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After the spectacular, sometimes even imploding growth of the previous years, until the end of 2006 (since the spurt before the introduction of the interest tax) quieter times have come in the domestic market of property funds. The total capital of the funds has shown meek growth in recent months, less than 1 percent on average. This implies that only the minimal infl ow of money has extended the available capital besides the realized yields. This rate falls behind the rate of increase of all domestic investment funds, which typically produce a monthly rate of around 1-2 percent.
The total value of the market without the bases of the funds approximates 500 billion forint. The market is balanced in regard to players, the same major banks lead the market now that have succeeded in fund management one or two years ago, except maybe in different order. The Hungarian market is nonetheless quite concentrated, since the three largest products constitute almost 79 percent of the actual wealth managed in property funds. In spite of this fact two new players appeared on the market in the previous year (Macrogamma and FirstFund), offering alternative investments to primarily institutional, and possibly to private banking - that is more wealthy - individual clients. At present almost all notable banking groups offer property funds or other funds investing into property funds (with the possible exception of K&H, which, nevertheless offers a product that invests into the stocks of U.S. real estate companies).
In respect to the performance of the funds, the most proper attribute that could be used describing the past one or two years is stable. The larger funds had a performance of a yearly 7-8 percent on average last year, which cannot be called magnetic in contrast to current interest rate levels. The reference yield of the one year government bond market on 18 March was, for instance, 8.56 percent, while the interest rate of retail government securities was 7.75 percent. (The performance indicators of Futureal 1. are not mistaking, the astonishingly high yields are most probably the results of practically taxation free returns until the introduction of the interest tax.) The yield of the government bonds of course are in reference to the future, while the yield of the property funds refl ect their past performance, but the latter is considerably stable. The competitiveness of the property funds will apparently advance when the interest rates will be toned down.
The 12-14 percent return rates of the funds in previous years have lowered because the rent performance of the Hungarian real estate market have toned down signifi cantly in the previous years, since their main source of revenue comes from this sector. The supply of suitable properties is also scant, which is also supported by the fact that a signifi cant part of the billions received at the fi nish before the introduction of the interest tax could not yet been spent, their rate of properties is still about 35-55 percent. The funds regularly publish the content of their portfolios on the internet, in the forms of monthly, annual and semi-annul reports. These reports show a preference for offices - bank properties and branches are of considerable weight among them - smaller plazas and units of large retailchains, while industrial and logistic objects can also be found among them in smaller proportion.
