Horizon Development finished the renovation of Váci 1, a landmark building in downtown Budapest located on Vöröstmarty tér (square), according to a press release issued late yesterday.

The new look now arriving at Széll Kálmán tér is three months late.

Budapest Mayor István Tarlos yesterday discussed plans to renovate the Chain Bridge (Lánchíd) and the busy junction of Blaha Lujza tér in central Budapest. 

The volume of construction output in Hungary plummeted 33.9% in March as compared to the same month a year earlier, with the output of both main groups of constructions decreasing, the Hungarian Central Statistical Office (KSH) reported today. The volume of new contracts, however, was 47.3% higher than the low base in the previous year.

International real estate developer HB Reavis announced the acquisition from Europa Property Fund of the BEM Palace in Budapest, the third property in the capital for the developer and its first redeveloped project across all regions, the company said in a press release issued today.

CIB Group expects to see further recovery on the Hungarian property market in 2016 due to a favourable investment environment combined with certain governmental stimulants. The bank group says demand has increased expediently for land plots suitable for construction of residential properties, in addition to intensive interest in hotels and other investment properties.

The Lágymányos micro-market located in the north western part of South Buda reached a 1.7% vacancy rate in Q1 2016, the lowest in Budapest, according to a press release issued today by CBRE, the company acting as the exclusive leasing agent for the district’s Science Park office building.

Hungary’s investment volume reached HUF 208 million in the first quarter, nearly double that of the same quarter last year, according to a press release issued by real estate services and investment firm CBRE today.

Qatari-owned property investor Constellation Hotels Holdings agreed to partner up with Hungarian peer Property Market in an office and residential development in the south of Budapest, Hungarian news agency MTI reported today.

Italian airline Alitalia announced that it would raise the number of its weekly Budapest flights from nine to ten, and operate aircraft on the routes with extended seat capacity, Hungarian chief of the airline Zsolt Nagy said yesterday, according to Hungarian news agency MTI.