Is the management service still acceptable or it produces already loss for you? This article could help to recognize the problems in time. 1. Lack of Communication Are you waiting weeks or more than a month to get an answer for your e-mails? Your property manager does not pick up the phone or is always „busy”? Are there questions you never got answered? 50% of a good property management service is fieldwork; the other…
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Why you need professional help to collect zero certificates in Hungary. Once you have signed a contract to sell the property, as a seller you have one more obligation: you have to provide the zero certificates, (a statement by provider proving that your outstanding arrears is “zero”) from the utility companies and from the House Representative. The system in Hungary is quite bureaucratic. The procedure can be easier if your apartment had been well managed. On the contrary, it could be a nightmare…
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The answer is yes. Check whether you are affected.The new law voids the Banks’ practices of making unilateral changes to all retail loans. Lenders must successfully defend such changes in court.HUF based debtors might experience these kind of changes too.Check whether the interest rate or other fees were unilateral modified in you agreement by the Bank. If the answer is yes, it is possible to expect some refund in the future.Source: hvg.hu, Budapest Business Journal
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We collected the milestones of “bailout” legislation on FX loans in Hungary. 2011 - Early FX repayment option Debtors could pay back the remaining part of their mortgage on a fixed rate. This option was available only temporary. From September 2011 to February 2012 nearly 170.000 FX loans have been repaid. 2012 – Exchange rate limit Under the exchange-rate-limit scheme launched in spring 2012, borrowers may opt to cap their repayments based on the limit for up to five years. The difference…
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In July the Hungarian Government accepted the new FX loan law. What can you expect?More property owners are enquiring about the recent legislation on issue of the Forex loan debtors. We collected some main elements of the law.The law voids the practices of using different exchange rates for disbursement and repayment of foreign currency-denominated loans and of making unilateral changes to all retail loans unless lenders successfully defend such changes in court – wrote the Budapest Business Journal.1.…
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10 percent more apartments were sold in the 1st half of 2014 than in last year’s same period. More and more properties are bought as an investment, too: the new owners like to sublet the apartment, or sell it later at a higher price.Property market got busier and the number of those who bought an apartment as an investment also increased in the 1st half of 2014: 10 percent more properties were sold than in last year’s same period. Some investors would like to sell the apartment at a higher price…
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CNN says Hungary is worth to be considered as a possible travel destination. The news portal mentioned several interesting, funny or surprising facts in an article earlier that need to be known about Hungary, from the Nobel Prize winners to the monuments to visit.1. The rate of Nobel Prize winners is very high in Hungary: between 1905 and 2004 13 Hungarians got the reward2. Gulyás (goulash) is not a ragout or a stew-like dish but a soup; and almost every food contains paprika including granny’s…
Read moreAfter the students got to know how many points they needed to get in the chosen college or university, those who managed to get in start looking for an apartment to rent, so there won’t be almost any apartments without a tenant soon.The future college and university students got to know about how many points they needed to get in to the chosen school on the 24th June. Those who managed to get in, and their school is located far from their home, will start looking for an apartment soon. According…
Read moreHungary is a good choice for those companies who want to move their offices abroad. The Budapest office market has a lot of advantages: there are a lot of modern offices, and the work force is cheap and qualified.Do you want to know what the 6 reasons are why it’s worth for foreign companies to move their offices to Hungary? Below you can get to know why Budapest is better than Bratislava or Prague.1. Modern OfficesBudapest has the 2nd place on the list (behind Warsaw) of the cities having the most…
Read moreBudapest Bike Sharing System MOL BuBi is to be launched soon. BKK Centre for Budapest Transport organized a test period, during which a thousand future users are going to test the new system. The test period started on the 17th July is expected to be finished in 2 weeks.The software development and the inside testing of Budapest bike sharing system MOL BuBi lasted longer it was expected, but it’s finally over, thus the process can be continued with a new phase: the public testing. BKK Centre for…
Read moreA lot of Hungarian office spaces were rented in the 2nd quarter of 2014, and several current tenants renewed their contracts. The rate of the office spaces not yet rented decreased by 2.3 percent.According to experts we need some more successful quarters like the second one of 2014 was to say the crisis have finally ended on the office market. In the 2nd quarter of 2014 several new and current contracts were made and renewed. Although the success is yet temporary, the experts are optimistic about…
Read moreThe number of domestic guest nights increased by 14 percent, and that of international guest nights decreased by 4.1 percent in Hungarian hotels this May comparing to last year’s same period. More and more Hungarians spend summer vacations in the country: the income of the hotels increased by 8 percent and their turnover by 2.9 percent.Hungarians are more likely to spend vacations in the country: according to the latest statistics 922 thousand domestic guest nights were spent in Hungarian hotels…
Read moreJune was another record-breaking month for the property market, so this is maybe the last time when it’s worth to buy an apartment. According to the data of real estate agency Duna House June was another record-breaking month for the real estate industry: more apartments were sold than last month. Apartments in brick houses were the most popular. Investors also were more active: one-third of the apartments were bought as an investment. According to the data of the first half-year of 2014 we can…
Read moreThe construction regulation of the reconstruction of City Park was approved. Within the confines of the Liget Budapest Project several museums are to be moved here, and the park will be rehabilitated. The Liget Budapest Project is currently the biggest museum development investment in Europe.The construction regulation of the reconstruction of Városliget (City Park) was approved by the Metropolitan Assembly of the 30th June. Besides the rehabilitation of the park within the confines of the Liget…
Read moreThe agreement of the preparation or the reconstruction of the Metro Line no. 3 was approved. The reconstruction includes the renewal and the lengthening of the line towards the north. The work requires a HUF-1.2 billion self-government source.The development agreement of the preparation or the reconstruction of the Metro Line no. 3 was approved by the Metropolitan Assembly on the 30th June with 29 affirmative votes. The reconstruction may require a HUF-1.2 billion self-government source, and the…
Read moreOne-fifth of the Hungarians would like to do smaller renovations in a year, and their long-term plans include the renewal of the insulation, the roof and the ducting. They are willing to pay up to HUF 1 million on the works.According to the results of the study made by roofing components manufacturer Lindab 20 percent of the Hungarians are planning to do minor reconstructions in the next one-year period. Last year 29 percent of the respondents said they would redo their homes, but 68 percent of…
Read moreFHB Bank made an analysis to determine where investors should buy a holiday house: near Lake Balaton or in popular foreign vacation destinations. According to the results properties on the Montenegrin, the Bulgarian and the Egyptian seacoast cost the most compared to those in the inner county.FHB Bank made an analysis to determine in which popular vacation destinations – at Lake Balaton, the Croatian, the Bulgarian, the Romanian, the Montenegrin, the Egyptian, the Spanish seacoast, at Lake…
Read moreThere’s a big difference in property prices of the cities in Budapest metropolitan area, thus those who are looking for a new home outside of the capital might face unpleasant surprises. An apartment can cost HUF 100-200 thousand more per square meter than one in another city.Those who would like to live in a green environment, tend to choose to leave Budapest and move to the metropolitan area. But those who are looking for a new home in the agglomeration might face unpleasant surprises, since there’s…
Read moreThe summer months and September are the busiest season on the rentals market.This is the very time to find a good tenant. You have to make sure your product is attractive enough on the market.We collected 3 points which can help you to get your apartment prepared.1. Attractive furnitureYou might bought the property with used furniture and you think the condition is acceptable.However, if your potential tenants find another similar type of apartment with nicer furniture they will go for that.It…
Read moreMany think buying a property in Budapest and start a holiday let business works in any case.We collected some of the popular misbeliefs we frequently hear.1. “I can reach better yield with short term rentals”If you decide to go with short term rentals you have to count with seasonality. There are some dead periods during the year so your income might be periodical. When the property is empty you still have to pay the common cost and the utility basic charges without income. In contrast to the long…
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