Property Market News from Budapest
Read our latest articles about recent regulations, market trends and real estate prices in Hungary.
Otthon Centrum (Home Centre) estimates the total number of sales on the Hungarian real estate market up to 135 000 in 2015, while the company predicts a sum of 150 – 155 000 for the current year, as the newly installed family support benefit program (CSOK) not only will have a major effect on newly constructed housing, but due to the recent modifications, it will also make a mark on the market of pre-owned properties. This also makes developers unable to keep up with the increased...
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Buyers from outside the country also contribute to the increased activity on the Hungarian housing market: according to ingatlan.com’s statistics, in the first 3 months of 2016, the number of enquirers coming from outside the border has risen by a monthly average of 42%, reaching 121 000. Inquiries and offers usually originate from London and Vienna, but there’s also a serious number of Russian potential buyers. The Hungarian real estate market has been on the rise partly due to...
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1,500 new apartments will be created in 8 different parts of Budapest by Cordia in Hungary’s biggest housing development in over 2 decades. Cordia, one of the market leading residential developers with grand projects including the Corvin Promenade considering the recent estate market trends in the capital – that we briefly highlighted in the previous post - is set to get its biggest housing development in Budapest. The real-estate developer plans to build 1,500...
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The turnover of the real estate market of Hungary was exceptionally high in February in Hungary – the first month showed similar values than last year, the second month however showed a 10% increase compared to last year. The cause of the increased turnover is not only the greater demand, supply also grew as many started to sell their estates and the new family housing allowance also entered the market. In total the first two months show a 5% increase compared to the same...
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To keep up with the growing economics, increasing purchasing power and high demand of urban living, vacant lots are being developed and prices of new apartment buildings keep rising in popular districts. The new Family Housing Government Benefit (CSOK) and the reduced VAT of the newly built homes all favour the new-build market in Hungary. Investments started before as well as new ones come-on stream TriHolding Group responded to the growing demand of new built...
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Criteria about paying back the allowances and loans in the CSOK program did not change, however the 30 million Forints upper value limit of buying or building new apartments was abolished. The Hungarian government is not changing the conditions of applying for the CSOK as in applicants are still going to need social security coverage and be employed to get into the program. Other criteria however were broadened so the CSOK could reach more families. The price of 30 million Forints of for those who...
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