There’s a price rise to be expected on the real estate market in Hungary, which is indicated by the rise in the case of properties (flats and lots) that have already been put on sale – according to GKI Economic Research Co. Out of the housing policies recently installed by the Hungarian government, the reduction of VAT (from 27% to 5%) seems to be benefitting the range of supplies, as it provides developers and investors with a larger financial margin. Demands are only incited by the…
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Cordia Ltd. has announced to develop 1500 new smart apartments in Budapest. The Hungarian real estate market has not witnessed so grand property developments since the change of the system of government (1989). The firm sees big demand for its apartments, which would be in Pest and Buda. Wanted right now! The firm plans to launch the new developments at 8 different parts of Budapest to be realized by 2018. According to the analyses carried out by Cordia there is a soaring…
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The property investment in Budapest and its outskirts can be granted 400 billion HUF worth in the near future according to forecasts by the Budapest Chamber of Commerce and Industry (BCCI) and the Association of Construction Entrepreneurs. More and more home properties 10 thousand new homes are set to be built in the capital of Hungary and on the outskirts of it in the near future. The distribution of home developments in Budapest…
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According to experts of CIB Group Hungarian real estate market can expect further growth due to the favourable environment for investments combined with certain governmental stimulants. Further growth in the Hungarian real estate market One of the reasons of the increase is the prospective effect of the government actions, which primarily attempt to boost residential property market, buying new homes but the incentives can have an indirect impact on the market for commercial properties…
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Hungary is excited by the new CSOK for months – a lot of people are calculating and planning, but there are still many unanswered questions about the topic. The lump sum grant for home purchase can be applied for with better conditions than before since January 2016. The amount of the granted money also increased in the case of purchasing or expansion of used estates, but the increase was truly spectacular in the case of purchasing or building of new estates. Families with one child…
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Hungarian news outlet Magyar Idők has reported that several real estate developers are about to begin the construction of residential buildings at various locations – on which, according to the original plans and arrangements, office blocks were supposed to be built. The article explains the situation based on specialists’ opinions: contrary to the fact that office blocks grant far more profit and revenue for real estate companies, the reduced sales tax rates (currently at 5%), and the…
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Duna House Holding figures 11 921 property sales in February 2016 in Hungary based on the estimation of the representative sample of real estate transactions. In February the turnover was excessively high in the real estate market. The rate in the first month was that of last January. In February, however, the turnover rate came 10 % more than that of the second month 2015. There is no denying the fact that the number of the working days was higher this month, even so these data have been outstanding.…
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Balcony Apartments Outsell Properties without Balcony In this part we present how balcony apartments can outsell properties both in Buda and in Pest. According to experts a balcony can raise the value of the apartment even with 1.89 million HUF. Balcony Apartments in Buda: the value of the balcony/terrace is the highest here there is more chance for the apartments to have a nice view or overlook green areas the price of the balcony/terrace is more than 46 % of the Sq. M price of the inner…
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Is a Balcony Worth it? This brief overview examines why apartments with a balcony or a terrace are great business opportunities for developers and investors. Apart from satisfying customer wants and needs, the construction projects with balconies and terraces are more profitable. Needless to say it is one of the most important factors for the investors. Strict Rules Affect the Following Parameters: built-in capacity of the site height of the building floors constructed building with parts…
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The Most Wanted Properties in Budapest Spring is here, spring is here, The flowers, the trees, The birds and the bees. Spring is here, spring is here, Everything is in bloom. - as goes the popular children song, but there has been a BOOM TOO IN THE MARKET OF BALCONY APARTMENTS. According to statistics with the arrival of spring there has been a growing interest in the apartments with balconies or terraces. Moreover, this interest has been gradually increasing since 2012. Real estate developers…
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It is yet to be seen how the Government Support Family Benefit (CSOK) will affect the construction and real estate markets on the long run – the former is still partly in hibernation after the years of the crisis, and by the time it catches up to demand, that demand may disappear. The first impact assessment about the effects of the CSOK has recently been published by the Fiscal Responsibility Institute Budapest (FRIB), and while it is a pretty static analysis (not accounting for movements…
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Do You Know… …That the new Hungarian Government Support Family Benefit may influence the value of your Hungarian property? …How Airbnb transformed the rental market in downtown Budapest? Meet Hungarian real estate experts in London on the 9th and 10th of March, 2016! Get a Free Market Review from Budapest Get a Free Sales and Rental Valuation on Your Property Get Help in Your Property Management Related Questions Call our UK Toll Free Number 0-808-189-1343 or click…
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The reduction of VAT from 27 to 5 percent resulted in a significant increase in order numbers of prefabricated home manufacturers and distributors – but the lack of assembly team poses a problem as many of the professionals went to work abroad during the years of the crisis. According to József Kárpáti, head of the pre-fab chapter of the National Alliance of Construction Contractors (ÉVOSZ) their best year was in 2009 when more than 2200 light pre-fab homes were…
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2015 was a year of constant growth on the real estate market and was mainly driven with investors. The decrease of VAT announced at the end of the year will without doubt incite further growth in a number of areas on the market. Portfolio asked experts about what 2016 could bring – Dávid Valkó, lead analyst at OTP Jelzálogbank Zrt. thinks that the enthusiasm of investors in about to settle, however they will still be present on the market in great numbers in this…
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October brought a number of transactions on the Hungarian real estate market unchanged when compared to last year. One fifth of buyers are heading towards the 13th district of Budapest. In the tenth month of the year 11 842 contracts were closed, while in 2014 the same month saw 11 692 contracts according to estimates published by the Duna House network. In this year however the number of real estate sold increased by an overall 34 percent compared to the period between January and October last…
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The number of construction permits issued in the first 9 months of the year increased significantly, however the number of newly built flats declined greatly. In all of Hungary 24% more permits were issued, with an even greater increase in Budapest, where authorities issued 73% more permits. Newly built flats introduced to the market however did not experience a similar growth in numbers – in fact there was a 21 percent decline from January to October. Data published by the Hungarian Central…
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A coming of the fall did not stop the growth of prices on the Hungarian real estate market, but studies show that the pace of growth has slowed down a bit. Data shows that prices started to rise rapidly in the first months of the year together with the strengthening of demand. This however mostly was felt in Budapest, but not as much in the countryside. One of the main reasons behind this is that those who rent out their apartments for the short term are mainly operating in the capital. Rental prices…
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Airbnb is hugely popular, more and more people decide to put their apartments online instead of looking for long term tenants – but experts and Airbnb users say it is very easy to fail on this market if you are not prepared enough. Currently there are more than 8 thousand available accommodations on Airbnb. In 2014 around 150 thousand tourists visited them, but it is clear that outside Budapest it is a risky business to put your rental online: out of these more than 138 thousand rented apartments…
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August has been the weakest month in the last half year on the real estate market with only 11066 transactions according to the data published by Duna House. In the meantime real estate prices remain in a continuously increasing trend. Experts say that August may have produced the lowest volume in the number of transactions in the housing market, the slight decline is only seasonal. According to Duna House the same period last year showed a 19 percent decline in transaction numbers, and two years…
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After the crisis the real estate market went silent for years, but now it is clearly booming and the trend seem to just be getting stronger. Which means that landlords are not in so great need of the rent paid by ruinpubs anymore and they might decide to freshen up their development plans instead. This however presents a slight paradox as the "party district" of Budapest became so popular and expensive partly because of the presence of the ruinpubs. Most of these were opened in places where investments,…
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