The first quarter of 2025 opened on an optimistic note for the commercial real estate sector, and ESTON Capital Markets played a key role in this gradually strengthening market environment. Our division successfully closed several transactions that not only reflect a rise in market activity but also directly supported the strategic goals of our clients.

Featured Projects

Cross-Border Retail Acquisition with our International Partner
ESTON Capital Markets once again demonstrated its reliability and expertise by advising on the acquisition of four Tesco properties in Slovakia for one of our long-standing partners. This deal builds on previous acquisitions of 14 assets in Hungary and 4 in the Czech Republic, reinforcing a trusted and collaborative cross-border relationship. The transaction is significant as it highlights both the ongoing investor interest in retail assets and the momentum of regional expansion.

Sale of a Budapest Portfolio with Development Potential
In another notable transaction, we facilitated the sale of a Budapest-based portfolio comprising two properties with strong development potential. One of the sites is strategically located along the highly sought-after Váci Office Corridor, offering excellent visibility and accessibility. Based on local zoning regulations, the plot allows for the development of up to 10,000 m² of GBA, with possible residential, office, or mixed-use applications.

Market Outlook: Opportunities and Challenges
While recent deals—both closed and in progress, several of which are handled by ESTON—indicate a revival in the commercial property market, global economic and geopolitical uncertainties continue to fuel investor caution. Macroeconomic trends and the approaching 2026 general elections in Hungary are also likely to shape investor decisions in the coming months.

Nonetheless, we believe that long-term, stability-focused investors continue to find viable opportunities in this evolving landscape. ESTON Capital Markets is committed to supporting its clients in identifying and capitalizing on these opportunities—even under changing market conditions. Our division has recently been awarded the exclusive sales mandate for a prime downtown development, which will soon be launched through a targeted marketing campaign aimed at investors and developers.

Market Sentiment – and What Lies Ahead
The results of Q1 clearly signal that the commercial real estate market is slowly but surely regaining strength. The increase in transaction volumes, the return of strategic investments, and the reactivation of development projects suggest that the hardest times may be behind us.

But is this momentum sustainable?

• Interest rate cuts by central banks and the achievement of inflation targets could further stimulate market activity

• Demand for new developments in Budapest remains strong

• The regional retail sector, particularly in the premium segment, may see renewed investor interest

According to ESTON Capital Markets’ strategic outlook, the greatest opportunities lie with those who are able to invest at the bottom of the cycle—balancing risk with bold, well-informed decisions.

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