Hungary Trends – The week in business and finance

See below the main business and financial news from the previous week:

THE GLORIOUS LIFE OF BUDAPEST’S MILLIONAIRES – LUXURY FOR MILLIONS 

Statistics and experts revealed that there is a constantly growing need for luxurious flats in the Hungarian capital. The number of flats beyond 50 million HUF (150,000 EUR) is 2,370; between 50–100 million HUF, it is 2,435; between 100–200 million HUF, the number is 451; between 200–400 million HUF, it is 73; while for over 400 million HUF (1,200,000 EUR), it is only 10. Read more HERE.

ALMOST 10 THOUSAND NURSES DISAPPEARED FROM HUNGARIAN HOSPITALS! 

Mostly hospitals in Budapest struggle with the shortage of nurses, and despite measures taken by the government, the problem is far from being solved. Nurse managers say that the shortage could only be reduced by higher wages, scholarships, introducing an employee benefit program and by the re-employment of pensioners. Read more HERE. 

BDPST GROUP TO BUILD FIVE-STAR HOTEL IN CENTRE OF CAPITAL

Real estate developer BDPST Group has obtained the building permit to renovate a city block next to Vorosmarty Square in the centre of Budapest; the complex will include a five-star hotel as well as premium apartments. Two of the three properties affected by the renovation are classified historic buildings and the facade of the third is under local protection. The five-star hotel will be operated by Marriott International as part of the Autograph Collection Hotels brand. The project has been declared an investment of key importance to the national economy because of the world heritage location and the classified historic buildings. Read more HERE.

CONSTRUCTION SECTOR OUTPUT JUMPS 48.0 PC IN FEBRUARY

Output of Hungary’s construction sector climbed an annual 48.0 percent in February, the Central Statistical Office (KSH) said. Output of the building segment rose 39.4 percent during the period. Output of the civil engineering segment jumped 65.4 percent.

COMMERCIAL PROPERTY INVESTMENTS IN HUNGARY REACH EUR 1.8 BN IN 2018

The value of commercial real estate investments in Hungary rose by 4 percent to 1.82 billion euros last year, the National Bank of Hungary (NBH) said in a biannual report. Investments in office real estate accounted for 48 percent of the total, while investments in retail property made up 42 percent. Industrial and logistics property investments made up 6 percent of the total and hotel investments 5 percent.

GERMAN COMPANIES’ ASSESSMENT OF HUNGARIAN ECONOMY GOOD, BUT OUTLOOK WORSENS

The “vast majority” of German-owned companies in Hungary gave a positive evaluation of their own business as well as of the state of the local economy in an annual survey conducted by the German-Hungarian Chamber of Industry and Commerce (DUIHK). A little more than one-third of chamber members expect their business to do better , while one-sixth see it doing worse. In relation to the outlook for the national economy, the balance between members’ “better” and “worse” answers was negative for the first time since 2013.

Featured image: MTI

Source: MTI