Hungary’s property market thrives with its economy

As economic recovery gathers pace in Hungary, the overall property market has seen improvement in the second quarter of 2014, according to Cushman & Wakefield’s ‘Marketbeat: Country Snapshots: Hungary’ report. Driven by domestic demand and fixed investments, the country has seen a significant acceleration of GDP growth (2.7 per cent) –more than double last year’s 1.2 per cent. That’s expected to moderate in 2015, at 2.3 per cent, but still remain high and fully recovery its pre-recession peak of 2008.

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High growth and big employment from Polish BPOs

Poland is already a business services leader in Europe and is still going up. In the last two years, the market has grown by 50 per cent. Since the beginning of 2013, 66 new BPO centres have been established and 18,000 new jobs have been created in Poland, says the ABSL’s ‘Business services sector in Poland’ report. According to analysts, the total number of employees should increase from the current 128,000 to 150,000 people by the end of 2015.

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Investment opportunity up as housing costs go down

The CEE is still one of the cheapest regions in terms of property prices in Europe, according to the Deloitte Property Index 2013. Of the 15 European countries indexed, Hungary, Poland and the Czech Republic presented an overall decline in property prices, to match its either stable or decreasing number of initiated projects per 1,000 citizens in the residential market.

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Polish SMEs unscathed by economic crisis

Between 2008 and 2011, the number of newly set up companies employing at least 10 people continued to grow. Only a few other countries, including Germany, Luxembourg, Austria and Sweden, can boast the same, according to Deutsche Bank and Eurostat. Apart from that small group, the economic slowdown had a negative impact on most countries: Spain and Portugal; Latvia, the Czech Republic, Bulgaria and Slovenia.

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Poland and the Czech Republic among 25 rapid-growth markets

In 2015, growth in 25 countries, including Saudi Arabia, Chile and China; India, South Africa and the UAE, and of course the Czech Republic and Poland, will exceed 4.5 per cent, according to EY’s Rapid-growth markets report. This development will be enhanced by increasing investments in infrastructure, high technologies as well as a growing and ageing population.

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High demand for CEE properties

Property in Central and Eastern Europe is becoming increasingly popular among investors. In Q2 2014, the total value of investment transactions in Poland, the Czech Republic, Romania, Slovakia and Hungary reached €1.14 billion and was 73 per cent higher than in Q2 2013, says a recent report by Cushman & Wakefield. Since the beginning of this year, the region has seen an investment of about €2.5 billion — 38 per cent more than in the first half of 2013.

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