The negative effects of the crisis on the retail property market are more prominent in Hungary than in Western Europe, Világgazdaság writes. Signs of recovery appeared in the second half of 2010, but the volume of investments expected this year and the next two years indicate an upturn is far away.
2009 was the absolute low point in the retail property market, according to an analysis by GVA Robertson. Since the second half of last year, two shopping centers have opened in Budapest (Europeum and Corvin), but there has been no considerable change in either rents or shop openings. DTZ pointed out that the last time investor activity was this low was in 2002-03, with only 6,000 square meters of new retail space opened in the first six months.