Billions cut from the price of Hungary’s Ministry Headquarters: why does it have to be sold so fast?
The headquarters of the Ministry of National Economy has once again been put up for auction. The ten-storey building, located on József Nádor Square in central Budapest, failed to attract bidders in the first round, prompting the state to offer a discount in hopes of selling the property before the end of the year.
The Ministry of National Economy building back on the market
The MNV has relaunched the sale of the Ministry of National Economy’s headquarters on József Nádor Square after an unsuccessful auction in late September. The new starting price has been reduced by 10 percent to HUF 33.85 billion. The state aims to complete the sale this year, hoping the discount will attract more attention from investors.
The ten-storey building includes several basement levels and covers more than 27,000 square metres in total. Originally constructed in the early 20th century as the headquarters of the Hungarian General Credit Bank, it later served for decades as the Ministry of Finance. Over the years it has undergone several renovations and modernisations, and today functions as a well-equipped, modern office building.
However, the future owner will only gain full possession once the ministry moves out, which is expected to happen by September 2026.
The property enjoys national monument protection, ensuring that its original façade, interior spaces, and artistic details are preserved in any future renovations. Its location in Budapest’s Belváros–Lipótváros district is among the most valuable on the city’s property market: proximity to the Danube, the historic city structure, and excellent transport links all make it highly attractive to investors.
The Ministry of Interior’s riverfront building already sold
In September, the Ministry of Interior’s riverfront headquarters also changed hands — for HUF 50.7 billion, with only a single bid submitted. The 41,000-square-metre building is one of the largest state-owned properties in Budapest, with considerable historical significance. Although the auction concluded quickly, the new owner will not immediately take full possession: the ministry will continue to occupy part of the site for several months, with the final handover expected in January 2026.
The ministry is relocating to the Szentháromság Square area of the Buda Castle District. Its new home, next to Matthias Church, was rebuilt on the site of the former Ministry of Finance headquarters that once stood there before 1945.
Trends in state property sales
In recent years, the Hungarian government has pursued a more deliberate strategy for selling underused state-owned properties. The goal is to streamline the portfolio and generate revenue — particularly through the sale of high-value, historic buildings in central Budapest.
According to MNV data, income from property sales reached HUF 18.1 billion in 2023, while the target for 2024 is close to HUF 33 billion.
It is also common for buyers to gain full access only after a transition period, as state institutions often continue to use part of the properties for some time. Moreover, any renovation or redevelopment must comply with strict heritage and urban planning regulations, meaning investors must work within the framework of historical preservation.
Featured image: Kulturális Örökség Napjai / Facebook
Let us make a point of keeping track of the buyers … I, for one, am very curious!