property: budapest
March 09, 2010, 09:37 CET
Residential units edge up in size in Budapest; stall in countryside
The average size of residential units in Budapest remained unchanged from 2008 to 2009 - at 67 square meters - while over the same period the size of properties in surrounding Pest county grew by 3%, to 103 sqm, napi.hu... [read complete entry]
March 09, 2010, 09:33 CET
Developer says slowdown in flat construction could end in shortage
An ongoing decline in the number of new residential projects in Budapest could end with a flat shortage in the capital in coming years, leading developer Cordia Zrt claims, reports origo.hu. Since 2006, the number of new units under developments... [read complete entry]
March 03, 2010, 09:31 CET
Fidesz announces plans for Budapest museum quarter
Once in power in Budapest, the main opposition Fidesz party plans to build a museum quarter around the area of the Nyugati (Western) Railway station over the next 15 years, the party's candidate for mayor told national daily Nepszabadsag on... [read complete entry]
March 02, 2010, 09:21 CET
Almost one-fourth less office space to be inaugurated in Budapest in 2010
About 160,000 square metres of top-category office space is expected to be built in Budapest this year, 24pc less than in 2009 and 35pc less than in 2008, Real Estate Researchers Association (RERA) told MTI. About 92,000 square metres of... [read complete entry]
March 01, 2010, 04:47 CET
And we thought the Budapest property market meltdown was just a metaphor
Via the urbanista blog we discovered a rather unique piece of Budapest residential property currently being offered for sale on listings engine ingatlan.com. Here's a translated version of the owner's pitch: "Do you like remodeling? In Budapest's District VIII on... [read complete entry]
February 23, 2010, 09:24 CET
Budapest district evicts Roma Press Center
The Seventh District has decided not to renew a ten-year tenancy contract with the Roma Press Centre, forcing the organisation to move out of its office on Nefelejcs utca effective March 1. The office houses the Roma Holocaust archives. Centre... [read complete entry]
February 18, 2010, 11:48 CET
Irish investors fed more BS about BP, this time on the down-side
You really have to pity the poor Irish investors now sitting on Budapest property. It's bad enough that they had their expectations for making a killing on local real estate unjustifiably stoked when the market was on the up. But... [read complete entry]
February 17, 2010, 10:38 CET
Klotild Palace hotel conversion pushed back again
The conversion of the Klotild Palace, a grand building on one of Budapest's main streets, into a luxury hotel will not be completed until 2011, daily Nepszava reported on Tuesday. The building, which is being developed by the Mellow Mood... [read complete entry]
February 12, 2010, 11:19 CET
Police investigation launched into unfinished "Design Terminál" project
The Hungarian police last month launched an official investigation in relation to the "Design Terminál" - a planned center for innovation and design on Budapest's Erzsébet tér, hirszerzo.hu reports. According to documents created during an internal investigation, there were errors... [read complete entry]
February 12, 2010, 11:04 CET
Budapest's fungus-infested main railway station molders as renovation budget dries out
A long-planned renovation of Keleti pályaudvar - Hungary's busiest railway station - would cost Ft 18 billion (over €66.2 million), but only Ft 10 million is available this year for keeping it from further deteriorating, daily Magyar Hírlap learned from... [read complete entry]
February 11, 2010, 09:49 CET
Budapest Property Market Index inches down
The Budapest Property Market Index, a measure of supply and demand on the market as well as market players' plans and expectations compiled by economic think tank GKI and professional journal Ingatlan es Befektetes, fell to -29.2 points in January... [read complete entry]
February 09, 2010, 09:29 CET
Wing sells "green" office building to Allianz, unclear if deal is in the red
In recent years the market for new office buildings in Hungary may have proved to be unsustainable, but there is still some life left in it - at least for so-called "sustainable" buildings. In what must be the biggest such... [read complete entry]
February 02, 2010, 09:49 CET
Building of new Budapest opera house descends into tragicomedy
How's this for an utterly predictable storyline: Construction of a new building to replace the now-closed Erkel Theater on Köztársaság tér in Budapest's District VIII is being delayed - and may be halted indefinitely - due to obstructionism on the... [read complete entry]
February 02, 2010, 09:38 CET
Court orders BVM to pay Ft 8 billion in compensation for tying up building project
The Economic Department of the Budapest Municipal Court on Monday ruled building materials company BVM Epelem must pay Global Center, a unit of property developer Ablon Group, HUF 8bn in compensation for tying up a building project. BVM was ordered... [read complete entry]
February 02, 2010, 09:25 CET
Budapest district introduces property tax that no one seems to know about, or will have to pay
Despite the ongoing chaotic failure of the national government to put in place a property tax, some local governments in Hungary are going ahead with new levies on real estate, though in one case with similarly goofy results. On January... [read complete entry]
January 27, 2010, 10:29 CET
Vacancy on Budapest's A-category office space market reaches 22%
Vacancy on Budapest's A-category office space market reached 22pc at the end of 2009, nearly double the 12pc rate in the middle of 2007, a forum of real estate consultancies in the capital told MTI. A record 300,000 square metres... [read complete entry]
January 27, 2010, 10:24 CET
Tender called for €1 billon convention center in Budapest
Hungary's National Development Agency has called a tender to build an almost HUF 1bn convention centre in the capital with capacity for several thousand people, business daily Vilaggazdasag reported on Tuesday. The deadline for bidding in the tender is March... [read complete entry]
January 25, 2010, 04:43 CET
Plans for new Budapest city hall now feature a tower but still lack building permits or funding
Budapest Chief Architect Éva Beleznay expects that the construction permit for the new city hall complex will be issued by March, and a tender for investors to finance the project will be announced after that, daily Népszabadság reports. The original... [read complete entry]
January 25, 2010, 04:37 CET
District XIII allocates Ft 4 billion for real estate development projects
Budapest's District XIII (Angyalföld) has allocated nearly Ft 4 billion (€14.7 million) toward major real estate development projects, of which Ft 2 billion will be used this year, napi.hu reports. Also, the construction of the Láng Sports Fields will be... [read complete entry]
January 25, 2010, 04:29 CET
District V involved in "blackmail" over parliamentary parking garage permits
Budapest's District V will only issue a construction permit for an underground garage and a visitor center at the Parliament building in exchange for over Ft 175 million (roughly €643,000), daily Népszabadság learned. According to the paper, Parking Kft is... [read complete entry]
January 19, 2010, 09:48 CET
Football club FTC to start work on multifunctional complex in Budapest
Football club FTC has received permission to start construction of a 22,000-seat stadium on Budapest's Üllői út, FTC Zrt CEO Krisztián Berki told vg.hu (subscriber only). Works can start in summer. The project is being planned by the British Scarborough... [read complete entry]
January 15, 2010, 09:18 CET
Fine Arts Museum receives fine for changing tender for expansion
The Public Procurement Arbitartion Board (Közbeszerzési Döntőbizottság) has fined the Budapest Fine Arts Museum for Ft 3 million (€11,300) for modifying documentation of a tender for an underground expansion of the building following the announcement of the results, writes index.hu,... [read complete entry]
January 11, 2010, 02:16 CET
City of Budapest to sell schools, castles and other properties
The Budapest Capital City Asset Manager Center Zrt (Budapest Főváros Vagyonkezelő Központ Zrt) will offer for sale schools in inner Buda and on Rózsadomb, lots along the Danube and castles this year, writes napi.hu. The city is hoping to get... [read complete entry]
January 11, 2010, 02:12 CET
District bars conversion of former psychiatric institute into residential park
According to a decision by the local government of Budapest's District II, the new owners of a 40-hectare property formerly occupied by the now-shuttered National Institute of Psychiatry and Neurology (OPNI) are prohibited from converting it into a residential housing... [read complete entry]
January 05, 2010, 09:24 CET
Despite hype, Budapest high streets remain buyer's market for retailers
While last year saw a large number of widely-hyped openings of luxury goods outlets on Pest's higher-end shopping streets, the two most enviable addresses - Andrássy út and Váci utca - remain glutted with empty space waiting to be let.... [read complete entry]
January 05, 2010, 08:58 CET
FHB first tenant in Budapest's new Ü48 Corner Center complex
A new office complex called the Ü48 Corner Center was completed on Budapest's Üllői út last month, reports epulettar.hu. The complex, which offers "A" category offices occupying over 7,000 square meters, has seven levels and a three-level underground garage. The... [read complete entry]
January 05, 2010, 08:12 CET
Capital Square wins award for "best office development of 2009"
Budapest's Capital Square office building has won an award from the Construction & Investment Journal (CIJ) for being the best office development of 2009, reports iroda.hu. The complex, which is located at the corner of Váci út and Dráva utca... [read complete entry]
January 05, 2010, 07:31 CET
Colliers reports 100% occupancy at Váci 33 office building
"Tenants reduced lease areas, and the vacancy rate is increasing" – reminisces Miklós Saly, head of office leasing at Colliers International Hungarian office, on the main points of turbulence in 2009. Regardless, there have still been success stories. A good... [read complete entry]
December 22, 2009, 09:38 CET
Váci utca rents again top Budapest retail market in CBRE survey
Rents on the northern part of Budapest's Váci utca are the most expensive in Hungary's retail market, writes vg.hu, based on a recent market analysis by CB Richard Ellis (CBRE). But with rates running at €60-€80 per square meter per... [read complete entry]
December 22, 2009, 09:32 CET
Uniqa opens new €36 million Budapest office building
Uniqa Invest Kft's €36 million office development on Budapest's Róbert Károly körút (District XIII) has been completed, writes vg.hu, based on an MTI-ECO report. The Vital Business Center, which occupies 18,000 square meters, was officially opened on December 15. The... [read complete entry]
December 18, 2009, 10:03 CET
Gov't to finance Ft 9.5 billion science research project in Budapest
The government will finance the construction of a new research centre of the Hungarian Academy of Sciences to the tune of 9.5 billion forints (EUR 34.13m), the Academy's president Jozsef Palinkas told the press on Thursday. The new centre, to... [read complete entry]
December 15, 2009, 09:04 CET
Renters said keen for KÖKI Terminál mixed-use project in District X
The development of the KÖKI transport junction in Budapest's District X is in full swing, and many renters are said to be interested in the new property, writes napiingatlan.hu. The complex, to be called KÖKI Terminál, will comprise a three-level... [read complete entry]
December 15, 2009, 08:46 CET
Investigations stepped up over controversial MTV headquarters building
An ongoing police enquiry into the contract signed for the new headquarters of national broadcaster MTV may be expanded to include investigators from the Prosecutor General's Office. This past weekend, Fidesz filed a complaint with the Prosecutor's Office against an... [read complete entry]
December 15, 2009, 08:33 CET
Inner Buda to get makeover in 2010; pedestrian zone near Mammut mall
The Inner Buda town center will be renewed from a nearly Ft 1 billion (€3.67 million) EU grant, District II Mayor Zsolt Láng announced. According to napiingatlan.hu, the area formerly used by Ganz Electric Works and the environs of Marczibányi... [read complete entry]
December 15, 2009, 08:02 CET
Structural work completed on Budapest university building following bank rescue
Main contractor Hérosz Zrt has completed the structure of the Budapest Technical University's Q1 building, reports vg.hu. The project, launched in 2007, had to be suspended in March due to financial problems, but banks K&H, Raiffeisen and MFB have stepped... [read complete entry]
December 14, 2009, 12:10 CET
Work on large new Budapest congress center could begin in April
A new congress center at the Syma events hall in Budapest's District XIV can start in April, with the building opening in December 2011, development manager Gábor Soós told napiingatlan.hu. The center will be able to host events for up... [read complete entry]
December 14, 2009, 11:07 CET
Three-quarters of €210 million Corvin Offices project already let
Hungarian-owned property developer Futureal group has leased 75pc of the 24,400 square metres of office space in the EUR 210m Corvin Offices, part of Corvin Promenade, a big rehabilitation project in Budapest's District VIII, project manager Janos Berki said on... [read complete entry]
December 08, 2009, 09:23 CET
ING shopping 50% stake in new award-winning "poisonous" Budapest mall
ING Real Estate Development is currently in negotiations with Germany's Allianz Real Estate about selling 50% of Buda's newest mall - Allee - propertyeu.info reports. ING would keep a 50% stake in Allee. In related news, the "poisonous" mall was... [read complete entry]
November 30, 2009, 11:30 CET
Tender to be issued for site of aborted Government Quarter
A new possibility has arisen for the site of the aborted government quarter in Budapest. Documents acquired by Világgazdaság indicate that an open, international tender will be called to find an investor to rehabilitate the area behind the Nyugati Railway... [read complete entry]
November 30, 2009, 11:10 CET
Hungarian real estate developers form "mega alliance"
The Real Estate Developer Round Table Association (Ingatlanfejlesztői Kerekasztal Egyesület; IKE) - the interest group for leading Hungarian real estate developers - and the Budapest Business Region (BBR) have signed a long-term cooperation agreement, reports vg.hu. The aim of the... [read complete entry]
November 26, 2009, 12:11 CET
Politicians seek PR air from "noxious" new Budapest mall
Buda's newest shopping mall Allee will remain open despite recent cases involving carbon monoxide poisonings of shoppers at the facility, writes vg.hu. Opposition party Fidesz says the complex had been issued opening permits in a rush for "PR reasons." The... [read complete entry]
November 19, 2009, 09:39 CET
Otthon Centrum projects 30% plunge in Budapest home sales
Hungarian real estate broker Otthon Centrum expects about 40,000 new and resale homes to be sold in Budapest in 2009, about 30pc less than in the previous year, Otthon Centrum told MTI on Wednesday. Home prices in the capital peaked... [read complete entry]
November 17, 2009, 09:12 CET
Opposition says plan for Ft 6 billion underground garage on Kossuth tér is illegal
Fidesz considers the planned construction of an underground garage below Kossuth tér illegal, deputy chairman László Papcsák of Budapest city council’s public procurement committee said yesterday. As the square is a public area, any project built under it should also... [read complete entry]
November 17, 2009, 08:31 CET
State selling former military storage facility in Budapest
Hungarian state asset manager MNV has put a former military storage facility in Budapest's District XIV up for sale, writes vg.hu, based on MTI-Eco. The 1,891-square-meter facility sits on Mogyoródi út, and is subject to a minimum bid of just... [read complete entry]
November 16, 2009, 07:55 CET
Interest on loans eats up profits of Graphisoft Park
Graphisoft Park, a listed company that owns a business park in the north of Budapest booked a EUR 651,000 loss in Q1-Q3 as interest on bank loans ate up operating profits, the company's consolidated report for the period published late... [read complete entry]
November 11, 2009, 12:06 CET
Best bargain at big new Buda shopping mall may be the office space
Over on Caboodle.hu you can read about today's opening of the new Allee mall, which was built over the remains of the historic Buda Skála, the biggest shopping center in Communist-era Budapest. According to the developer, the 46,000 sqm of... [read complete entry]
November 10, 2009, 09:57 CET
Hats off to the smiling Dr. Doom of Hungarian property
We have no idea what's behind this, but napi.hu had an interesting item last week featuring dire prognostications about the local property market from a real estate agent. In the piece, one Balázs Nagy (at left, looking cheerful), the head... [read complete entry]
November 10, 2009, 09:30 CET
Drop in residential property prices not seen luring foreigners back to Budapest
Foreign buyers from Ireland, the UK and Spain are not expected to return to the Budapest housing market in the short term, despite the recent drop in prices, CEO Ágnes Péter of real estate agency One2one told Napi Gazdaság. The... [read complete entry]
November 10, 2009, 09:02 CET
Developer Futureal planning 1,000 new apartments in Budapest
The Futureal group is trying to acquire construction permits for its latest project as early as next year and bring a total of 1,000 new apartments to the market, writes vg.hu. Futureal is preparing a project in Róbert Károly körút... [read complete entry]
November 10, 2009, 09:01 CET
Corvinus Campus in running for "world's best public building" title
A new building of Budapest's Corvinus University is competing for the "world's best public building" title, reports napi.hu. The building, developed by WING, has already won the "CNBC Arabia Best International Property Award" for the region, which means it can... [read complete entry]
November 04, 2009, 02:25 CET
Budapest Property Index up slightly in Q3; severe oversupply seen in residential
The Budapest Property Market Index, a measure of supply and demand on the market as well as market players' plans and expectations, rose 5 points from the previous quarter to -28.6 points in October, market research company GKI told MTI... [read complete entry]
November 04, 2009, 10:18 CET
Budapest gov't to merge sporting facilities into new non-profit holding
Budapest City Hall will merge 14 properties owned by the capital into a holding company called Budapest Sport Non-profit from January 1, 2010. The properties are worth about Ft 10.5 billion and include the athletics centre on Margaret Island and... [read complete entry]
October 28, 2009, 10:50 CET
Investment in Budapest property market plunges in 2009, CBRE says
Just EUR 90m have been invested in Budapest's office, commercial and industrial property market so far this year, a fraction of the EUR 470m in 2008 and the EUR 2bn in 2007, Tim O'Sullivan of CB Richard Ellis said at... [read complete entry]
October 27, 2009, 09:27 CET
Rebuilding of historic District VII hotel complex reaches milestone
The structure of the future Hotel Continental Zara was recently topped off, with developers of the property on Dohány utca in Budapest's District VII saying it is on track for an opening in June of next year. The Ft 14... [read complete entry]
October 22, 2009, 10:15 CET
Developer says willing to return postal HQ following sale controversy
Wing, the property development unit of Hungarian-owned holding company Wallis, is willing to sell the Budapest headquarters of state-owned postal services company Magyar Posta back to Hungary's National Asset Management Company (MNV) at the price for which the company paid... [read complete entry]
October 19, 2009, 12:34 CET
Budapest Research Forum sees 60% plunge in Q3 office take-up
Members of the Budapest Research Forum include CB Richard Ellis, Colliers International, Cushman & Wakefield, DTZ and Jones Lang LaSalle. The group has collated all information and now reports the office market data for the third quarter of 2009. A... [read complete entry]
October 09, 2009, 11:11 CET
Structural work on 17,000 sqm K3 office complex completed
The structure of the k3 office complex situated on Budapest's Könyves Kálmán körút has been completed, reports napi.hu. The building, developed by WING for Ft 8.5 billion (over €31.5 million), uses one-third less gas and 20% less water than average... [read complete entry]
October 09, 2009, 11:03 CET
€40 million Eiffel Square office complex/cultural center opens near Nyugati
The office complex and public park known as Eiffel Tér Irodaház és Kulturális Közpark has opened, reports ingatlanmagazin.hu. The complex has 17,175 square meters of rentable office space, 1,978 sqm of restaurant space and 3,468 sqm of retail space. The... [read complete entry]
October 05, 2009, 12:14 CET
State railway MÁV makes another attempt to sell its Budapest headquarters
The state railway company MAV has offered its 5,900sqm headquarters in Budapest's exclusive Andrassy Street, it was announced on Monday. No bids were submitted for the previous offer, closed in July. A security of HUF 500m must be deposited for... [read complete entry]
September 29, 2009, 10:27 CET
Budapest district wins parking lot dispute with ministry
The Municipal Court on Monday rejected the Health Ministry's lawsuit over the ownership rights of the car park adjacent to its building, meaning that the Fifth District retains the facility. The verdict is open to appeal. Fifth District Fidesz mayor... [read complete entry]
September 24, 2009, 09:42 CET
Mobile group Pannon inaugurates new "green" headquarters in Budapest
Pannon, the Hungarian mobile services unit of Telenor, inaugurated an environmentally-friendly headquarters on the outskirts of Budapest on Tuesday, business daily Vilaggazdasag reported on Wednesday. Compared to a conventional building, the new headquarters will cut down on CO2 emissions equivalent... [read complete entry]
September 22, 2009, 09:48 CET
WING opens new office towers at Millenáris Park
WING Zrt has opened two new office buildings at Buda's Millenáris Park called the Millenáris Irodaházak Modern and Millenáris Irodaházak Avantgarde, reports vg.hu. The "Modern" tower has four floors and a total rentable office space of 1,800 square meters, while... [read complete entry]
September 22, 2009, 09:41 CET
Only one current Budapest shopping mall project to be completed this year
Only one of five shopping malls currently planned for the Budapest market is likely to be completed this year, writes napi.hu. While the portal reports that Allee, located at the site of the former Budai Skála department store, will be... [read complete entry]
September 22, 2009, 09:12 CET
Eston says majority of new office space in Budapest still vacant
More than half of the new office and industrial space inaugurated in Budapest in the first half of 2009 stands vacant, Adorjan Salamon, who heads real estate consultancy Eston International, said at a press conference on Monday. About 47,200 square... [read complete entry]
September 17, 2009, 10:45 CET
Recession spurs creativity in Budapest's residential property market
With the current economic doom and gloom, and with the real estate market getting worse, you can't blame people if they try unorthodox methods to shift their property. One such individual's listing on Hungarian real estate site expressz.hu (now removed)... [read complete entry]
September 16, 2009, 11:17 CET
ING to open €200 million Buda retail-residential complex in November
ING Real Estate will open a EUR 200m retail, office and residential complex in the south of Buda on November 11, ING Real Estate's development director for Hungary Gabor Glavatity told MTI on Tuesday. The 150,000-square-metre complex, called Allee, is... [read complete entry]
September 14, 2009, 02:45 CET
Low demand leads to drying up of new retail space in Budapest
Developers inaugurated none of the planned 93,000 square metres of retail space in Budapest in the first half of the year as consumer demand fell, an analysis by GVA Robertson sent to MTI shows. Five big shopping centres are under... [read complete entry]
September 14, 2009, 02:07 CET
Colliers: Budapest office market facing historic challenge
A surplus of new supply spurred on by cheap credit has hit the market just as absorption has fallen by over 50% because of the recession. This has resulted in a rapid increase in the vacancy rate which is forecast... [read complete entry]
September 08, 2009, 11:37 CET
Budapest property prices falling as recession bites
Although property prices have remained reasonably resilient in Budapest despite the recession, the signs are that oversupply and lack of demand are now driving down prices, writes daily Népszabadság. As increasing numbers of owners fail to meet their mortgage repayments... [read complete entry]
August 31, 2009, 09:41 CET
Budapest luxury hotel to include helipad, bullet-proof suite
A new luxury hotel in Budapest's swanky fifth district will come complete with a helicopter landing pad and a bullet-proof suite, Magyar Nemzet daily reported on Monday. Hotel President, to be located near the National Bank of Hungary and the... [read complete entry]
August 26, 2009, 11:07 CET
Property rental prices squeezed across the board
Although the property market has been hit hard by the recession, the market of for-rent apartments has livened up in Budapest and Hungary's major university towns thanks to students, writes napi.hu. However, as a mark of the lack of demand,... [read complete entry]
August 25, 2009, 10:38 CET
DTZ: 1.8 million square meters of office space in Budapest pipeline
As mentioned in the comments here, the DTZ Skyline Tracker report on Budapest reports that a whopping 1.8 million square meters of office space is to be completed in the city between July 2009 and 2012, while projects under development... [read complete entry]
August 17, 2009, 11:02 CET
Sales of newly-built flats in Budapest plunge in first half of 2009
Only a third as many new apartments were sold in Budapest in the first six months of this year as during the same period in 2008, reports napi.hu, based on findings by AL Holding. According to the survey, only 1,000... [read complete entry]
August 04, 2009, 12:03 CET
Budapest's recently-opened Paris Department Store gets two tenants
The Andrássy út Paris Department Store (PDS), owned and recently fully renovated by Orco Property Group has successfully acquired two new tenant additions with the contribution of Colliers International real estate agency. Israeli AHAVA - maker of Dead Sea cosmetics... [read complete entry]
July 21, 2009, 08:29 CET
Colliers sees increasing slowdown in Budapest hotel developments
Although in the hotel development field Budapest is characterized by strong activity, projects that are still in the planning phase are becoming more frequently reconsidered and postponed. This property segment will weaken further in the future according to the opinion... [read complete entry]
July 16, 2009, 11:05 CET
Lead investor in Budapest's Arena Plaza mall buys out partner
UK-based property investment fund Lanebridge Investment Management (LIM) has bought out Active Asset Investment Management's (AAIM) stake in Budapest's Arena Plaza shopping centre to make it the sole owner, LIM investment director Simon Smethurst said on Wednesday. LIM agreed to... [read complete entry]
July 14, 2009, 04:21 CET
Developer of TóPARK mega-project near Budapest gets capital injection
Walker and Williams Investment Group has injected a further CHF 20m into Topark, a project company building a EUR 4.8bn residential, office and retail development on the outskirts of Budapest. The fresh capital will support preparations for the next phases... [read complete entry]
July 14, 2009, 09:22 CET
No bidders for Hungarian state railways' exclusive Andrássy út headquarters
State railway company MÁV received no bids in its latest attempt to sell its headquarters on Andrássy út in Budapest’s Sixth District, despite the extension of the deadlines. The building is worth an estimated Ft 5 billion. MÁV is expected... [read complete entry]
July 14, 2009, 09:14 CET
CB Richard Ellis retail space price survey puts Budapest is 38th place
Budapest is 38th in a ranking based on shop rents in big European cities compiled by CB Richard Ellis. Shop space in the Hungarian capital averaged EUR 1,200 per square metre per year, CB Richard Ellis said, cheaper than in... [read complete entry]
July 07, 2009, 09:15 CET
Topping-out ceremony held at Budapest's DC Offices complex
The topping-out ceremony of DC Offices, the latest office development project of Fercom Kft, was held in Budapest's District XIII. last week, reports epulettar.hu. The event was organized by the main contractor, PORR Építési Kft. Perching on the corner of... [read complete entry]
July 03, 2009, 10:26 CET
Budapest District V to sell off four landmark buildings
Budapest Fifth District council plans to sell the five-storey Párizsi udvar (courtyard) on Ferenciek tere as the local authority's Ft 500 million debt is "beginning to be unmanageable". A decision in principle has already been made to transfer the ownership... [read complete entry]
June 30, 2009, 09:45 CET
Ecorys reports rise in retail vacancy rates for downtown Budapest
Vacancies in downtown Budapest's retail market are at a 9-year high, according to a fresh survey by real estate consultancy Ecorys Magyarország. Although vacancy rates on Andrássy út (16.8%) and Váci út (5.2%) have fallen this year compared to 2008,... [read complete entry]
June 30, 2009, 09:43 CET
K&H Bank signs deal for new 52,000-sqm corporate HQ in South Pest
K and H group has signed a purchase contract for a 52,000-square-metre headquarters to be built in the south of the capital by the end of 2011, developer TriGranit told MTI on Monday. The headquarters, designed by the Finta Architecture... [read complete entry]
June 30, 2009, 08:34 CET
Developer Indotek plans Ft 50 billion mixed-use project in Rákospalota
The Indotek property development group will invest Ft 50 billion to build a new city center in Rákospalota, northeast Budapest, as part of a comprehensive rehabilitation scheme, writes resourceinfo.hu. The project will see construction of 1,350 new homes and 12,000... [read complete entry]
June 25, 2009, 10:27 CET
Budapest still seen as Mecca for international luxury goods retailers
It looks counter-intuitive at first glance. The capital one of the countries worst hit by the economic crisis is the venue for an expanding luxury goods market. But Budapest's Andrassy Boulevard is indeed seen by the likes of Gucci and... [read complete entry]
June 15, 2009, 12:15 CET
Biggeorge's to complete landmark school-to-office conversion in time for school year
Hungarian property company Biggeorge's plans to complete the HUF 5bn conversion of a landmark Budapest school near Kolosy tér in Buda into an office building in the autumn, company officials said at a press conference on Tuesday. The inside... [read complete entry]
June 04, 2009, 11:07 CET
WWIG starts first phase of TóPARK development on outskirts of Budapest
WWIG on Wednesday laid the cornerstone for the first, EUR 138m phase of a property development on the outskirts of Budapest. WWIG will build 160 homes, 92,000 square metres of office space and 20,000 square metres of service space in... [read complete entry]
June 02, 2009, 09:22 CET
Hungarian property grass suddenly not greener from over the fence
Over the course of the average week we stumble over two or three online-only articles about the Hungarian residential property market aimed at potential individual investors. Even when they are not obviously bogus, "double your money in the Paris of... [read complete entry]
May 29, 2009, 09:45 CET
Eston says 40% of new "A" office space in Budapest vacant
About 100,000 of the 250,000 square metres of A-category office space inaugurated in Budapest last year are still vacant, Eston International told MTI. The vacancy rate in the three biggest office buildings completed in the capital last year is about... [read complete entry]
May 27, 2009, 12:14 CET
DTZ says vacancy rates unchanged as new "A" space crowds capital
Some 48,400 square metres of A-category office space were inaugurated in Budapest in Q1, but the vacancy rate was practically unchanged at 16.5pc, broker DTZ told MTI. The total area of Budapest's A-category office space market rose to 2,150,000 square... [read complete entry]
May 07, 2009, 10:51 CET
Vacancy rate for Budapest office space nears 20%, agency says
The vacancy rate on Budapest's office space market could soon reach 20pc, up from about 13pc just one year earlier, according to an analysis of the market by property company Duna House Commercial.... [read complete entry]
May 05, 2009, 07:56 CET
Crisis highlights Budapest's "B" and "C" office space
Real estate advisors and tenants generally focus on Class A office buildings on today’s market. However, thanks to an intensifying competition and a changing market, the Class B and C market, which has for long been in the shade, are... [read complete entry]
May 04, 2009, 11:22 CET
Mellow Mood Group to complete Ft 8 billion transformation of expo center hotel
Hungary's Mellow Mood Group plans to complete an HUF 8bn transformation of a run-down hotel next to the Hungexpo Budapest Fair Center into a four-star accommodation that will serve all o the needs of expo-goers by the end of the... [read complete entry]
April 27, 2009, 07:10 CET
Invitel first firm to move into big new Budapest server park
Telco Invitel has become the first company to move into the recently completed HUF 1.5bn Dataneum, Hungary's second-biggest server park.... [read complete entry]
April 23, 2009, 11:48 CET
Renovation of landmark MTV building could last until 2012, developer says
Tippin Corporation will complete a EUR 100m renovation of Budapest's Stock Exchange Palace, the former home of state television broadcaster Magyar Televizio, at the end of 2011 at the earliest, CEO Michael Tippin said at a press conference on Wednesday.... [read complete entry]
April 21, 2009, 09:19 CET
General contractor of new Budapest bridge under siege by creditors
Some thirty creditors of Ganz Acél, the main building contractor of Budapest's recently completed Megyeri bridge, have file a bankruptcy petition against the company after it failed to pay nearly Ft 2 billion it owes to over 200 creditors, writes... [read complete entry]
April 21, 2009, 08:06 CET
Orco to reopen historic "Paris" department store in downtown Budapest
ORCO Property Group is pleased to announce that Paris Department Store (PDS) will open its doors in spring 2009. After the refurbishment of this protected building, ORCO has created exclusive A+ category offices and modern retail spaces on almost 6000... [read complete entry]
April 20, 2009, 08:56 CET
Several hotels to open in Budapest in 2009 despite crisis
In spite of the economic crisis, several hotels are expected to open in Budapest in 2009, especially in the area around the Elisabeth Bridge, according to a survey of the market by CB Richard Ellis (CBRE).... [read complete entry]
April 16, 2009, 11:32 CET
Ringier Hungary to move headquarters to Corvin Promenade
The Hungarian unit of Swiss publisher Ringier will rent 6,500 square metres of office space in the Corvin Promenade, a rehabilitated section of Budapest's District VIII, Ringier told MTI.... [read complete entry]
April 09, 2009, 10:00 CET
Bankrupt Orco posts huge loss, vows to continue work on two Budapest projects
Orco Property Group, one of the biggest developers in the CEE region, had losses of EUR 463.8m in 2008 as the value of its properties fell and financial losses grew, the company's consolidated IFRS report reveals.... [read complete entry]