For the first time in months the Hungarian currency has strengthened to below the HUF 290 / 1 EUR level. As of today's writing the forint stands at HUF 286 to the euro. This is the strongest rate the currency has been at this year.
So perhaps good news for those who are selling properties. Earlier this year the currency had dropped to around HUF 310 / EUR 1. Essentially meaning that if you sold a property for 13 million forint in March you would have received approx. EUR 41,000, however if you sell today you would get approx. EUR 45,000.
According to an article on the Hungarian news site portfolio.hu analysts feel that this strength will not last as the Hungarian Government economic policy seeks to focus on growth mechanisms based on recent comments made by the Hungarian finance minister. The analyst Guillaume Salomon at SocGen in London is advising people to buy HUF. In his view this growth focus will lead to more easing and thus a weaker forint.
So for those property owners who wish to sell there is an open window of opportunity for selling at a strong exchange rate. If you wish to find out what your property is worth under the current rate, then contact a member of our property sales team at info@towerbudapest.com.
Source: portfolio.hu and Tower-International
