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.

​70 Percent More Loans Were Taken September 29th, 2014

During the financial crisis the Hungarian property market decreased the most in Europe, but now it finally seems to begin to rise again. Hungarians are more likely to take a loan, the forint-loans are currently quite cheap, and those who have a debt because of their foreign-currency loan will get a reimbursement. Hungarians Are More Likely to Get a Loan  A several 100 thousand Hungarian families got a Swiss-franc loan before the crisis, and got themselves into a tough situation when their monthly…

​3 Ways to Keep the Value of Your Apartment September 23rd, 2014

A nice apartment with an appropriate location in Budapest is always easy to sublet. Although it can lose its shine within a few years even if it is used appropriately, which can also decrease rent fees. It is worth to use some of the fee for redoing the apartment to make the next tenant choose it from the multiple opportunities.1. RepaintingEven if the tenant didn’t damage the painting of the walls, and there are only a few darker spots on it, an old paint can easily make the apartment look old.A…

​Budapest Will Host 4 UEFA Euro Games in 2020 September 23rd, 2014

Budapest will be home for 4 games – 3 of the group phase and 1 of the knockout phase – at the UEFA European Championship in 2020: the new Puskás Ferenc Stadium was one of the winning applicants on the voting in Geneva.The UEFA Euro 2020 Will Be Hosted by 13 CountriesIn 2011 the leadership of UEFA decided that the games of the UEFA Euro 2020 will be held in 13 different cities of 13 different countries instead of one single country. The applicants could choose if they wanted to host the 2 semi-finals…

​The New Foreign-Currency Loan Law Is Full of Surprises September 23rd, 2014

The law proposal regarding the unfair details of the foreign-currency loan contracts was handed in to the Parliament, which includes several surprising details.The main points of the law proposal are the following:The overpayments have to be considered as an early payoffWhen calculating the amounts the official exchange rate of the Hungarian National Bank has to be usedThe banks have to calculate the amounts to be repaid according to the future order of the Hungarian National BankAccording to the…

​Retro or Simply Old? It’s Not the Same… September 17th, 2014

Even if the apartment or the furniture is old, that fact doesn’t make the place “retro”. Nowadays more and more home seekers are looking for this “retro” feeling, since the future owners and investors think it will be easier to find a tenant for an apartment with a retro style. But according to the practice it is not enough to leave grandma’s or the previous owner’s furniture there and call them retro… Property marketing sites are full of apartments with old, used furniture, but they are not…

​What Is Utility Advance Fee and Why Is It Needed? – An Assurance for the Owner and an Easement for the Tenant September 17th, 2014

What is utility advance fee?Utility advance fee is a fee estimated in advance that the tenant has to pay for the owner monthly in advance together with the rent. The fee includes common expenses, electricity, heating, gas and water and in some cases internet and TV fees. The owner and the tenant get informed of the actual consumption periodically (once or twice a year) according to what the meter shows, and the margin is paid or paid back. Paying the bills is the responsibility of the owner (or…

​A HUF 13 Billion Hospital Is to Be Built in Budapest September 11th, 2014

A new private clinic is to be built at the banks of the River Danube. The construction is expected to cost EUR 40 million (almost HUF 13 billion). According to the plans the construction of the medical institute called Duna Medical Center (DMC) will be finished by the beginning of 2015. Erecting the 25 thousand square-meter property costs HUF 12.7 billion.The Clinic Is to Be Opened in 2016The hospital will provide jobs for 600 health professionals. The doctors’ office is to be opened at the beginning…

​Luxury Farms in Hungary September 5th, 2014

Besides residential apartments in the center of the capital and holiday houses at Lake Balaton there’s another kind of property that’s become more in demand recently: farms in the country. Farms are also bought as an investment; huge lands with decaying houses and luxury complexes functioning as a hotel are also popular among investors.Location Is the Most ImportantFarms have several advantages: there are no disturbing neighbors, and the land provides the opportunity for the owners to grow their…

​The Most Extraordinary Pubs in Budapest September 5th, 2014

There are several pubs in Budapest that are located in buildings that had way different functions before. Locals and tourists may not even have a clue they are having drinks in a former primary school, a transformer station or on a stone-carrier ship.IskolaThe pub called Iskola (School), the former Tűzraktér is operating in the building of a former primary school. The 3500 square-meter property located in the 6th district was home for Tűzraktér pub from 2008 until 2011. Iskola was opened in 2011:…

​27 Percent More Apartments Were Sold in August September 5th, 2014

Property market started to show an increasing trend in 2014: it stayed quite busy in August as well. In the last month 27 percent more properties were sold than in the same period of 2013.Almost 9 Thousand Transactions Were Realized in AugustAccording to the data of real estate agency Duna House 8978 properties were sold in August 2014, which is a great number compared to the numbers of the years following the financial crisis. It’s true that fewer apartments were sold in August than in the previous…

​What You Need to Know About A Corporate Tenant August 25th, 2014

What is the difference between renting your apartment to a corporation (or other entity) and to a natural person? There are of course numerous differences, but we would like to emphasize two important items that every lessor should keep in mind.1. BillingSince all companies, corporations or other entities  have to account  for all of their expenditures/costs, they can only rent apartments from owners, who may issue out bills  with appropriate format.The range of potential tenants…

​Why does an empty apartment need a real property manager ? - 4 areas that should be taken into consideration August 25th, 2014

How can your property in Budapest produce loss if it is not rented out?1.Common Charges/ Expenses Common charges are a foreign concept to those who have never lived in a condominium. The maintenance (lighting, cleaning, waste disposal...) of the common areas of condominiums in Budapest that include several apartments, and the maintenance of the whole area and building make up the common charges. This liability is payable every month, regardless of whether the property is occupied or not. The…

​An apartment can be sold while occupied by a tenant - 3 facts an apartment owner should know August 25th, 2014

Your tenant cannot prevent you from selling your apartmentMany owners do not even think of selling their apartments as long as they are rented out, believing that they cannot sell their properties when occupied by a tenant.1.   An apartment can be sold while occupied by a tenant.If a piece of real property is rented out, the new owner of the property must agree to the valid contract of tenancy, but the contract cannot hinder the sale itself.2. The property can be viewedAccording to §1 act 6…

​Renewed Nyugati tér Is to Be Ready by 2015 August 25th, 2014

According to the expectations Nyugati tér will be renewed by the beginning of next summer. Knocking down the square has already begun, but the constructions are only to be started next February. The reconstruction of the former Skála store and the square in front of it has been planned for a long time: the visuals were made more than a year ago.The Date of the Inauguration Was Delayed by a YearThe new square was planned to be ready and inaugurated by this September. The reason of the delay is that…

​Budapest is the 50th Most Liveable City in the World August 25th, 2014

Economist Intelligence Unit, one of the biggest companies providing forecasting and advisory services through research and analysis made a list of the world’s most liveable countries. Budapest got the 50th place on the list of 140 countries.Cities Were Ranked Using 5 CategoriesThe institute used 5 categories to rank the cities: infrastructure, healthcare, stability, education and culture and environment. Australian Melbourne got the 1st place for the 4th year consecutively. Vienna has the 2nd place,…

​Klotild Palace Was Sold for over HUF 2 Billion August 25th, 2014

A Turkish investor bought the Klotild Palace. The monument was sold for HUF 2.15 billion. The self-government of the 5th district decided to sell the building on the 15th August: it was bought by Melis Investment Ltd., which is a part of Özyer Group.A Hotel Will Be Opened in the BuildingIts new owner would like to open a hotel in the newly bought Klotild Palace. The self-government organized an international, multi-round open tender for selling the building, which has been empty since 2009. They…

What You Haven’t Known about Home Insurance August 19th, 2014

A lot of people can’t see clearly when it comes to property-related insurances. Most misunderstandings occur related to the jurisdiction of apartment block insurance and home owner insurance. Before talking about the issue in details it must be stated that there are a lot of different constructions; the most frequent ones based on our personal experience will be reviewed below. 1. Apartment Block Insurance  Many think that any damage occurring within the building falls within the jurisdiction…

​Demolition of the Roof of the Burned-Down House on Andrássy út Has Begun August 19th, 2014

The demolition of the roof of the house at Andrássy út which’s roof was burned down on the 15th July has begun. The roof of the building was seriously damaged in the fire. The remains need to be removed, since the building was declared life threateningly dangerous.The Demolition Can Be Ready by FallThe demolition of the roof is expected to be ready by the 8th November. During the construction some parts of Andrássy út, Kodály körönd and Szív utca will be closed from traffic. The company responsible…

​6 Things You Need to Know if You Rent Out Your Apartment August 19th, 2014

In August and September the market of apartments for rent always gets busier, since university and college freshmen begin their rush for a place to live during their school years. Thus if you have an apartment to sublet near a university or college, you can sublet it now almost for sure. But it’s worth to pay attention to the following things.1. You need to sign a contract with the tenant, which contains the conditions of the sublet. The tenant needs to get a tenancy contract and a receipt after…

Budapest is Among the Friendliest Cities of the World August 19th, 2014

Budapest is among the bests again. This time it got the 11th place on the list of travel site Condé Nast Traveler, which asked the readers to name the friendliest cities. Budapest shares the 11th place with Austrian Salzburg. 1. Melbourne (Australia) and Auckland (New Zealand) Locals in Melbourne have a great sense of humor, and the city is full of nice parks. Auckland got the 1st place because of its nice people.   2. Victoria (BC, Canada) To see Victoria you need at least a week, but it’s…