Only the hotel segment showed any improvement in 2023, supported by the higher number of foreign tourists to Hungary.
Take-up on the office market was down about 10pc from the average in 2015-2019, and the vacancy rate reached 13.3%, up 2 pp from a year earlier. That rate is expected to climb further as total office market stock is set to climb 9.4% by end-2025 as projects in the pipeline are completed.
On the industrial and logistics property market, handovers reached a record volume in 2023, and the vacancy rate climbed by 4.8 pp to 8.6%. Stock in the segment is set to climb by 9% in 2024.
Commercial real estate investment volume fell 38% to EUR 0.6 bln in 2023, the report shows. Domestic investors accounted for 82% of that volume.
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