CIB Group is to hold the fifth in a series of on-line auctions of distressed Hungarian real estate properties. This latest on-line exercise will take place Oct. 27 – 28 and will feature over 60 residential and commercial properties around Budapest, Pest Country and Balatonlelle. The properties have been available for viewing on the auction’s website. CIB began this program of digital auctions in 2013 as a way of contributing to the group’s strategic objective on sustaining profitability.
The properties that have been put up for sale represent value for either owner occupiers or for investors, in the bank’s view, in view of the improving fundamentals for real estate in Hungary. The pricing at this point is being offered in many cases at below what the bank believes to be replacement cost. The ban is of course offering financing to prospective buyers for the purpose of purchasing the assets, though this is naturally subject to terms and conditions.
In June CIG Group put the SZOT hotel up for sale, an asset that’s well known in Budapest because of its prominent location on Rózsadomb (Rose hill) which offers impressive views along with visibility.
