20% rise in property investment value expected
A yearend pickup is expected to lift the value of property investment in Hungary to HUF 1.2 billion-1.3 bln this year, 20% over last year's level, the head of the Property Developers Roundtable (IFK) Ernő Takács said, according to napi.hu.
Takács said that data from consultancy CBRE show investment volume on the property market reached EUR 750 million in the year until October but augured a "serious year-end sprint."
He said office space has accounted for 85% of property market turnover this year, up from around 40% before the pandemic. He added that retail space, which earlier made up about 40% of transactions, now accounts for under 5% of turnover.
Around 120,000 sqm is being added to the office space market this year, and the total area in Budapest could climb over four million sqm by March 2022, he said. Next year, property market investment in Hungary could reach EUR 1.5 bln-1.7 bln, he added.
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