房地产 -2025年第四季度匈牙利投资数据 Hungarian Investment Figures Q4 2025

CBRERESEARCH©2025CBRE,INC.

FIGURES|HUNGARYREALESTATEINVESTMENT|Q42025

HungaryRealEstateInvestmentVolumesQ42025

€193M

TTM€610M

50%

Y-on-YChangeQ4

100%

Y-on-YChangeTTM

Nr.ofTransactions

8

25TTM

Y-on-Y:YearonYear

InvestmentvolumepickedupinQ4comparedtopreviousquarters,reaching195MEUR.However,thisfellshortofourforecastasofmid-2025.CBREreportedonlyonemajordealforQ4:the

MarriottHotelinBudapest,whichtradedatavalueexceeding100MEUR.Inaddition,therewereahandfulofsmallerdealstransacted,withanaveragedealsizeofapproximately10MEUR.Againstouroriginalexpectations,manydealshavebeendelayedandwillcarryoverinto2026dueto

protractednegotiations.Theannualvolumereached610MEUR,reflectingaremarkable

year-over-yearincreasefromthe2024volumeof320MEUR.However,thisfigureisstillbelowthemarketpotentialforthecountry–especiallyconsideringtheextremelyhighliquidityinother

regionalmarkets.

InadditiontotheaforementionedMarriottHoteltransaction,thecloseddealsinQ4comprisedamixofindustrialandoficeassets,designedforconversion,repositioning,orlease-back.Notably,therehavebeennotransactionstochallengetheprimeyield,asownersarestillpostponingthe

disposalofcoreassetsduetoalackofcorebuyers.90%ofthevolumewascompletedbylocal

DomesticForeign

buyers,mostlyofanopportunisticprofile.Hungarianopen-endedfundshavenotbeenveryactiveaspurchasersinthemarket–unliketheirpeersontheCzechmarket.

Originpuchasercapital

TTM:TrailingTwelveMonths

InvestmentVolumesinCEERegion

InvestmentVolumesbySector(Hungary)

HOTELS

€116M

TTM:€161M

OFFICE

€56M

TTM:€299M

INDUSTRIAL

€22M

TTM:€129M

LIVING

222%

Y-on-YChangeTTM

423%

Y-on-YChangeTTM

180%

Y-on-YChangeTTM

Y-on-YChangeTTM

TTM:

OTHER

-96%

Y-on-YChangeTTM

TTM:€2M

RETAIL

-81%

Y-on-YChangeTTM

TTM:€18M

POLAND

CZECHREPUBLIC

€1.9B

€1.8B

TTM:€4.5B

TTM:€4.4B

HUNGARY

€193M

TTM:€610M

€197M

TTM:€924M

ROMANIA

SEE

€260M

TTM:€868M

©2026Mapbox©OpenStreetMap

SLOVAKIA

€112M

TTM:€535M

FIGURES|HUNGARYREALESTATEINVESTMENT|Q42025

©2025CBRE,INC.

CBRERESEARCH

InvestmentVolumesAnnualbySector(Hungary)

€1,500M

€1,000M

€500M

€0M

Beyondtraditionalinvestmentactivity,therealestatemarkethasbeendrivenbysalesofvacantpropertieswithplansforassetconversionorowner-occupation.Whilethereiscontinuinginterestinfuturehotelopportunities,thepipelineofavailableassetssuitableforsuchconversionsinprimelocationsisshrinking.Lookingaheadto2026,Q1volumewillbedrivenbydealscarriedoverfrom2025.Conversely,thereisverymutedactivityfornewsaleslaunches,andweexpectaratherslowH1overallduetotheupcoming

Hungarianelections.

Duetoincreasedactivityandashorterpipeline,primeyieldsforhotelshave

compressed.Currently,wequote7.00%foraprimeleasedhoteland7.50%foraprimehotelwithamanagementagreement.Conversely,weareexperiencingweakening

sentimentaroundindustrialassets.WhileIndustrial&Logistics(I&L)provedtobethe

mostdemandedassetclassinCEE,industrialassetsaboveacertainthresholdare

hardlytradinginHungary.Nevertheless,wecontinuetoquote7.00%forbothoficeandlogisticsandareawaitingalandmarktransactiontoprovidefurtherguidance,asthey

mayclosein2026.Yieldlevelsalsoremainedunchangedforretail:6.00%forBudapestdowntownhigh-streetassetsand6.75%forprimeshoppingcentres

20122013201420152016201720182019202020212022202320242025

LivingOfficeIndustrialRetailOtherHotels

Note:2025annualnumberstill12/31/2025

Contacts

GáborBorbély

SeniorDirector,HeadofResearch

gabor.borbely@

KrisztinaBenko

Director,InvestmentProperties

krisztina.benko@

TimO'Sullivan

SeniorDirector,HeadofInvestmentProperties

tim.osullivan@

©Copyright2025.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsare

opinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavediferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsviewshereinifitsopinions,projections,analysesormarketcircumstanceslaterchange.

NothinginthisreportshouldbeconstruedasanindicatorofthefutureperformanceofCBRE’ssecuritiesoroftheperformanceofanyothercompany’ssecurities.Youshouldnotpurchaseorsellsecuri