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.

More than 100 Thousand Apartments Can be Sold by the End of the Year December 5th, 2014

According to the expectations Hungarian property market can pass the dream barrier of 100 thousand by the end of the year, since in November 2014 a remarkable number – 10434 – of apartments were sold again. According to the data of real estate agency Duna House much more apartments were sold in this November compared to the result – 7 thousand sold apartments – of last year’s same period. 96 Thousand Apartments Have Been Sold This Year Although a seasonal decrease was shown after October, and…

All You Need to Know about the Forintization of Foreign Currency Loans November 27th, 2014

The schedule for the forintization of foreign-currency loans was published last week.  The foreign-currency and the foreign-currency-based property loans get forintized, those got for buying an apartment and the free-to-use ones as well.  The forintization is not obligatory: the debtors can request that their loans stay unchanged, if they get their regular salaries in foreign currency, and its amount is higher than the monthly repayment; they meet the criteria of the income-driven repayment…

Can I switch management companies while my apartment is occupied by a tenant? November 27th, 2014

Reveal the truth behind 5 popular misconceptions. The answer is obviously YES. However some property managers facing replacement can try to convince you otherwise.Let’s see some frequencies – but incorrect - objecting property managers may tell you why you can’t move to another company while there is a tenant in the apartment. “I am your authorized representative towards the tenant”Yes. Still…, but not forever.  You remain the owner of the flat legally. The management company or any rental…

It Became Much Easier to Sell an Apartment November 24th, 2014

Compared to the previous 1 or 2 years it’s become far easier to find a buyer for our apartments. According to the analysis of OTP Ingatlanpont an apartment gets sold in a shorter time (in 6-8 months, not in a year, like a few years ago), and the buyer has less opportunity to negotiate the price.More and More Owners Decide to SellThanks to the above more and more owners decide to sell their apartments, after a few years’ waiting.The 40-60 Square-Meter Apartments Are the Most Popular40-60 square-meter…

Far Easterners Spend the Most on Budapest Apartments November 24th, 2014

According to the analysis of real estate agency Duna House the number of foreign buyers of Hungarian property is increasing. In the 2000s mostly Western Europeans bought Hungarian apartments, but this year those from Slavic countries and from the Far East spent the most on Budapest property.515 Foreigners Bought an Apartment Here in the 3rd Quarter of 2014Comparing the last 3 years’ 3rd quarters it was revealed that in 2012 420 transactions were realized in which foreign buyers were involved; which…

Americans Come to Budapest Instead of Prague November 24th, 2014

According to the advice of American newspaper Budget Travel tourists should visit Budapest instead of Prague. An article got published in the November issue of the paper –which has 680 thousand subscribers –, which advised the tourists to visit cheaper, less-known cities instead of popular destinations, because they provide a better price/value rate.Budapest Is a Better Place to Take a WalkThe article introduces Budapest, and encourages the reader to visit Hungary instead of the Czech Republic.…

​27 Percent More Apartments Were Built November 20th, 2014

The number of the new apartments increased: according to the latest data of KSH 27 percent more apartments were built from January to September 2014 than in last year’s same period. The number of the construction permits also increased, by 30 percent. A total of 5168 new apartments were built from January to September this year.The Number of New Apartments Increased the Most in Small Towns The number of newly-built apartments shows a regional diffusion: 56 percent more apartments were built…

​Corvin Sétány Got an Award Again November 20th, 2014

Corvin sétány (Corvin Promenade) has won several prizes, and got an award again. The promenade located at the corner of Ferenc körút and Üllői út got the 2014 Global Awards for Excellence of Urban Land Institute.The Promenade Got Several AwardsAfter winning International Property Award for “the best miscellaneous-function property development project of Europe”, the international Prix d’Excellence of FIABCI and CIJ Award for the best Hungarian commercial property development (which was given to…

​Metro Line No. 4 Makes the Neighborhood More Valuable November 20th, 2014

Metro line no. 4 opened in March 2014 is expected to make the neighborhood more valuable, and push apartment and commercial property prices up. According to the market analysis of OTP and CBRE the new line makes the Kelenföld railway station and its environment more valuable, and several new developments are to be realized there.A Shopping Center and an Office Complex Are to Be BuiltAccording to the plans a shopping center and an office complex will be built at the terminal station of the line,…

​Hajógyári Island Is to Be Developed November 17th, 2014

The aim of the development of Hajógyári Island expected to be realized between 2015 and 2018 is to make the area an important community and cultural center. Within the confines of the development the Hadrianus Palace and its environment will be reconstructed.A Cultural, Sports and Recreation Park Is to Be Built HereAccording to the plans the former shipyard buildings located at the southern side of the Hajógyári Island will be used as communal and cultural facilities. A multifunctional sports and…

​It’s the Best Time to Buy an Apartment for the Kids November 17th, 2014

Lots of parents try to make sure their kids won’t have any problem in the future moving in their new apartments. For making them easier to create a home, the parents buy an apartment for the kids they can move in when they’ve finished their studies; thus they don’t have to take a loan to be able to get their own apartments.Favorable Loan Conditions and Property Investment OptionsNow it’s worth to buy an apartment for the kids even if they haven’t finished their studies or just have started high…

​HUF 2 Billion Development of Millenáris Is about to Start November 17th, 2014

The constructions aiming to enhance the area of Millenáris Park are to be started this fall. Several buildings have been knocked down to be able to provide more space to create new green areas in the park. Knocking down the buildings has cost HUF 970 million, and the remaining similar works will cost another HUF 950 million.Knocking Down a Building on Margit körút Was an Important StepThe Hungarian government announced in spring 2013 that Millenáris needed to be renewed. One of the most important…

​How to get more from your Budapest apartment? - 3 case studies of Tower October 30th, 2014

Example 1 – Extremely low rentA newly built apartment in district 8 was rented out way below the market price by another management agency.The rent paid by the current tenant was 40% less compared to the other apartments managed by Tower in the same block.Tower recently took over the management of the property.As a first step the lease agreement has been modified with the sitting tenant.Tower immediately negotiated 20% rent increase.In the long run the apartment can be rented out at another 20%…

​Record-Breaking Sales on the Real Estate Market October 14th, 2014

The number of the transactions on the real estate market hasn’t been this high as in this September since January 2012. According to the data of real estate agency Duna House 10059 transactions were realized in last month, which means this September has been the best month in 2014, and at the same time the second best in the past 5 years.25 Percent More Apartments Were Sold than in Last SeptemberIn last year’s same period 25 percent less apartments were sold than in this September, although that…

15 New Bridges Are to Be Built over the Danube October 14th, 2014

According to the plans the metropolitan areas along the Danube will be developed by 2020; the reconstructions are expected to cost ca. HUF 230 billion. The plans of the leadership of the capital include building new bridges, harbors and metro lines, and reconstructing public spaces. Enhancing flood prevention is also a part of the plan, which can cost HUF 60 billion. They would also like to make the riverbanks to be easily accessible by foot, and they would develop the traffic relations as well.A…

​Hungarian Costes Is the 25th Best Restaurant of the World October 14th, 2014

A Hungarian restaurant, Costes got the 25th best place on the list of Tripadvisor. The travel site listed the best restaurants in 2014 again, based on the votes of the readers. Costes located at Ráday utca, Budapest, owned by Károly Gerendai previously got a Michelin star, and got on the list with several Spanish, French and American restaurants among others.The 3 BestsEl Celler de Can Roca was selected as the best restaurant in 2014. The restaurant located in Girona, Spain offers the finest Spanish…

3 Things to Do if There Was a Break-In September 29th, 2014

Sometimes when we realize there was a break-in to our homes, we get so nervous we don’t know what to do. It’s important to remember these 3 steps, because with the help of them we can make it easier for ourselves and for those who can help us. Call the Police Call the police as soon as you can. It’s important, because this way it’s easier to catch the burglars, and sometimes you have to wait a lot for the crime scene investigators, especially at night. Don’t Touch Anything The more time we spend…

How to Prevent Break-Ins in 3 Steps September 29th, 2014

Every tenant and apartment owner is afraid of break-ins, although sometimes it’s enough to pay attention to some simple things to prevent the trouble.   It’s important to take into account that burglars also work when we are at home. Some of them try to break in when we are asleep.  That’s why we have to pay attention to the things below before we go to bed.   Always Lock Every Door Even if there’s no exterior handle on the door, it’s not enough to close it: lock it every time. If…

​How to Save 60 Percent on Utilities with Property Renovation? September 29th, 2014

It’s recommended to get our apartment renewed before heating season, since we can save not less than 60 percent – a monthly HUF 15 thousand – on the heating bill. Despite the above, a lot of house owners tend to postpone redoing referring to the lack of financial sources or information, the fear of getting a loan and the unpleasantness caused by the construction. And some of them simply don’t believe they could save a lot on utilities with renovation.   It’s Worth to Refurbish the Apartments…

Hungarian Apartments Are the Cheapest in the Region September 29th, 2014

Within the Central European region Hungarian apartments are the cheapest and Czech ones are the most expensive: in Hungary we have to pay EUR 917 (HUF 286 thousand) per square meter, and in the Czech Republic an apartment costs EUR 1186 (HUF 370 thousand) per square meter.   Apartments in London Are the Most Expensive According to the analysis of Deloitte surveying 14 European countries the most expensive apartments can be found in London and Paris. In London an apartment costs EUR 10 thousand…