Addressing Budapest’s housing crisis: Proposal to restrict home purchases by non-EU nationals
Change language:
Budapest’s leaders are taking bold steps to tackle the housing crisis, proposing a two-year ban on property purchases by non-EEA nationals and pushing for tax reforms to boost long-term rentals.
Addressing the housing crisis in Budapest
Világgazdaság reports that Budapest’s municipal leadership is set to propose a new housing policy aimed at addressing the housing crisis, with a vote expected next Wednesday. Ambrus Kiss, Director General of the Mayor’s Office, outlined key points of the plan during a background meeting. While the capital’s leadership supports the government’s efforts to tackle the housing crisis, they argue that the current measures are insufficient and require additional action. Gergely Karácsony, the city’s mayor, is presenting a ten-point programme seeking government support, which includes the regulation of short-term rentals like Airbnb.
Supporting the rental market
The city is pushing for the government to expedite the implementation of these regulations and introduce tax reforms aimed at encouraging long-term housing. Proposed changes include increasing the tax burden on short-term rentals while reducing taxes for long-term rentals. Specifically, they suggest halving the tourism tax for rentals of more than one year and exempting income tax for housing rented out for more than three years. These measures are designed to motivate homeowners to place their properties on the rental market and alleviate the housing crisis.
Too little too late. Should have done it long ago.
More rank xenophobic populism, e.g. how are existing &/or new properties to be regulated with many being used for short term rentals?
Maybe a NAV sweep of Air BnBs and short term rentals on local regulatory and tax compliance; that would see many properties hitting the market?
It’s laughable. I have disposable income but I wouldn’t dream of living in such a wretched xxxxhole any more than I’d live in Afghanistan, Russia, Belarus or North Korea. It’s hilarious 🤣