European Economic Congress has started in Poland

EEC, Katowice, Poland (www.facebook.com/EECKatowice/, Public domain)

Accor with Orbis Group to open 10 new hotels in Romania

Budapest home market overvaluation risk grows

Poland

The 11th European Economic Congress (EEC), the largest economic event in CSE, started on Monday in Katowice, southern Poland. The three day event is accompanied by the European Start-up Days.

One of the leading topics is the future of the EU after the May elections to the European Parliament and Brexit, as well as various factors shaping European economy. Some 12,000 politicians, businessmen and policy makers from across Europe are taking part in the event.

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Romania

Accor Hotels informed about its plans to open 10 new hotels in Romania by the end of 2022, together with Warsaw-listed hotel group Orbis. The new hotels will have 1,450 new rooms, according to Accor’s press release.

Polish Orbis Hotel Group is the strategic partner of AccorHotels in the Central and Southeast Europe, and sole licensor of all AccorHotels brands in the region.

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Hungary

The risk of overvaluation of the real estate market in Budapest has increased, with growing disparities between Budapest and other settlements that are also on the rise, the National Bank of Hungary (MNB) said in its biannual report, Hungarian news agency MTI reported.

In 2018, real estate prices increased 15.2 per cent y/y, after a 14.6 per cent increase in 2017, however, in country’s capitol real estate prices increased by 22.9 per cent y/y, after a 15.8 per cent increase in 2017. “Prices (of real estate) in Budapest have exceeded level justified by the economic fundamentals by some 15 per cent, therefore the risk of overvalued house prices in the capital has increased significantly,” says the MNB.

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What’s up in indexes

BET (of Bucharest) decreased from 8314.58 index points Friday, May 10th to 8180.65 index points Monday, May 13th. It’s down 1.57 per cent d/d and down 6.57 per cent y/y.

BUX (of Budapest) decreased from 41068.21 index points Friday, May 10th to 40538.00 index points Monday, May 13th. It’s down 1.29 per cent d/d and up 5.01 per cent y/y.

OMXR (of Riga) decreased from 1025.79 index points Friday, May 10th to 1017.28 index points Monday, May 13th. It’s down 0.83 per cent d/d and down 4.87 per cent y/y.

OMXT (of Tallinn) decreased from 1258.40 index points Friday, May 10th to 1253.67 index points Monday, May 13th. It’s down 0.38 per cent d/d and down 0.43 per cent y/y.

OMXV (of Vilnius) decreased from 689.77 index points Friday, May 10th to 687.80 index points Monday, May 13th. It’s down 0.29 per cent d/d and down 3.11 per cent y/y.

PX (of Prague) decreased from 1049.64 index points Friday, May 10th to 1043.87 index points Monday, May 13th. It’s down 0.55 per cent d/d and down 5.47 per cent y/y.

RTS (of Moscow) decreased from 1213.79 index points Friday, May 10th to 1207.57 index points Monday, May 13th. It’s down 0.51 per cent d/d and up 0.42 per cent y/y.

SAX (of Bratislava) increased from 364.75 index points Friday, May 10th to 365.21 index points Monday, May 13th. It’s up 0.13 per cent d/d and up 8.78 per cent y/y.

SOFIX (of Sofia) decreased from 571.54 index points Friday, May 10th to 567.20 index points Monday, May 13th. It’s down 0.76 per cent d/d and down 11.96 per cent y/y.

UX (of Kyiv) increased from 1706.22 index points Friday, May 10th to 1706.59 index points Monday, May 13th. It’s up 0.02 per cent d/d and down 6.13 per cent y/y.

WIG20 (of Warsaw) decreased from 2191.91 index points Friday, May 10th to 2172.97 index points Monday, May 13th. It’s down 0.86 per cent d/d and down 6.38 per cent y/y.

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