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Value of property developments in Hungary plunges

The 15 members of Hungary's Property Developers' Roundtable Association (IFK) undertook €118 million of investments last year, down from €280 million in 2011 and HUF 1.3 billion in the boom year of 2008, IFK told MTI on Friday. IFK members constructed seven buildings last year, down from 24 in 2008. Based on developments announced until now, developers are likely to inaugurate 42,000sqm of building space this year constructed at a cost of €108 million. IFK members include Ablon, AIG Lincoln Gazdasagi Fejlesztesi, Biggeorge's, Futureal Development, IVG Development Hungary, Orco Vagyonkezelo, Skanska Magyarország Ingatlan, TriGránit Fejlesztesi, WING Ingatlanfejleszto es Beruhazo, ECE Projektmanagement, Graphisoft Park, Budapest Ingatlan Hasznositasi es Fejlesztesi, Prologis Hungary Management, Talentis Group and Codic Hungary.