Report: Global commercial real estate transactions boost Hungary’s in Q1
Preliminary global direct commercial real estate investment transaction volumes reached $148 bln in the first quarter of the year, up by a year-on-year 4%; a tendency that also boosted Hungary’s performance on the market, JLL said today in a report.
“Hungary is experiencing a revival of real estate investment activity which follows several years of poor performance amid the wider European and global financial climate. During the first quarter of 2015 commercial real estate volumes in Hungary totaled nearly €110 mln, which accounts for a very successful first quarter based on the available statistics of the past four years,” commented Rita Tuza, Head of Research at JLL Hungary.
“Office and industrial assets were equally attractive for investors representing circa 43% respectively of the total quarterly transaction volume, whereas the remaining 14% was made up of retail asset deals. Vision Towers South was purchased by ERSTE RE, M1 Business Park was acquired by Prologis and three countryside plazas were transacted as well. The market became more liquid as investors started to realize that the country represents an excellent alternative to fully priced neighboring markets. Furthermore several owners are reaching the end of their investment cycles, which motivates them to start marketing their projects. This is creating a long-awaited liquidity, which should take 2015 to the highest volume of the past years.” added Benjamin Perez-Ellischewitz, Head of Capital Markets at JLL Hungary.
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