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Business strategies from
Marvin Wilcher an educated businessman
Hungary Real Estate
Why investing in Hungary? Over the last decade many multinational companies discovered real estate investment opportunities in Western Europe. It is the opinion of many International Investment Banks that these markets are almost saturated thus diminishing the returns on investments. The time is therefore right to look at an alternative - the Real Estate Investment Market of Hungary. Hungary market continues to develop and reached a stable stage, The residential segment has seen the strengthening of sales versus leasing, fact motivated not only by the mortgage loans input but also by the stronger purchasing power of local individuals. Supply has remained constant, while the overall quality has improved considerably. Villa compounds or small blocks of flats brought on the market dwelling units with high standard finishing, large sunny rooms and modern layout. Villas have 200 to 300 square meters of usable space, with gardens that reach 100-300 square meters, while apartments usually provide around 100-150 square meters of usable space. The retail market has a big potential, since all the big retail chains present on the national market announced their plans of expansion in Hungary and throughout the country.
The real estate market in Hungary, in general, and in the capital city of Budapest, in particular, has been moving dynamically since the political change of 1989. Immediately after it, existing housing prices rose due to the lack of supply in certain segments of the market, especially for office space.
Prices for residential properties in Budapest vary between $500 and $3000 US/sq.meter (1 sq.meter=10 sq. feet). More than $1500 US/sq.meter is paid mostly by local firms which are still looking for condominiums or houses that they turn into offices, or by local people who buy properties to rent later to western expatriates. In the bigger towns residential property prices vary between $200 and $1000 US/sq.meter. In the small towns prices could occasionally break the $200 per sq.meter barrier. Commissions on the sale of real estate are typically paid by the Seller. Legal fees are paid by the party requesting legal assistance. There is also a turnover tax in Hungary which may affect transfers of real property. 8.1 Property and Ownership Information A real estate register exists in Hungary. The real estate register (see section Property and Ownership Information) provides a record of transactions on real property. 8.3 Real estate trade association Name: The Hungarian Real Estate Association Address: H-1052 Budapest, Deák Ferenc u.10. 305. Phone/fax: (36-1) 266-2076/(36-1) 118-9857. Internet: http://www.CEREAN.com/country_hun.html The Hungarian Real Estate Association was established by 21 real estate companies on 21st January 1991.
