Real Estate Market News from Budapest, Hungary Browse dozens of articles on property prices, trends, facts and other useful information for investors and home buyers in Budapest.

Renewal of Lánchíd utca Continues January 30th, 2014

The second part of the renewal of Lánchíd utca starts in March. The project costs HUF 908 million. About 13 thousand square meter of pavement will be laid, a new tram stop and a 2230-square-meter bike line constructed. The reconstructions could be ready by the end of the year.The self-government of the 1st district of Budapest is searching for a building contractor for the second part of the reconstruction of Lánchíd utca. According to the plans the project will cost HUF 908 million, and the costs…

Big US Company Expands in Budapest January 30th, 2014

East Gate Business Park won a HUF 272 million EU subsidy, thus the GE Oil and Gas department situated in the industrial park gets a new, 11-thousand-square-meter hall. The project can be ready by September 2014. East Gate Business Park won a HUF 272 million EU subsidy within the confines of the Central Hungarian Operative Program of the New Széchenyi Plan. Thus the GE Oil and Gas department situated in the industrial park gets a new, 11 thousand square meter large manufacturing technology area.…

How to Make Sure You're the Owner of Your Apartment January 30th, 2014

A Swedish woman had to face the fact she's not the real owner of her apartment in Váci utca 13 years after she bought the property for HUF 53 million. If you bought your apartment at the end of the 1990s or at the beginning of the 2000s, and don't like unpleasant surprises, it's recommended to check at the land registry if you are the official owner of your property. A Swedish woman bought an apartment in Váci utca in 2000 for HUF 53 million, and she also paid the HUF 1.5-million tax. 13 years after,…

Paying tax in Hungary? What is tax? January 16th, 2014

I'm not a Hungarian resident... Why should I pay tax in Hungary?According to the Hungarian tax laws you are liable to pay tax on the earnings made within within the borders of Hungary regardless of your residence. So rental income is no exception if the property is located in Hungary even if the owner lives aboard. Okay, but how much is it?Personal income tax is 16% (no different tax bands), corporation tax is 10% under annual tax base of 500 million HUF (ca. 1.6 million EUR). In certain downtown…

Why 'cheap' is more expensive? Two ways of doing tax in Hungary – Simplified or Itemized January 16th, 2014

What's the simplified way?There are two general methods of taxation in Hungary for property related revenue. One is the itemized, the other is the simplified accounting method. With the simplified tax method you are allowed to deduct only 10% of all your expenses. This does not reduce the tax base as much as you potentially could, leaving you with more tax to pay in the end. Doing the simplified method is less hassle for the accountant, but the property owner will end up with a huge tax bill to…

Do I have to obtain tax ID in Hungary if I want to rent out my property? January 16th, 2014

How do I get my tax ID?The tax ID is generated by the revenue office for businesses or for private individual doing businesses such as renting out properties. Since August of 2010 private individuals do not have to obtain tax ID  number in order to issue and collect rentals legally.If not compulsory, why should I have a Hungarian tax ID?Without a tax ID number you will not be able to rent out a parking space or rent to a company. Note that you may have to produce  'proper' invoices in…

Falk Miksa utca Is to Be Renewed January 2nd, 2014

Reconstructions on Ferenciek tere started last fall, but other constructions are also in process in the 5th district. The Olimpia Park, Váci utca, Duna-korzó and Falk Miksa utca will also be renewed, the latter gets a new pavement, and a statue of Peter Falk a.k.a. Columbo will be erected there in next March.The renewal of the 5th district streets and squares was started in October 2013. The pavements of the Duna-korzó will be changed and new street lamps erected; this will cost HUF 660 million.…

Recontructions on Ferenciek tere Are to Be Finished by March January 2nd, 2014

Reconstructions at Ferenciek tere and Március 15. tér are planned to be finished by March 2014. According to the last plans the pedestrian subway won’t be knocked down, and there’ll be no bus line in the middle of the road on Kossuth Lajos utca.The reconstructions at Ferenciek tere have been in process for a year, and it will be finished by March 2014. Within the confines of the renewal the surface traffic will be reconstructed, and the square gets a new pavement. According to the former plans the…

Reconstructions at Párizsi utca January 2nd, 2014

The most famous pedestrian street of the city centre, Váci utca and some of its bystreets, like Párizsi utca are to be renewed, and they’ll get a new pavement. The new pavement of Párizsi utca is decorated with geometric elements. According to the plans at one corner of the street a luxury hotel is to be built.Váci utca, Dunakorzó and Falk Miksa and their neighborhood are planned to be reconstructed. Váci utca located in the 5th district is the city centre’s most famous shopping area, which connects…

A Part of the 13th district Has Been Renewed January 2nd, 2014

Pozsonyi út in Újlipótváros and its neighborhood was completely renewed. The sight of the 13th district-area improved a lot in the last few years. The green areas got enlarged, and new pavements and parking lots were constructed.The sight of Pozsonyi út in the 13th district changed completely in the last few years. Within the confines of the renewal of Újlipótváros first the Margaret Bridge and the Saint Stephen Park built in 1935 were reconstructed in 2011, and the next project was the renewal…

A New Park Is to Be Built near Nyugati pályaudvar January 2nd, 2014

A huge park is to be built in the 6th district, behind the building of the Nyugati Railway Station. Previously a government quarter was planned to be built on the currently unused area, but the investment was called off. According to the plans the new establishment will be similar to Millenáris (a park in Buda). The investment will cost HUF 300-600 million.The self-government of the 6th district has come upon a plan for the temporary usage of the currently unused area behind Nyugati pályaudvar (Nyugati…

HUF 4.8 Billion to Be Spent on the Renewal of Széll Kálmán tér December 16th, 2013

Instead of the planned HUF 1.5 billion, 4.8 billion will be spent on the renewal of Széll Kálmán tér (the former Moszkva tér). The investment that was decided to be done two years ago, will be realized as a part of the Capital of the Nation program, and it will be covered by capital, national and EU resources. The roads and traffic junctions will be reconstructed, and a bike route and parking lots will be built there.Instead of the planned HUF 1.5 billion, 4.8 billion will be spent on the renewal…

The Former Köztársaság tér Has Been Renewed December 16th, 2013

The II. János Pál pápa tér (the former Köztársaság tér) located in the 8th district has been renewed. The area close to the future exit of the Metro Line 4 got a new pavement and road surface, a pedestrian bridge, a pool, a terrace and a dog-walking area was built, and tables and benches were placed on the square.The renewal of the II. János Pál pápa tér located in the 8th district has been finished. The pavements and road surfaces lining the former Köztársaság tér were reconstructed in 2009; and…

Japanese-Hungarian Economic Relations Strengthen December 4th, 2013

A Japanese-Hungarian business forum was held in Tokyo, in which besides the Hungarian Prime Minister a delegacy of more than 60 businessmen took part. The delegacy represented the automotive, the food and wine and the metal and machine industry. Their aim was to take part in strengthening the Japanese-Hungarian economic relations.A Japanese-Hungarian business forum was held in the Japanese capital, which’s aim was strengthening the Japanese-Hungarian economic relations. Besides Hungarian Prime Minister…

New Part of the 8th District Is to Be Renewed December 4th, 2013

After the Corvin Avenue, the Palota Quarter and the Magdolna Quarter a new part of the 8th district, the Orczy Quarter is to be renewed. There are several popular facilities in the region of Józsefváros close to the city centre, such as the Orczy Park visited by runners and hikers, and the Bárka Theater.After 3 other large city development projects of the 8th district a new one is about to start. After renewing the Corvin Avenue, the Palota Quarter and the Magdolna Quarter a new part of the district…

CNN Finds the Hungarian National Theater Spectacular December 4th, 2013

The news portal of US TV channel CNN mentions the National Theater as one of the most spectacular buildings of Budapest besides the Opera House, the Buda Castle or the Chain Bridge. The building, which's beauty is often doubted by the locals, got the attention of the editors of the tourism section, and they suggest everyone visit it when travelling to Hungary. The news portal of US TV channel CNN named the 8 Budapest sights that are must-sees for tourists who visit the Hungarian capital. On the…

Architects Forming the Classical Budapest - Olympic Champion Alfréd Hajós, Architect of the National Swimming Stadium November 29th, 2013

Olympic champion swimmer Alfréd Hajós was originally an architect; one of his most important works is the National Swimming Stadium later named after him. The “Hungarian Dolphin” created his buildings following the Secessionist, the Eclectic, the Constructive and the Modern style.Alfréd Hajós was born in 1878 as Arnold Guttmann in Budapest, in a poor Jewish family. He studied at the Budapest University of Technology, and later he worked with renowned architects Ignác Alpár and Ödön Lechner. In 1907…

Architects Forming the Classical Budapest - Frigyes Feszl, Architect of the Pesti Vigadó November 29th, 2013

Frigyes Feszl was one of the most remarkable Hungarian Romanticist architects. His most famous works include the Vigadó Concert Hall located at the banks of the Danube, the Dreher Brewery or the inner apse of the Dohány Street Synagogue.Frigyes Feszl was born in 1821 in Pest, in a civilian family, as a son of a master stonemason. He studied in the Piarists’ High School in Pest, and from architect József Hild. Later he studied at the Academy of Fine Arts in Munich, and he returned to Hungary in 1844.…

Architects Forming the Classical Budapest - József Hild, Creator of the 19th Century Pest Cityscape November 29th, 2013

József Hild was one of the most remarkable Hungarian Classicist architects. His work had a great influence on the cityscape of the 19th century Pest. His most famous works are the Esztergom Basilica and several tenement houses in the 5th district in Budapest.József Hild was born in 1789 in Pest as a son of architect János Hild. He studied in the Piarists’ High School in Pest and at the Academy of Fine Arts in Vienna. Later he became the court architect of the Counts Esterházy; he took part of the…

TOWER IS PROUD TO ANNOUNCE THE ACQUISITION OF CATHERINE DICKENS PROPERTIES, THE PRESTIGIOUS BRAND IN THE SEGMENT OF LUXURY APARTMENTS November 27th, 2013

Merger with Catherine Dickens Properties - Tower now serves more overseas Landlords than ever.Tower-International is a market leading company in Budapest, which has been in the property management industry for more than 10 years now. With 700 downtown properties under management and 50 staff looking after clients, Tower has been successfully servicing overseas investors and homeowners in the capital. The partnership that has long existed between Tower and Catherine Dickens Properties now evolved…