Real estate firm CA Immo has closed the transaction to purchase the approximately 70,400 square-meter Millennium Towers office building for EUR 175 million from TriGránit and Heitmann’s local subsidiary, according to a press release.
Signs indicate that the residential property market in Hungary is not only back from the dead, but that it is growing at breakneck pace, according to a review by the Central Statistical Office (KSH). The volume and rate of sales have both been soaring and prices have been heading towards new heights, to the horror of buyers.
Output of Hungary’s construction industry dropped by an annual 17.6% in July, the Central Statistical Office said. The decline followed twelve-month decreases of 16.2% in June and 25.8% in May. Output of the buildings segment rose by 1.0%, mainly on the construction of industrial buildings, but also lifted by the construction of schools and sports facilities.
Foundations run by Hungary’s central bank have purchased plots of land in a Budapest business district for 55 million euros. Fully 200,000sqm of office and residential space can be built on the combined seven-and-ahalf hectares, Zoltán Fekete, the head of Optima Befektetési, which manages the foundations’ assets, said. The plan is to build 150,000sqm of office space and complement it with stores a…
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