According to a survey taken in January 2016 by GKI Economic Research Company, both Hungarian and Budapest real estate market indices were up by 3 points this quarter, representing a 35-quarter peak: 2007 was the last time the index was this high.
Construction works have been going for a while on a large area behind the so-called “Whale”, and the Central Market Hall in the 9th District.
The municipality of the district has recently released the architectural design plans regarding the area, which are to be done at the end of this summer.
Our property of the month in January is a wonderful apartment overlooking the iconic and gorgeous St. Stephen's Basilica that is located right in the center of town, perfect for those wanting to be in the center of it all or within walking distance to main features that the city has to offer.
It was announced on December 11th along with 46 other cities from 33 countries that Budapest has been crowned by the UNESCO Creativity City Network, as one of the world's most creative cities, under the category of Design.
Most certainly the biggest news this week in real estate was Hungarian Parliament passing the bill to reduce the currently 27% VAT on construction on new residential properties to 5% from 1st January, 2016.
If you are new in Budapest and this is your first Christmas, don't be dismayed, there are loads to do and if there is one place that does it well, it is Budapest. Though it might come as a surprise for many newcomers here who are used to Christmas Eve as the day when Santa Claus comes, here in Hungary, the Mikulas nap (Santa Claus Day) falls on the 6th of December, where children shine their boots and leave them out for Santa Claus to fill them with treats and leave presents.
A high 150 to 155 thousand residential property transactions are expected to happen this year alone within Hungary. This high number is almost parallel to the pre-crisis transaction stats of 2008. Most real estate experts concur that the trade will continue to grow within the coming years, and will most likely exceed the 170-180 thousand yearly transaction number, which was the case in the pre-crisis years.
For this month, our feature property is a house, recently refurbished and wonderfully Bauhaus. While maining the essence, beauty and full character of true Bauhaus design, the renovation and up-lift of this gorgeous house, is fully equipped with modern amenities and features.
The 11th Portfolio Property Investment Forum is organized this year in the Hotel Intercontinental in downtown Budapest.
The all-day professional program is organized in association with RICS, and it offers 70 speakers, paralell thematic sections, and a standing reception in the evening.
As the number of tourists arriving in Hungary hits record highs and online rental websites become increasingly popular, a columnist calls for stricter tax inspection and better regulation of the privately rented appartments.
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