The local government of Budapest, the Hungarian Investment Promotion Agency (HIPA) and the Real Estate Developersʼ Roundtable Association (IFK) are to host a joint booth at the world’s top professional property exhibition, MIPIM, according to a press release sent to the Budapest Business Journal.
The four-day MIPIM event takes place this March 12-15 in Cannes, France, with the Hungarian booth set to present the exclusive investments that will define Budapestʼs image in the next two or three decades.
The material of the exhibition states that the number of Hungarian cities capable of attracting investments even at international level is increasing, while the Hungarian regions have begun to develop. The investment value of the presented projects exceeds EUR 4 billion. The Liget Budapest Project, described as the biggest European cultural investment in the press release, will be presented at the Hungarian stand as a standalone "township."
On the occasion of the 30th anniversary of the exhibition, the Hungarian booth will present the Hungary of the future. Besides investments taking place in Budapest, developments in Debrecen, Miskolc, Pécs, Szeged and Zalaegerszeg will also be on display.
Major property developers such as Atenor, Futureal Group, Gránit Pólus Group, GTC Hungary, HB Reavis, Wing and Horizon Development will appear at the expo with their developments.
According to Budapest Deputy Mayor Gábor Bagdy, this year the city is promoting developments, besides the Liget Budapest Project, that are repositioning districts where significant development opportunities are located. The main goal of Budapest is to become one of the best, most livable and safest capitals of Europe, according to the capitalʼs leaders. The intentions of the government and the city leadership are in sync with this goal, which aims to make Budapest one of the three leading sports capitals of Europe by 2030.
"Key state and local government developments are strengthening Budapest’s position on the tourist map of Europe and the world, and contribute significantly to the increase of the country’s capacity to attract capital," said Bagdy.
HIPA President Róbert Ésik noted that MIPIM is especially important for the agency, since it provides an opportunity to present Hungarian real estate development projects to international investors at one of Europe’s most significant events in the sector. HIPA focuses on three areas in the real estate segment fundamental for the influx of FDI: the development of industrial and logistics infrastructure; the construction of category “A” office buildings, with a special focus on Hungarian university cities; and the development of a quality hotel infrastructure serving business and health tourism.
According to IFK President Ernő Takács, stable property investment demand is strengthened by the performance of the Hungarian economy and positive economic forecasts.
According to real estate consultant CBRE, the Hungarian real estate market closed 2018 with EUR 1.7 bln in investment, making the last three years the most productive period in the history of the Hungarian market. Due to the unprecedented increase in property developments, the predictable regulatory background and the outstanding ROI, interest in investing in Hungary keeps increasing every year, he added.
In 2018, HIPA closed a record year, with a record number of 98 projects in the country, translating into a record capital investment of more than EUR 4.3 bln. This exceeds last year by 23%, and was accompanied by the creation of more than 17,000 jobs, the press release noted.