Amir is not opposed to real estate projects in neighbouring countries either. He recently launched a 15 million euro office project in Romania, while a 155 million euro residential development is also underway in Poland.

- Even in hungary, more is being talked about the Polish, Romanian and Slovak construction markets than the local one. Do you think there are any good opportunities left on the hungarian market?

Yes, I think there are still opportunities out there, since prices in Hungary are very favourable compared to the countries  you mentioned, even though the local market is quite weak right now. But development investments still offer good returns on the long term. I see good possibilities in investments in properties in good location which are suitable for offi ce projects, or industrial or even warehouse projects which promise to be interesting. Demand in some special niches is still unfulfi lled, such as luxury residential developments in the 2nd and 12th districts, and the Buda side still offers plenty of locations for commercial projects.

- Right now there is a hotel boom in Budapest. aren't you afraid that you are entering a saturated market with your first project?

I wouldn't say that our fi rst project is a hotel, since we carried out several transactions at the same time recently. I have a stake in several ongoing residential development projects in Budapest, such as the Marina Part for example. We are also working on logistics and warehouse investments, and the development of a large office complex near the Városliget is being launched as well. Overall, I would say we have a very diverse repertoire. About the hotel development in Paulay Ede Street, I would just like to say that despite the "boom," it is still much more profi table to build a hotel and wait until hotel prices go up, than to build flats in the same location, which we would then have to sell in the current, not too favourable residential property climate.

- You are already present in romania and Poland, is Ukraine or Bulgaria next?

Yes. We already opened an office in Ukraine last summer, which for now is mapping out the market and the  opportunities there. But we prefer local, Hungarian developments.

- When could Croatia, or Yugoslavia become attractive? Do Hungarian companies have a chance there?

It is obvious that Serbia and Croatia are very attractive even now, although it is much more diffi cult to cooperate with market players or local authorities there. The regulatory and legal systems are generally not of "western" standard yet.