Hungary’s commercial real estate market surged back to life in 2025, with transaction volumes doubling to €910 million from €420 million in 2024, the highest annual figure since 2022, according to JLL data.
The late-2024 momentum carried through all segments, blending income-producing assets (€610M) with land deals, development sites, and owner-occupier buys (€300M). Domestic investors dominated at 60% of activity, but foreign capital hit a post-2020 peak of 40%, fueled by buyers from the Czech Republic, China, UAE, and the US.
Offices lead with €316M triple-digit rebound
The office segment stole the show at €316 million (34% of total), nearly tripling 2024 volumes. Investors targeted centrally located buildings over 10 years old, with solid tenant retention or conversion potential to hotels or residences.
CA Immo’s Hungary exit included selling the 32,000 sqm IP West in South Buda to end-user BYD and Bartók Ház in Central Buda to Czech newcomer DRFG Investment Group. Goldman Sachs offloaded the 30,500 sqm Science Park in Buda South to Record Asset Management.
Logistics jumps 150% to €160M
Industrial and logistics roared 150% higher to €160 million from €60 million. HelloParks set a sector prime yield benchmark at 6.80% selling its 84,000 sqm PT2/PT3 warehouses in Páty to ERSTE RE Fund.
A 28,000 sqm Greater Budapest single-tenant facility went to an international developer, while Gestor flipped the 20,000 sqm Szerémi Business Park in Budapest’s 11th District. North-West Hungary saw two sale-and-leaseback factory deals. Smaller regional parks and Budapest heavyweights line up for 2026.
Hotels hit record with Marriott megadeal
Tourism tailwinds propelled hotels to €160 million, capped by CPI’s landmark €115+ million sale of the Budapest Marriott to BDPST Group and Gránit Fund Management’s private equity arm, Hungary’s biggest hotel transaction ever. Echo Hotels also flipped two downtown assets to their operator.
Retail stays quiet
Retail lagged with just one deal: Mellow Moods grabbing a prime high-street asset overlooking Vörösmarty Square. A major nationwide Park Center portfolio signed SPA late 2025 for Q1 2026 close, alongside regional shopping centers under exclusivity.
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