2017 will be dominated by new home constructions, with an estimated total of 14,000-15,000 homes expected to be buitl this year.
This month's feature is a wonderfully designed and furnished 1 bedroom apartment on the iconic Andrassy Avenue.
The once office building that stands next to Astoria Hotel in downtown Budapest has been empty and abandoned for decades now. There's a group of people that are interested in giving the real estate a new life.
Hungary’s real estate market is in an upward spiral after years of decline due to the real estate market crisis in 2008. The expected growth is five-to-ten percent in the following two years. Beginning in 2014, property prices began to grow by over ten percent. Hungary’s low interest rate, a record low at 1.5%, and a stabilized banking system lured buyers and investors alike. The trust factor has returned to the real estate market in Hungary.
At the end of 2015, the Hungarian government decided to allocate money towards a new subsidy purchase program for young families with children. The minister has set a budget of HUF 40 billion but has said that this could be increase if the demand is high enough. It is important to note that over 80% of the Hungarian population are in favor of this government action. The minister has said that the government is willing to help several hundred thousand families.
Budapest's renowned Central European University has finally completed a new wing - the first phase of an enourmous development for expanding in the next few years, the new building in Nador street is now buzzing with life.
While Budapest, the capital of Hungary, may not be the first city that tourists heading to Europe put on their itineraries, it's becoming a new magnet for global real estate investors. Budapest is not as saturated with buyers and sellers as cities that are more on the beaten track. That's only part of its appeal, however. The "Pearl of the Danube" is a world class location with assets that outshine more high profile markets. The advantages to buying property there may never be as ideal.
Hungary’s capital city of Budapest continues to attract foreign investors seeking high-end apartments. Professional real estate investors see the boom in tourism and now seek to rent the properties they purchase. This boom has led to a rise in real estate purchase transactions and helped stabilize the housing market in Budapest. Many risk-averse foreign investors now consider Budapest as their preferred investment destination.
A new wave of foreign property investors has descended on Budapest, the capital city of Hungary. According to a study recently released by estate agency Otthon Centrum, the first half of 2015 saw an astonishing increase of property transactions in the city. In fact, the total figure was ultimately revealed to be 40 percent higher than the final figure that was reported for the previous year. In a word, the property market for foreign investors in Budapest is booming at a rate that was frankly inconceivable even a few short years ago.
When Viktor Balint and Lazslo Katona bought their first apartment in Budapest as an investment, they knew they were onto something big.
“Tourists from western Europe come here and they have a laughing fit because they can rent an apartment for so little,” Katona told Bloomberg.com. “We’re also smiling, looking at the profit.”
Housing prices in Hungary have rose by a stunning 21% in 2014 and 2015, much faster than the neighborhing countries, but according a report published by the Hungarian National Bank, this is not excessive growth.
According to the Hungarian Central Stastical Office, the number of construction permits and simple declaration of new residential buildings have doubled in the first quarter of year compared to the same period in 2015. This further proves the outstanding optimism Hungarians have about the property market.
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