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Boom in Budapest residential property market

Boom in Budapest residential property market

Budapest, August 2 (MTI) – More than five thousands new homes came on to the market in Budapest in the first half of this year and some 2,800 homes have been sold already, business daily Világgazdaság said on Tuesday.

Citing OTP Mortgage Bank data, the paper said 7,500 home constructions have been announced as part of 40 investment projects.

Dávid Valkó, an analyst at the bank, said the reduction in VAT on new homes has boosted investment activity. Demand has been stoked by the government’s family home creation subsidy. The possibility of re-claiming VAT on home construction expenses has increased people’s willingness to finance their own construction projects, he added.

One novelty is that big investors are announcing in advance where they plan to build homes in the next four or five years. Competition is expected to be intense and it is well worth their while convincing potential buyers to commit themselves, he said.

Source: MTI

1 Comment

  1. Alan Dickinson Starkey ,

    my Darling wife of 40 years died recently and Annie our daughter and myself took part of Olgas remains to the family crypt in Mohacs , Olga Hungarian myself Australian..I intend visiting Mohacs early 2018 .
    My reason in writing is that I saw wonderful improvements whilst there in 2106 . the transport inspectors are now helpful , and kind the people generally nice , Olga and self visited 10 times since 1988 and suffered the nastiness , I like Hungary so much because my Olga has gone I am thinking about a long visit . I am able to get a german passport , my Granny was GERMAN .
    Lots of Friends in Mohacs { Females } Olga went to school with ,

    Kind Regards to you all

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