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The Real Estate Market in Budapest

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Interview with Krisztina Meszaros, Sales Manager at Tower International.

What’s the current situation on the Budapest property market?
The market is very active now, partly due to the time of year, Spring. There is definately a demand for good downtown properties. The buyers are primarily locals, but there are some foreign investors on the market as well.

Is there any sign that shows a potential increase of property prices in the near future?

Not really. You know how the ancient Chinese saying goes, It is very hard to prophesy, especially about the future… There are a lot of circumstances to consider such as local politics – whether the far-right Jobbik party will gain more seats at the upcoming elections. Well, that would have a very negative effect on the business climate here. At the same time, Hungary, as a very small country is greatly dependant on the international economic climate, the European Union. As we have seen in the past few years, prices are quite the same and we are not expecting a significant increase any time soon.

Is it indeed a buyer’s market in Hungary nowadays?
Many investors are now considering their options and some are exiting, trying to find better opportunities. They were able to exit relatively quickly.

What type of properties are sold quick today? Which districts are popular?Tower is dealing mainly with the properties of people who invested in the downtown area.We are selling both newly built and classical properties in the downtown area. District 6, 7, 8 and 9 are still very popular.If somebody is interested in real examples we regularly update our Recently Sold Properties section on our website.

Do I need a lawyer if I want to sell?Yes in any case you need one. It is very important to authorize a lawyer to represent you, to sign agreement, and to officially hand over the property to the buyer.Tower can recommend a well-experienced, English-speaking lawyer if you don’t have your own. You can watch a few short videos about the process on our YouTube channel.
Krisztina has been with Tower right from the beginning. She has over 9 years experience in real estate and knows the Budapest property market very well.Krisztina has already helped hundreds of overseas landlords in their property transactions in Budapest.

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