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Follow on Google News | New Market Research Report: Hungary Real Estate Report Q4 2010Recently published research from Business Monitor International, "Hungary Real Estate Report Q4 2010", is now available at Fast Market Research
However, it is not an outcome that we expect. A part of the problem is that any economic growth that takes place over the medium-term will likely be driven by net exports - particularly, to Germany and within Hungary's automotive sector. Spending by households is constrained by rising unemployment and a retrenchment following the debt-funded consumption prior to mid-2008. Retail sales have been falling consistently for the last three years and are likely to contract further. The government is committed to fiscal austerity as a part of its Stand-By Agreement with the IMF. Corporations are restructuring their balance sheets and, collectively, are not in a position to invest heavily. These negatives will outweigh positives such as: an improvement in the political environment, the return of Hungarian financial markets to stability, and the reduction in official interest rates to record low levels. Information provided to us by our in-country sources in our first interviews - which took place at the beginning of the year - suggests that vacancy rates in the office sub-sector are very high in both Budapest and Gyor. New office space is not being absorbed, as tenants tend to prefer to renegotiate existing leases rather than to move. We assume that conditions are similarly difficult in the retail and industrial subsectors. Office rents have fallen over the last year or so. This has contributed to a fall in yields - although not to the levels that were prevailing in 2008 or earlier. While we do not share the optimism of our in-country sources, we accept that much of the adjustments to rents, yields and capital values in Hungary have already taken place. Accordingly, we look for yields to track sideways in the 2011-14 forecast period. Key Features Of This Report This is the latest edition of a new series of industry reports published by BMI that seeks to identify the key dynamics of the real estate sectors of 44 countries around the world, some of which are developed and some of which are, in every sense, emerging markets. The questions that we seek to answer for each country remain as follows: What are the main issues for actors in and around real estate development in the country concerned, over both the long and the short term? What are the main constraints that they face? What are the key insights to be gleaned by comparing the real estate sector of a country with its regional peers? In Q3 we introduced a very substantial improvement to our reports. We incorporated data and qualitative observations provided to us by commercial real estate agents operating in the countries we survey. As a result we have gained a much clearer picture of the balance between demand and supply in each of three main sub-sectors - office, retail and industrial. We have also introduced a new approach to the forecasting of rental yields, which is discussed in the methodology section of this report. In Q4, we have incorporated a lot of new data in relation to rents and yields in 2010. We gained this data through a new round of interviews with our in-country sources in mid-2010. In some cases, the latest information from our sources has caused us to make significant revisions to our forecasts for 2011-2014. We asked our sources to indicate what growth in rents is likely for 2011. We explain their answers in the Forecast Scenarios. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - Hungary Real Estate/Construction SWOT - Hungary Economic SWOT - Hungary Business Environment SWOT Regional Real Estate Overview - Table: Central And Eastern European Office Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) - Table: Central And Eastern European Retail Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) - Table: Central And Eastern European Industrial Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) Real Estate Market Overview - Table: Hungary's Real Estate Markets - Rentals, 2008 And 2009 (EURmn in mSq/month) - Table: Hungary's Real Estate Markets - Net Yield, 2008 And 2009 (%) - Table: Hungary's Real Estate Markets - Terms Of Contract/Lease - Table: Hungary's Real Estate Markets - Available And Vacant Space Forecast Scenario - Real Estate Outlook - Table: Hungary's Real Estate Markets - Rentals, 2009-2011 (EUR, mSq/month ) - Table: Hungary's Real Estate Markets - Net Yield, 2008-2014 (%) - Hungary's Construction Outlook - Table: Hungary Construction And Infrastructure Industry, 2007-2014 - Hungary's Macroeconomic Outlook - Table: Hungary - Economic Activity, 2007-2014 Business Environment - Real Estate/Construction Business Environment Rating - Table: Europe Real Estate/Construction Business Environment Rating - Hungary's RECBER - Project Finance Ratings For Central And Eastern Europe - Table: Design And Construction Rating - Table: Commissioning And Operating Rating - Table: Central And Eastern Europe Overall Project Finance Rating - Hungary's Business Environment - Table: BMI Business And Operational Risk Ratings - Table: BMI Legal Framework Ratings - Table: Annual FDI Inflows Into Central And Eastern Europe And Central Asia, 2006-2008 - Table: BMI Trade Ratings - Table: Hungary's Top Export Destinations, 2001-2008 Company Monitor - Biggeorge's- - Budapesti Ingatlan Nyrt - Casaro-Hungary - Fomterv - GTC Hungary Real Estate Development - Hidepito Zrt - KeSZ Central European Building & Construction - SCD Group - Strabag Hungary - Vegyepszer BMI Methodology - How We Generate Our Industry Forecasts - Construction Industry - Bank Lending - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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