Budapest real estate agencies Colliers International, EHL Hungary and Eston International have announced the creation of a new collaborative named Real Estate Research Association or RERA.
RERA’s founding members aim to establish a long-term cooperation in which they can create complex (office) market analyses and realistic forecasts by gathering and objectively processing precise market data for the benefit of all players on the commercial real estate market.
The members of the association agree that – due to its unique nature and characteristics – Hungarian market requires a specialized approach. The group sees as one of its most important tasks to initiate a service to fill the void; a service where all research and activity is based on conditions dictated by the Budapest real estate market.
“To date, the research material released to the public have been inaccurate in many ways,” head of ESTON, Adorján Salamon told reporters.
RERA wishes to create a new, objective and unified database based on the formula agreed upon by its members, which allows for consistent and descriptive analysis, as well as other detailed statistical reports.
The reason why this initiative is claimed to be unique is because market indicators are not measured by international standards, but rather by local Hungarian standards. “I am convinced that through our new approach and the willingness of owners to provide accurate data and thereby themselves receive grounded information on the market, we will provide a database of the most precise figures possible,” Salamon said. He added that the property owners sought out by RERA in relation to the venture have indicated they are happy to cooperate.
The first RERA report will be available from the second week of February; following editions will be published quarterly.
The foundation of the organization comes in the wake of Colliers becoming a conspicuous absentee from the lineup of the Budapest Research Forum, likewise a cooperative of property consultants now comprising CB Richard Ellis, Cushman & Wakefield, DTZ, GVA Robertson, Jones Lang LaSalle and King Sturge.
RERA expressed doubts regarding the validity of the figures released by BRF and also its general approach of going no further than publishing numbers. It vows to provide thorough insight into the workings of the market, as well as meticulously verified statistics from data provided by players of the property market.
“What we aim to establish is general transparency in the real estate sector, which we are convinced will serve to its benefit,” said Michael Smithing, head of Colliers. (BBJ)