The real estate market for retail business in Budapest has shown strong growth recently and is expected to remain strong despite challenging economic conditions, said real estate services company Cushman & Wakefield.
The firm's Main Streets Across the World report, which surveys rents in 63 countries, found either rent increases or static rent prices in 81% of the countries surveyed. This result was a 15% increase from the previous year's report.
Growth in Hungary's retail market has been driven by the opening of several flagship stores in Budapest over the past year, stated Viktória Szabó, head of the company's retail division in Hungary. Szabó noted that Váci utca remains the highest-priced retail street in the capital, with growth from the pedestrian street expanding into the surrounding streets and squares due to limited supply.
The company also expects more retail groups to enter the Hungarian market in the coming years.