Hungary Property Market Turnover More Than Doubles in 2007

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Hungary Property Market Turnover More Than Doubles in 2007

Turnover on Hungary’s property market reached €2 billion ($3.1 billion) in 2007, two-and-a-half times more than in the 2006, according to an analysis by brokerage DTZ, cited by the Budapest Business Journal.

The biggest transaction was the €380 million sale of Arena Plaza, the region’s biggest shopping center, by Israeli property developer Plaza Centers to the UK’s AIM Symmetry Fund. Another big transaction was the €229 million sale of the Corvin Atrium, part of a rehabilitation project in Budapest’s District VIII. Both sales were forward deals -- transactions made before the projects were completed.

German property investors accounted for 14% of the value of transactions on Hungary’s property market last year. Austrian and French investors each generated 13% of transactions. Hungarians accounted for just 3%. Property market yields continued to fall in 2007. Both office and commercial property yields were 6%. Four years earlier, office property market yields were 10% and commercial property market yields were 8%.

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