Eston opens photo exhibition
Eston International, the Hungarian property advisor, yesterday opened an exhibition containing photos it had received through its photo contest, launched by the company in an effort to encourage creative portraits of offices in Budapest, the firm said in a press release.
Experts at Eston also spoke about developments in the real estate market at the opening ceremony. According to Eston, outlooks for the market include imposing developments and increased project sizes, along with decreased tenant allowances and overly optimistic promises.
Eston CEO Adorján Salamon noted that one of Eston’s biggest consultant teams was responsible for an office leasing contract in Budapest that was signed over the last year. Additionally, the office portfolio handled by the firm grew by 20% in 2014. Citing data from appraisals, Eston provided professional knowledge for a portfolio valued at HUF 1 trillion, while also contributing to investment transactions of €40 mln.
Eston believes that the real estate market has become more concentrated with fewer but stronger players. Low interests rates have again made the real estate market attractive, Eston said, adding that shrinking government bond yields are clearly stimulating real estate investment, which have resulted in an expanding rental properties market.
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