The National Bank of Hungary reported that last year’s economic contraction increased risks for Hungary’s commercial real estate market. However, lenders remained resilient with less exposure compared to the 2008 crisis. The hotel segment saw improvement in 2023 due to an increase in foreign tourists.
On the office market, take-up decreased by 10% from the average in 2015-2019, with a vacancy rate of 13.3%, expected to rise further with new projects. The industrial and logistics property market saw record handovers in 2023, leading to an 8.6% vacancy rate. Commercial real estate investment volume fell by 38% to EUR 0.6 billion in 2023, with domestic investors contributing 82% of the total.
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