“Orco intends to expand aggressively into Budapest,” Orco Magyarország CEO Iain Sellers told Napi Gazdaság in an interview. Orco wants to set up a construction site pool in Hungary, as it previously did in the Czech Republic.“It is almost impossible to purchase these sites piece by piece, thus the acquisition of a developer with construction sites already may be the solution,” Sellers said, adding that “this should not be done too quickly, the proper time would be at least two to three years. Orco will soon announce interesting new non-Budapest developments in a field Orco is only now entering,” Sellers added.
“The smaller growth on the Hungarian housing market compared to the Czech Republic and Poland is due to the fact that here more homes are in the hands of the dwellers, thus there is less demand for first homes,” he explained. “In addition, construction site prices are exorbitant in Budapest, because site owners want to take the profits from the whole development without taking any risk,” Sellers commented."
Source: Hungary Around the Clock.
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03.10.2007