16%, only a single percentage point over the rate in Prague, Borbély noted.
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