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Overseas Property News
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Savills close Hungary office
Country: Hungary
19 December 2008
High-end estate agency Savills has closed its office in Budapest, Hungary, as a consequence of the property market slowdown in the CEE region.
The office was initially opened in 2006 to cater for the growing number of German and Irish property investors buying property in the region. However, sales levels have plummeted this year.
Statistics compiled by Hungary’s National Statistics Office reveal that just 500 homes in Hungary were sold to foreigners between January and November of this year, compared to around 5,000 residential units for the whole of 2007.
Browse other Hungary property news stories, read articles about investing and buying property in Hungary or view our range of property in Hungary.
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