Hungary: More Than 2 Billion Euros Real Estate Development in 2018
Hungary is again included this year at the Cannes international property exhibition, the MIPIM's central conference program. 3100 exhibitors from over 100 countries will attend the exhibition, with more than 50 cities representing their own booths. At the four-day event 24,000 visitors show up. From Hungary, the Hungarian Investment Promotion Agency, the Real Estate Development Roundtable Association and the Municipality of Budapest jointly represent the plans for over 2 billion euros real estate developments in the country.
One of the most anticipated projects of the MIPIM event on March 13-16 is the Liget Budapest Project that has been elected last year the best major project for urban development. The project has now reached its stage of implementation, and is considered as “the largest park and landscape architectural work as well as institution-building program since Millennium” - phrased Benedek Gyorgyevics, head of Liget Budapest Project.
However, we should pay attention not only to the development of Liget Project. In 2017 real estate investors bought properties in the amount of about 1.8 billion euros, which is expected to continue to grow this year. The real estate investment in Hungary has increased by 71% year on year since 2012. This figure was only 28% for the European region average.
Balázs Szeneczey, deputy mayor of urban development in Budapest, emphasized that "last year, the value of real estate developments exceeded 2 billion euros in the country, with 90% focusing on Budapest." As the most important factors of growth, attention was drawn to long-term urban development concepts and predictable, yet flexible laws. At the exhibition in March, Atenor, Futureal, Granite Pole Group, GTC, HB Reavis, Horizon Development, TriGranit and WING will present their planned or ongoing developments in Budapest.
However, not only in real estate investments happens significant increase. According to the latest survey by EC, SSC Heroes and the Hungarian Investment Promotion Agency, 80 percent of Hungarian service companies are planning to further expand in the near future.
The remarkably high development outcomes and the great interest in the upcoming Cannes property fair also indicate that Budapest has become a major and popular investment destination in Europe. The Budapest real estate development sector is undergoing significant expansion and if 2018 turns out as it is expected, it can surpass even the pre-crisis successes. The aim of participating in MIPIM is to make the Hungarian capital a major European venue for international real estate development.
Photo: Budapest booth last year at MIPIM
Source:
https://www.mipim.com/en/homepage/
