property: retail
March 09, 2010, 09:45 CET
Foreign shoppers said streaming to outlet mall in Eastern Hungary
An outlet mall opened in 2008 near the eastern Hungarian city of Polgár is proving very popular with shoppers, including thousands from neighboring Ukraine, Romania and Slovakia, writes ingatlanhirek.hu. The mall, which opened in 2008, had 600,000-700,000 customers last year,... [read complete entry]
March 01, 2010, 09:44 CET
Value of new retail loan contracts slips in January, NBH rates report
The value of new contracts Hungarian banks signed with retail borrowers fell in January for nearly all lending products, compared to both the previous month and January 2009, fresh data from the National Bank of Hungary show. The value of... [read complete entry]
January 21, 2010, 09:55 CET
Spar Magyarország to renovate 70 former Plus units in 2010
Supermarket chain Spar plans this year to renovate 70 of the 174 Plus units it took over in Hungary in 2008, Spar Magyarorszag told MTI. Last year Spar renovated 15 of the units. The renovations will cost several hundred million... [read complete entry]
January 14, 2010, 10:58 CET
ING sells half of Budapest shopping centre for €100 million
ING Real Estate Development has agreed to sell a 50pc stake in a recently opened shopping centre in Budapest to Allianz Real Estate Germany for about EUR 100m, the two companies told MTI on Wednesday. ING Real Estate Development will... [read complete entry]
January 12, 2010, 08:19 CET
Austria's Alphapark to open shopping center in West Hungary
Austrian-owned Alphapark will open a HUF 2.2bn shopping centre in Keszthely (W Hungary) in March, managing director of the project company in charge of the investment Mihaly Toltl told MTI. Almost 90pc of the 15,000 square metres of retail space... [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]
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 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 11, 2009, 10:06 CET
Only one-fourth of planned shopping centers in Hungary to be completed by 2011
Only about one-fourth of the planned shopping centre construction in Hungary is expected to be completed in the next two years as the financial crisis has made liquidity scarce and the economic downturn has reduced consumption, business daily Napi Gazdasag... [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 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 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]
October 14, 2009, 09:34 CET
TriGranit to build Europe's biggest shopping/entertainment center in Bratislava
Hungarian construction company TriGranit will spend EUR 1.5bn to build Europe's biggest shopping and entertainment centre near Bratislava, TriGranit development director Simon Bayley said at a press conference in the Slovakian capital on Tuesday. The 1.2m-square-metre shopping and entertainment centre,... [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]
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 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]
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 30, 2009, 10:15 CET
Tesco Hungary reportedly in €63 million store sale/lease-back deal
UK supermarket chain Tesco is selling its real estate in Hungary and renting it back as part of a global strategy to reduce the number of properties it owns, improving liquidity, the webpage of business daily Vilaggazdasag reported on Tuesday,... [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, 09:14 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]
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 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]
May 26, 2009, 09:16 CET
New €25 million shopping mall to open in Győr
A new mall named Dunacenter Powershopping is set to open in the west Hungarian city of Győr this fall, reports business dailiy Világgazdaság. The €25 million shopping facility will sit on a 46,000-sqm area and offer 17,000 sqm of rentable... [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, 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 17, 2009, 10:22 CET
Cushman & Wakefield sees 100,000 sqm added to shopping center market
Another 100,000 square metres is expected to be added to the more than 1.1m square metres of shopping centre area in Hungary this year, though some projects could be suspended because of financing difficulties, property consultant Cushman and Wakefield said... [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]
April 03, 2009, 10:52 CET
Ablon to complete Ft 19 billion Budapest hotel/shopping project by year-end
Property developer Ablon told MTI it plans to inaugurate a HUF 19bn hotel and shopping centre on Blaha Lujza Square, in the heart of Budapest, at the end of the year.... [read complete entry]
April 03, 2009, 09:40 CET
Austrian-owned shopping center opens in Kaposvár
Center Invest, owned by private Austrian investors, on Thursday inaugurated a HUF 7.5bn shopping centre in Kaposvar (SW Hungary).... [read complete entry]
March 24, 2009, 08:14 CET
Construction begins on mixed-use NEO Center in Kispest
London-based investment fund Chayton Capital LLP and Whitestone Investment Consulting Ltd have kicked off the first phase of their Ft 15 billion NEO Center complex project in Kispest, southeast Budapest. According to epulettar.hu, the main contractor, Strabag MML Kft, started... [read complete entry]
March 02, 2009, 12:15 CET
Report details problems facing new retail developments in Budapest
There was no handover of new retail properties in Budapest in 2008, and several developers experiencing financial trouble delayed or even stopped projects, property consultancy ESTON International said in a report.... [read complete entry]
February 24, 2009, 09:51 CET
First Casaro "mini-mall" to be unveiled in Tiszaújváros
Less than a year after laying the foundation stone, developer Casaro Hungary is scheduled to unveil its first Piramis Center mini mall in Tiszaújváros, east Hungary this week, reports resourceinfo.hu.... [read complete entry]
February 13, 2009, 12:15 CET
Int'l sports retailer signs lease for 1,200 sqm in new Buda mall
International sporting goods retailer INTERSPORT has signed a lease contract for a 1,200 sqm outlet in Allee, a shopping mall that will open on the site of the former Skála department store in Budapest's District XI this November, ">Portfolio.hu reports.... [read complete entry]
January 21, 2009, 10:44 CET
Germany's ECE to break ground on €130 million Szeged shopping center
German property developer ECE plans to start construction of a EUR 130m-140m shopping centre in the Hungarian city of Szeged in mid-2009, Christoph Augustin, managing director of project company Einkaufs-Center Szeged, said at a press conference on Tuesday.... [read complete entry]
December 01, 2008, 12:17 CET
Budapest's Váci utca gets middling score in global survey of shopping streets
Budapest's Váci utca has been ranked in the middle in a list of 16 shopping streets worldwide, reports Ingatlanmenedzser.hu. While "high streets" in such cities as Paris, Moscow, Amsterdam or Milan were ranked lower than Pest's best-known shopping drag, the... [read complete entry]
December 01, 2008, 10:52 CET
French developer to spend €140 million plus on mall expansions in Hungary
Ségécé Hungary Kft, owned by the French firm Klépierre, is planning construction of a new shopping mall and expansion of three current ones in Hungary, reports vg.hu (subscriber only).... [read complete entry]
November 26, 2008, 08:30 CET
District XIV government attempts to block modified Mundo Center plans
Budapest District XIV mayor Leonárd Weinek is leading a fight against construction of the proposed "Mundo Center" on a site behind Bosnyák tér, campaigning for the developer to provide additional community services in addition to those of a shopping mall.... [read complete entry]
November 21, 2008, 01:30 CET
Vodafone Hungary opts for kiosks over stores in some new mall locations
Circumventing the problem that they lack a store in some shopping malls, Vodafone Hungary has instead opted to open kiosks, kreativ.hu reports. The kiosks will in turn offer all of the services provided by full-sized stores, just in a much... [read complete entry]
November 20, 2008, 02:54 CET
"Green" Auchan hypermarket opens in Miskolc
A new Auchan in Miskolc, the tenth Auchan in Hungary, has opened with solar-panels, utilizing the same eco-friendly technology that was proven effective in the Beijing Olympics, napi.hu writes.... [read complete entry]
November 18, 2008, 07:59 CET
TriGránit denies WestEnd II imperiled by financial crisis
Interest in the WestEnd II project is outstanding, TriGránit Sales Director Árpád Török said in response to a November 14 article in Napi Gazdaság which called the project's viability into question. The report quoted Colliers International's real estate division leader... [read complete entry]
October 28, 2008, 08:25 CET
Furniture chains announce plans to enter Hungarian market
Two Spanish and one German furniture store chains are planning to enter the Hungarian market, Hungarian Franchise Association Head Secretary Katalin Mandel told Napi.hu.... [read complete entry]
October 20, 2008, 08:27 CET
Polish investor unveils plans for District XIV shopping center
Polish investor Echo Investment and architect MOFO-BH Stúdió have presented visual plans for the €200 million Mundo shopping and entertainment center, the largest property investment in Budapest's District XIV. According to design blog Hg.hu (click link for images), construction will... [read complete entry]
September 30, 2008, 09:03 CET
Gov't, Budapest municipality set up new council to coordinate developments
The central government and the Budapest local council have established a body to coordinate development plans, the body's head, Pal Steiner, told MTI.... [read complete entry]
September 17, 2008, 12:27 CET
APEH may begin online auctions of seized property in January
National tax office APEH will auction off real estate online from January 2009 if the law on taxation extends the online auction system introduced in January of this year to real estate, reports napi.hu.... [read complete entry]
September 15, 2008, 03:10 CET
Budapest retail developments not expected to lose steam
Experts forecast that the booming retail development in Budapest will not lose its pace in the upcoming years, writes Napi.hu. Preliminary plans include the construction of 300,000 square meters of new retail space in the city. Major development projects include... [read complete entry]
September 03, 2008, 08:42 CET
Survey finds property investor confidence confined to the retail sector
Research institute Ecostat forecasts both good and bad "weather" for the real estate market, writes Napi.hu. The relative majority of investors predict decline or stagnation for nearly all real estate types, with the exception of shopping centers and agricultural structures... [read complete entry]
August 18, 2008, 08:28 CET
Hungary's retail area grows by 70,000 sqm in second quarter, DTZ says
About 70,000 square metres was added to Hungary's retail property market in the second quarter of 2008, most of it outside of the capital, according to figures compiled by real estate broker DTZ.... [read complete entry]
July 25, 2008, 10:05 CET
Gozsdu udvar complex opens in District VII
The much-anticipated Gozsdu udvar complex in Budapest's District VII has opened, with 90% of the flats in the Ft 10 billion (nearly €43 million) project already sold, reports metro.hu. The development, which is based on a historic building featuring numerous... [read complete entry]
July 23, 2008, 12:48 CET
Big investment in golfing and yachting at Lake Balaton
A several billion forint investment by the company behind the Royal Balaton Golf and Yacht Club will see a massive expansion of facilities on Hungary's largest lake for those interested in golfing and sailing. According to napi.hu, among the projects... [read complete entry]
July 22, 2008, 09:25 CET
Tópark awash with high expectations
The Tópark real estate development project near Törökbálint and Biatorbágy, the biggest building complex under construction in Europe, will create thousands of places of employment while helping to further develop the area, writes Napi.hu. The investors of the Ft 350... [read complete entry]
July 16, 2008, 01:18 CET
Retail space grows as shops continue exodus from Hungarian villages
The number of small Hungarian settlements without any retail stores doubled in the four years prior to 2008, while the number of retail outlets dropped in every region of the country, writes Napi.hu, based on data provided by the Central... [read complete entry]
June 26, 2008, 11:31 CET
Dream Island casino project continues apace
Privatbankar.hu reports that Sammy S. Smucha, managing director of Álom Sziget 2004 Ingatlanfejlesztő Kft, the developer of the whopping Ft 400 billion (Ft 1.7 billion) Álom Sziget (Dream Island) investment on Hajógyári-sziget, is hoping to bring to life by... [read complete entry]
June 26, 2008, 11:03 CET
Chayton begins work on District XIX Neo City retail complex
The foundation stone of a new 40,000-square-meter shopping and entertainment complex on the road heading out of Budapest towards the airport was laid in Budapest last week, Napi Gazdaság reports. The investor is London-based real estate fund manager Chayton Capital... [read complete entry]
June 06, 2008, 04:27 CET
"Colbert" bridge completion to spark construction boom
Thousands of square meters of office and retail space, as well as Hundreds of apartments, are expected to be built on the Pest side of the Danube at the northern section of the M0 motorway after Hungary's longest river bridge,... [read complete entry]
June 06, 2008, 09:15 CET
Project to transform District 8 gets underway
Work has started on demolishing buildings in Budapest's Józsefváros (District 8) to make way for Corvin Sétány (Corvin Promenade), the largest downtown renewal program in Central Europe. The modern district, scheduled to be completed by 2013, will be built around... [read complete entry]
June 02, 2008, 08:52 CET
"Dream Island" developers hit Budapest casino tender jackpot
While the real status of Western Hungary's long-running "Eurovegas" project seems to be a crapshoot, a large casino project closer to the center of Budapest's action appear to be almost a sure bet. According to various media reports, the Hungarian... [read complete entry]
May 09, 2008, 02:31 CET
Colliers checks in to Hungarian hotel market
With the hotel business being a rare bright spot in Hungary's otherwise stagnant economy, the sector is drawing in an increasing volume of both investment and the talent needed to make sure new deals are being done well, and for... [read complete entry]
April 07, 2008, 12:09 CET
Developer to reconstruct two buildings in Budapest's historic Jewish quarter
Developer Bokréta Házak Kft will reconstruct a pair of buildings in Budapest's historic Jewish quarter with assistance from the District VII municipality. [read complete entry]
April 02, 2008, 11:10 CET
Galeries Lafayette said to be eyeing historic Budapest "shopping mall"
French department store Galeries Lafayette is said to be looking at the "Divatcsarnok," the once-famed department store on Budapest's Andrássy utca [read complete entry]
April 01, 2008, 07:35 CET
Budapest "Airport City" projects geared for takeoff
The first phases of Budapest's Airport City Logistics park will open by early June, developer Ablon Group said. [read complete entry]
March 28, 2008, 01:17 CET
Real estate development slows, but certain areas still set to expand
Despite the worldwide economic slowdown predicted for the near future, commercial property development in Budapest is not expected to take a big hit. [read complete entry]
March 14, 2008, 11:21 CET
Casaro's regional mini-mall expansion plan back on track
The regional mini-mall developer Casaro Hungary is set to open its first center this year, followed by other shopping centers in the near future. [read complete entry]
March 10, 2008, 09:50 CET
Developer Wallis completes first major retail project
Commercial developer Wallis Real Estate has completed its first retail project, a Ft 10 billion shopping and cinema complex in Eger. [read complete entry]
March 05, 2008, 03:49 CET
International retail chains put Budapest eighth on "high target" list
A survey of global store chains put Budapest eighth on a list of most attractive "targets" for expansion in Europe. [read complete entry]
February 26, 2008, 10:15 CET
Kőbánya-Kispest redevelopment begins
Work began on the KÖKI Terminal, a three-story shopping mall that will revitalize the Kőbánya-Kispest metro terminus. [read complete entry]
February 22, 2008, 11:07 CET
Sports and shopping center to be built in Győr
A Ft 50 billion (roughly €200 million) multi-use complex for sports, shopping and recreation will open in the Győr-Moson-Sopron County capital of Győr later this year. [read complete entry]
January 31, 2008, 08:13 CET
Survey points to mixed prospects for commercial property market in Hungary
A survey of commercial property firms found industry players expecting a mixed medium-term future for the sector, with a softening of lease prices. [read complete entry]
January 25, 2008, 11:18 CET
Mall developers flee saturated Budapest for countryside
As Budapest becomes increasingly cluttered with shopping malls, developers are shifting their focus to the provinces, Menedzsment Fórum reports. Currently the capital boasts almost as many malls as the rest of the country combined, but this will change in 2008... [read complete entry]
January 11, 2008, 11:27 CET
Hungarian property investments surged in 2007
Real estate investments in Hungary nearly doubled to a record €1.86 billion in 2007, according to a recent study by Cushman & Wakefield. The Hungarian property sector expanded a great deal faster compared to the region, which rose by just... [read complete entry]
December 06, 2007, 03:51 CET
Tesco Hungary to reorganize property management, fold in "secret" acquisition firm
The local unit of international retailer Tesco will reorganize the management of its real estate, including a firm used to shield its identity when searching for property in Hungary. [read complete entry]
December 05, 2007, 04:36 CET
Slovak investor targets Hungarian property market
Bratislava-base real estate developer HB Reavis has set up a local unit in Hungary, as part of the Slovak firm's region-wide expansion. [read complete entry]
December 03, 2007, 04:27 CET
Domus quits MOM Park, looks outside Budapest
Hungary's former retail furniture monopoly Domus is moving out of the MOM Park shopping mall, following a decision by Domus Viva Kft, the store's operator, not to extend its lease on its 1,500-square-meter store there, Világgazdaság reports.... [read complete entry]
December 03, 2007, 09:22 CET
ING Real Estate buys Campona mall
A fund of ING Real Estate acquired the Campona mall, one of Budapest's first large modern shopping centers. [read complete entry]
November 20, 2007, 09:47 CET
New "city center" slated for Budaörs
A two-phase project under development will bring a new "city center" to the booming Budapest suburb of Budaörs [read complete entry]