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.

How to avoid high penalties because of your Budapest property? June 27th, 2013

- Did you know that you have to pay tax after your Budapest rental income in Hungary?- Did you know that missed tax payments and penalties in Hungary can be collected even through the tax authorities of your own country?- Did you know that your income tax can be minimized by professional accounting service?Do it right the way and save money with Tower!- Most efficient tax service in Budapest- In-house chartered accountants specializing in property taxation- Fully comprehensive tax returns submission…

Budapest Re-development and Renovation Continues Apace May 31st, 2013

If you have been visiting Budapest for the last number of years you will no doubt have noticed the amount of renovation or restoration that has been going on. Most of Andrassy Avenue has now been restored to its former glory, and has rightly reclaimed its place as one of the world's most beautiful avenues. Similarly the Danube panorama in Budapest has again got to be one of the most spectacular river panoramas in world, rivaled only by Paris and Prague. Budapest regulars will also notice that recently…

Forint stabilizing, but for how long? May 31st, 2013

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…

Russians are now Top Foreign Buyers of Real Estate in Hungary May 31st, 2013

1,186 foreigners received permits to buy Hungarian property during 2012, say official sources. By far the largest group of new foreign owners, 445, are Russians, the next largest segment are Chinese citizens, comprising 150 buyers, and Ukrainians accounted for 128 of the overall total. A positive trend of foreign property ownership was recorded as around only 1,000 foreigners bought real estate in Hungary during 2011. In previous years Irish citizens were among the top buyers of property in Hungary. If…

Tower goes Mobile May 31st, 2013

Tower-International has launched the latest version of its innovative Tower 365 service, but this time direct to your mobile. Tower 365 is Tower's unique online information system for owners of property in Budapest. Marton Szikora, managing director of Tower says that taking Tower 365 to mobiles represents a new level of customer service for property management firms. "At Tower we feel we provide the most efficient and ethical management service in Budapest. And giving clients full visibility of…

2 Nights in Westend Hilton Hotel Budapest***** for Free! May 31st, 2013

Refer a friend or someone from your family who currently owns a property in Budapest and have 2 memorable nights in downtown Budapest! Should the referred person sign up for our Property Management service, we provide the accommodation for your next Budapest trip.

New York Times: Investors Are Making Their Way Back to Budapest March 18th, 2013

Hervé Morin, a French-American business consultant, had to look for quite a while before he found his investment bargain in December 2011.“I knew it was time to put money in real estate,” but, he said, he could not decide on which appealing segment of the Hungarian capital’s property market to place his bet — from high-end family homes to pied-à-terre in the city center. Mr. Morin ended up selecting an 87-square-meter, or 936-square-foot, residence near Deak Square, in the very heart of the city.…

Property Investments in Florida, USA September 10th, 2012

"US is top 2012 property investment pick" (Reuters)  As a response to increased interest from our international client base and external investor clients, this year Tower has started offering investment properties in Florida, USA. Please find below a short introduction to why investing in the US has become so popular today. The timing seems to be right – prices of homes have come down by up to 70% since the Sub-Prime Crisis. Millions of homeowners were foreclosed on – and as an effect,…

Is the Hungarian Forint Stabilizing? September 5th, 2012

Since Hungary seems to have come to an understanding with the IMF the Hungarian Forint showed signs of stabilizing in the last month particularly. August saw the Forint strengthen to 275 HUF against the Euro. This is its strongest showing since September 2011.Although the last week has seen the Forint weaken again to today's showing of 285 to the Euro. However this is still a far cry from the depths of last January, where the Forint sunk to an all time low of 320 against the Euro.Hungary will reach…

Tower Breaks Monthly Rental Records! September 5th, 2012

At Tower Property we are excited to report that thanks to our hard working lettings team and great properties from our landlords we managed to let 87 properties in the month of August alone! This breaks our previous monthly record of 68.This is great news for our landlords who can be confident that Tower is employing all means possible to ensure their properties are let. The August performance plus a strong performance throughout the year has meant that Tower's occupancy level is at 96%, meaning…

Budapest Airport will move all airline operations from Terminal 1 to Terminal 2 during the night of 29-30 May 2012! May 11th, 2012

Passengers of these airlines will arrive at Terminal 2A (from Schengen countries) or at Terminal 2B (from non-Schengen countries).   As announced earlier, Budapest Airport will close Terminal 1 for passenger operations on a temporary basis. The loss of traffic in the wake of the collapse of the Hungarian national carrier Malév and additional tax burdens leave Budapest Airport no other choice but to reduce operational costs by combining operational areas, and thus achieving a better utilization…

Budapest Card - Your Travel Companion May 11th, 2012

If you are visiting the capital, Budapest, you’ll find the Budapest Card an invaluable travel companion. Not only will it help you plan how to use your time (both activity and relaxing time) it will save you money too! But beware, while there are several different cards aimed at tourists, the Budapest Card is the city’s only official card and it is the only one accepted at all the places detailed on our information page. The beauty of the Budapest Card is its practicality…

Budapest is the cheapest in the Visegrád Four - CBRE May 11th, 2012

Premium transaction yields are the highest in Budapest in the Visegrád Four countries, i.e. the Czech Republic, Hungary, Poland and Slovakia, CB Richard Ellis has said in a market report on Thursday. According to CBRE’s estimates, the spread between the yields in Budapest and Prague is around 100 basis points, while investors position Warsaw even higher.  Many European markets saw a rush of deals being completed towards year end. Overall, 17 out of the 26 markets monitored by CB Richard Ellis…

Preparing to Submit your Tax Returns in Hungary March 26th, 2012

As you may know the fiscal year in Hungary runs in line with the calendar year from January to December. The deadline for submitting tax returns however is the end of May of the following year. However in Tower compiling information and making the relevant calculations starts well in advance. Unlike any other management firm in Budapest Tower took the step to hire chartered accountants to work within the company to handle landlord’s accounting and tax affairs in Hungary. This has benefited owners…

Hungarian Crosses the Atlantic in a Canoe March 26th, 2012

It took 76 days and his canoe capsized at one point, but a Hungarian adventurer has paddled across the Atlantic Ocean from Europe to the Caribbean, his wife says, and in doing so has entered the Guinness Book of Records. Architect Gabor Rakonczay, who began his adventure in Lagos, Portugal, on Dec. 21, and stopped for several days in the Canary Islands, reached the island of Antigua on Sunday, his wife, Viktoria, told Hungarian state radio. When his canoe capsized at sea, he managed to save it but…

Low Cost Airlines Increasing Flights and Routes to Budapest March 22nd, 2012

Following the closure of Hungary’s national airline Malev a raft of low fares airlines lead by Ryanair and Whizz Air have increased the numbers of routes and flights to and from Budapest. Of course it’s sad to see Malev close but on the upside the increased competition will more than likely mean more affordable flights to Budapest for travelers. Ryanair has stated it will add 31 new routes and the airlines Wizz Air, SmartWings, Air Berlin and Jet2.com have all announced increased activity as have…

Hungary Business & Consumer Confidence Picks up Again March 22nd, 2012

After a nearly one-year continuous decline, the economic confidence index of Hungary’s GKI-Erste has risen for the second month in a row in March. The seasonally adjusted index stood at -19 points, up from -22.5 pts, back at end-summer 2011 levels. The survey, conducted by GKI Erste with EU support, shows that the consumer confidence index rose to -49.9 points in March from -51.2 pts in Feb. The business confidence index went up to -8.1 pts from -12.4 pts. Within the business sphere pessimism has…

Mainstream Political Parties Gain Support at Far-right’s Expense March 22nd, 2012

While Hungary’s ruling Fidesz party, and opposition parties MSZP and LMP enjoy a slowly growing support, the far-right Jobbik party is losing followers and the Democratic Coalition cannot increase its popularity, the latest survey by Ipsos showed on Wednesday. It also found that the ratio of voters with party preference is shrinking. The poll conducted in mid-March with a 1,500-strong sample (18 years of age and above) shows a 19% support for Fidesz (cc. 1.5 million people) and a 14% support for…

Hungary credit deal with IMF still a way off according to analysts March 22nd, 2012

Playing down a local media report, the International Monetary Fund’s (IMF) Resident Representative in Budapest said the Fund has no plans to send a team to Hungary in April, and there has been no change in the situation around talks on a potential aid deal. The forint has weakened on the announcement and dragged its regional peers with it. Analysts see chances of Hungary securing an IMF/EU credit line slipping further away in time. Some already believe no deal will be made before the third quarter…

Malev Airlines Grounded February 3rd, 2012

Today (Feb 3rd) you may have noticed in the news that Hungary's national airline Malev has ceased operations. This is a great shame as Malev has always been a quality airline. Tower's own directors were today stuck in Dublin, but have since found an alternative flight.Below is a news story on the closure from the Irish Times and Reuters:Hungarian flag-carrier Malev ceased operating early today after 66 years of almost continuous service, after its planes were held overseas for unpaid debts.Prime…