Tower Rentals Budapest

Commercial Property Boom Set to Continue

According to property adviser DTZ, the upswing on Hungary’s commercial real estate market is set to continue in H2, mostly through newly constructed shopping malls and retail parks.

Retail space supply rose 70,000 square meters (sqm) in H1, especially in provincial areas. By the end of 2009, 280,000 sqm of new retail buildings will be constructed in Budapest and in the neighboring area, while 450,000 sqm will be inaugurated in rural areas. The highest monthly rents of €90–120 per sqm are charged for the ground floor-retail spaces in Váci Street, while in Andrássy Street retailers may rent shops for €60-100 per sqm.

 

Becton Dickinson to Build €100 mln Disposable Syringe Plant in Hungary

US medical supplies company Becton Dickinson has started construction of a €100 million disposable syringe plant in the Hungarian city of Tatabánya. The company picked the location because of its proximity to markets and the local pool of skilled laborers.

 

Hungary Business Confidence Improves in Q3

Ecostat’s measure of confidence at Hungarian companies rose 3.3 percentage points to 88.7% in Q3 from Q2, the research arm of Hungary’s Central Statistics Office (KSH) said on Monday. Companies’ short term expectations improved steadily for a year after bottoming out two years ago, when the government introduced a fiscal tightening program. (Reuters)

 

New Home Prices to Rise in Hungary

Hungarian real estate company Otthon Centrum projects the price of new homes in Hungary will increase about 7% in 2008. Nonetheless, it still sees prices of both new and resale homes doubling in ten years, analyst Dávid Valkó said at a press conference on Wednesday. About 11,200 new homes will be completed in Budapest by year-end.

 

High Ranking for Hungary in Economic Freedom

Hungary ranks 28th in the latest global ranking of economic freedom compiled by the independent research organization the Fraser Institute. The index measures the degree of economic freedom present in five major areas: 1 Size of government: expenditures, taxes, and enterprises; 2 Legal structure and security of property rights; 3 Access to sound money; 4 Freedom to trade internationally; 5 Regulation of credit, labor, and business. Hungary performed best in Freedom to trade internationally, coming in ninth, ahead of the three other members of the Visegrád Four, improving a lot in one year (22nd in 2005), and Legal Structure and Security of Property Rights.

 

Hungarians Soon Can Travel Visa-free to the US

Hungarians will be able to travel to the United States without visas within the next few months, officials from both countries said. U.S. Ambassador to Hungary April H. Foley and Hungarian Justice Minister Tibor Draskovics signed an agreement on crime prevention, one of the last requirements needed for Hungary to join the U.S. visa waiver program. Hungarians entering the United States for tourism or business would be able to stay in the country for up to 90 days without a visa. Other Eastern European countries like Slovakia and the Czech Republic, also are expected to join the visa-waiver program soon.

 

City of Siklós to Build Ft 2.4 bln Bath and Water Park

The city of Siklós (SW Hungary) laid the cornerstone of a Ft 2.4-billion (EUR 10 mil) thermal bath and water park on Sunday. The local council will pay for the thermal bath and water park with a bond issue. The bath and water park, which will have capacity for 850 guests in the winter and 2,000 in the summer, is expected to make Siklós more than just a “day trip,” he added. Aquaplus will finance itself a Ft 1.1 billion, 44-room hotel to be built in an old mill near the bath. (MTI – Econews)

 

ECE to Build €70-100 mln Shopping Centre in Szeged, Hungary

Germany property developer ECE plans to start construction of a €70m-100 million shopping centre in the Hungarian city of Szeged in March 2009, said Christoph Augustin, managing director of project company Einkaufs-Center Szeged. Preparations for the centre, which will have 35,000 square meters of retail space, have been ongoing for more than two years as Einkaufs-Center Szeged acquires property at the site, Augustin said. ECE has built shopping centres in Budapest, Pécs and Győr. Another, in Debrecen, is in the planning stages, according to ECE’s website. (MTI-Econews)

 

Vatera.hu sold to Naspers in one of Hungary's biggest dotcom deals ever

In one of the largest dotcom deals in the history of Hungary, South Africa-based multinational media company Naspers has acquired Hungarian marketplace website Vatera.hu, which may thus become a member in Eastern Europe's biggest online auction network. The deal was forged in September and rumour has it that Naspers paid HUF 1.5 billion (approx. EUR 6 million), which makes the transaction one of the largest dotcom deals ever made in Hungary. According to statistics by Webaudit, Vatera online auction portal has 130,000 unique users and nearly 5 million page impressions a day, with over 600,000 registered users. The number of auctions on the page exceeded one million in February 2008. Total turnover of the company amounted to nearly HUF 7 billion (approx. EUR 28 million) in 2007.

 

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