The Gellért Hotel rebirth: Orbán’s daughter aims to turn it into a luxury hub for super rich Asians
The iconic Gellért Hotel in Budapest is on the verge of an exciting transformation. Acquired by BDPST Group in 2022, this legendary landmark will be more than just a luxurious place to stay, it will become a symbol of Budapest’s quality tourism and global appeal.
Ráhel Orbán (the daughter of Viktor Orbán), head of BDPST Koncept, was the one who unveiled the company’s vision at an event organised by the Association of Hungarian Hotels and Restaurants (MSZÉSZ). According to 444, her plans are both bold and nostalgic: she aims to blend modern luxury with the hotel’s 1920s elegance, especially for a growing base of Asian and international visitors.
After extensive negotiations, BDPST has joined forces with Mandarin Oriental to manage the revamped Gellért. This partnership is a perfect match, as the Hong Kong-based luxury hotel chain is synonymous with world-class hospitality, and its values align seamlessly with the new spirit and brand identity envisioned for the Gellért. According to Ráhel Orbán, Mandarin Oriental’s reputation for excellence will complement the historical essence of the Gellért, bringing a level of sophistication that’s expected to resonate with high-end travellers from around the globe.
The focus on a new market
One of the most strategic moves in Gellért’s rebirth is its focus on the Asian market. While Budapest’s Four Seasons has long been a go-to for American guests, BDPST is positioning the Gellért to cater primarily to affluent Eastern tourists, guests who are likely to stay longer, seek out cultural experiences, and significantly support the local economy. This focus taps into a segment that’s growing rapidly and looking for more than just a luxury stay; they are searching for an immersive experience that captures the spirit of Budapest’s culture and heritage.
According to HVG, an integral part of the new Gellért experience will be its own state-of-the-art thermal spa, independent of the neighbouring Gellért Spa. This exclusive facility will provide a private sanctuary for guests to unwind and rejuvenate. Additionally, the hotel’s design will emphasise conference tourism and Asian-inspired gastronomy, offering a variety of dining options that celebrate the diversity of Eastern cuisine while showcasing local flavours. This combination of wellness, business, and culinary innovation aims to elevate Gellért’s reputation as not just a hotel, but a destination in its own right.
The mission of Ráhel Orbán and BDPST
Ráhel Orbán emphasised that BDPST Koncept is fully committed to this project, bringing a blend of expertise, passion, and personal dedication. Her journey from entry-level hospitality roles to executive leadership provides her with unique insights into the industry’s demands and opportunities. Her mission is clear: to enhance Budapest’s international image and promote its cultural values through the Gellért’s transformation. Orbán’s commitment to this project and her belief in Budapest’s exceptional qualities are evident in every decision made along the way.
Renovations began in October 2023, and the Gellért Hotel is on track to reopen as the Mandarin Oriental Gellért by 2027. This landmark hotel will soon welcome premium guests from around the world, setting a new standard for luxury in Budapest with 134 rooms and 34 suites.
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Varga: Compromise on VAT in the digital age among successes of Hungarian EU presidency
A compromise reached on a package of legislation on VAT in the digital age is one of the “great successes” of Hungary’s presidency of the Council of the European Union, Finance Minister Mihály Varga said ahead of an Ecofin meeting in Brussels on Tuesday.
Varga said the compromise had been reached after two years of negotiations, adding that ministers were expected to approve the package at the meeting on Tuesday.
He added that the ministers will also discuss data provision and development regarding European statistics and parts of the Draghi report.
EU finance ministers will discuss the economic situation with their counterparts from the European Free Trade Association (EFTA) countries ahead of the Ecofin meeting.
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Surprising new trends that will revive the Hungarian housing market in 2025
The Hungarian housing market is finally on track for a strong comeback next year after a couple of weak years. Key drivers include real wage growth, a lower base rate from the central bank and improving credit market conditions. Add to this some pre-election government measures and the stage seems set for a rebound.
The government has been rolling out various initiatives aimed at different parts of the housing market, but there is a catch: many of these focus on boosting demand rather than expanding supply. According to G7, there has been a lot of focus on the extension of the 5% tax on new buildings and the overhaul of the rental rules. Meanwhile, newer measures, like the Airbnb restrictions and youth-focused housing programs, are still lacking in detail.
Rent control and housing benefits
The rental market, which usually plays second fiddle to homeownership policies, is now getting more attention. One pivotal move could be extending housing cafeteria benefits to include rent payments—something that could significantly shift renter support. Plus, discussions between the government and banks about capping housing loan interest rates are crucial, which will likely shape lending practices and impact housing demand.
With budget pressures looming large, the government seems keen to find low-cost solutions. Options such as the use of SZÉP cards and voluntary pension savings for housing fit the bill. On the other hand, any large-scale, ambitious improvements are likely to depend on the state of the public finances, which will influence when (and if) they’re announced.
Housing affordability & market trends
For the first time, affordable housing has become a talking point in government communications, which seems to be a major shift. Given the fluctuating house prices and stagnating real wages of recent decades, this acknowledgement feels long overdue. Statements from officials like Gergely Gulyás and Márton Nagy underline a real housing crisis, particularly in the capital and other big cities.
Post-pandemic, the housing market saw a dip, with sales picking up in 2023 but still trailing behind 2019 levels. House price indices are reflecting this pattern too: after a drop in 2022, prices crept back up in 2023 but are still hovering around the 2020-2021 real price levels. Rents are following a similar trajectory.
Future outlook
Looking ahead, price trends may hinge on how much of the income from government bonds trickle into the real estate market. Even a partial inflow could spark notable price jumps, especially in major cities and for new builds. Forecasts are calling for potential price increases of 10-20% next year, buoyed by more active investors and continued support from home-buying subsidies.
All signs point to a housing market that’s gearing up for a major shift, fueled by a mix of economic recovery, targeted government measures, and evolving market conditions. While affordability remains a challenge and budget constraints may limit ambitious policies, the next year is set to bring new opportunities, especially for those keeping a close eye on investment trends and policy changes. If the expected wave of investor interest and supportive measures gain traction, the market could see a strong rebound, with rising prices in key urban areas leading the charge.
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BREAKING: OTP Bank shocks customers with fee increases
In July 2023, Minister Gergely Gulyás announced that Hungary’s financial transaction tax (FTT) would increase starting from the 1st of August 2024. The tax for non-cash transactions is set to rise to 0.45%, capped at HUF 20,000 (EUR 49), while cash transactions will face a steeper 0.9% rate. The primary goal is to curb the growing budget deficit driven by substantial public spending.
According to Telex, the government’s ambitious investments in infrastructure and energy have stretched budget limits, pushing for measures like the FTT hike. While this tax was initially framed as a burden for banks, it is becoming clear that the impact will likely trickle down to everyday citizens.
In an attempt to delay immediate consequences for consumers, the government has prohibited banks from shifting these increased costs onto customers until the end of 2024. However, with no plans to extend this ban, banks are gearing up to raise their fees in early 2025. Per current regulations, financial institutions must provide a 60-day notice to customers about any rate changes.
The first bank to announce the fee increase: OTP
OTP Bank has already taken the lead by announcing fee hikes set for January. Transfer fees will go up by 0.15 percentage points, reaching 0.45% for transfers within the bank and 0.5% for transfers to other banks, according to Telex. Although the fee-free threshold has increased from HUF 20,000 (EUR 49) to HUF 50,000 (EUR 122), the cap for maximum fees has jumped sharply from HUF 14,522 (EUR 35) to HUF 25,000 (EUR 61).
The changes don’t stop there. OTP’s cash withdrawal fees are also seeing adjustments: domestic ATM withdrawals will now cost HUF 159 (EUR 0.3) + 1.79% instead of HUF 159 (EUR 0.3) + 1.49%, while foreign ATM withdrawals will rise from HUF 1581 (EUR 3.8) + 0.6% to HUF 1581 (EUR 3.8) + 0.9%. Foreign cash withdrawals will face a hike from EUR 3.68 + 0.6% to EUR 3.68 + 0.9%.
The rising financial burdens
According to financial expert Péter Gergely, OTP’s move signals a broader trend, with other banks likely to announce similar fee hikes starting January. Legislation even allows for additional rate increases by spring, reflecting the previous year’s inflation rate.
Hungary’s FTT, in place since 2013, has seen multiple increases over the years. What started as a relatively minor charge aimed at bolstering state revenues has steadily transformed into a significant burden, particularly for individual consumers and smaller businesses. Initially justified as a way to ensure that financial institutions contribute more to public finances, the tax has evolved into a tool that impacts everyday financial transactions.
Over time, as the tax rate has increased and caps have been adjusted, the cumulative effect on personal and business budgets has become more pronounced. This trend has raised concerns about financial accessibility and equity, as many worry that continued hikes will disproportionately affect lower-income individuals and those who rely heavily on financial services.
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Have your say! Hungary’s new National Consultation on wages, business, and housing
The Hungarian government is launching a new economic consultation to engage the Hungarian people in shaping economic policies that address the needs of various social groups.
According to 24.hu, the consultation aims to improve financial stability for families, gradually raise wages, and strengthen the growth of small and medium-sized enterprises (SMEs) in Hungary. The consultation comprises 11 questions covering key issues such as economic independence, the business climate, housing, and pensions.
The questions in the consultation
The initial questions address trade neutrality, which the government emphasises in light of recent sanctions from Brussels. It argues that maintaining autonomy in economic decision-making is essential for achieving growth rates above the EU average.
In terms of economic policy, the government proposes a clear path that not only incorporates EU recommendations but also balances Western and Eastern European economic models to create principles unique to Hungary. Support for SMEs is central to the consultation, as the government regards them as the engine of the domestic economy. Planned initiatives include direct capital support to help local businesses stabilise and compete with large global corporations.
Regulation of multinationals is another priority, as there are concerns that they often leverage their market power to set prices unilaterally. The government aims to ensure fair market practices to protect both the Hungarian economy and consumers.
The consultation also proposes updates to the wage increase programme, which the government believes will provide stable, predictable growth for workers. The aim is to achieve wage adjustments based on economic growth, with both minimum and average wages rising over time. New measures are also proposed for young people entering the labour market, such as interest-free loans to enhance financial stability early in their careers.
On housing, the government plans to offer tax incentives to companies that assist with employees’ housing costs. It also intends to expand support for young people by increasing housing allowances and building more dormitories, all backed by low-interest housing loans.
For the older population, the government intends to continue the thirteenth month of pension payments, despite differences with Brussels, to improve the financial security of Hungarian pensioners. Family support initiatives include increased child tax credits, which the government views as a more effective response to demographic challenges than Brussels’ migration-focused approach.
On migration, the government advocates an independent policy outside the EU’s current system, rejecting fines for non-participation and seeking to avoid migration penalties.
Previous consultations
The government’s national consultations have faced significant criticism in recent years. Opposition politicians, independent media, and many citizens argue that these consultations do not genuinely seek public input on substantial decisions. Past topics have included consultations on LGBTQ issues and migration. However, the government has notably refrained from holding national consultations on major projects like the Paks 2 nuclear power plant and the Budapest-Belgrade railway line.
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Hungarian finance minister highlights growing economic ties with Georgia in Tbilisi meeting
Finance Minister Mihaly Varga met with his Georgian counterpart, Lasha Khutsishvili, in Tbilisi, his ministry said on Tuesday.
The minister noted that bilateral economic relations are strengthened by the fact that in recent years, agreements on the avoidance of double taxation, the facilitation of customs procedures, the cooperation between tax authorities and the exchange of experiences were concluded.
Hungarian companies are entering the market in Georgia with increasing success, mostly supplying pharmaceutical, vehicle and machinery products, he added.
During the meeting, Varga noted that bilateral trade had increased by 12pc and Hungarian exports by 17pc in the first eight months of the year.
Varga said Georgia is also interested in Hungarian experiences in cracking down on tax evasion and debt management.
Within the framework of a cooperation agreement on e-taxation signed last year, Hungary is helping the development of the Georgian tax system with its experiences with pre-filled personal income tax returns and innovations related to online cash registers and vehicle taxes, he added.
Nagy: Hungary supports Georgia’s EU aspirations and expanding economic cooperation
National Economy Minister Márton Nagy met with Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, in Tbilisi, his ministry said on Tuesday.
Nagy expressed his congratulations on the victory of the ruling party in the Georgian parliamentary elections. During the meeting the ministers reviewed the global economic trends and bilateral economic relations.
The sides agreed that cooperation between Hungary and Georgia has steadily developed in recent years, including in the energy, pharmaceutical and food industry sectors.
Nagy noted that Georgia is Hungary’s 74th largest trade partner, bilateral trade volume has increased by 12pc so far this year and the government wants to further increase the trade in goods.
The strengthening of economic cooperation with Georgia is an opportunity not only for Hungary, but also for the EU as a whole. Therefore, Hungary continues to support Georgia’s EU integration efforts. Hungary strives for cooperation with everyone based on mutual respect, further strengthening the role of our country as a bridge where Western and Eastern capital and technology are connected, he added.
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Hungary showcases pavilion for Osaka World Expo 2025
Hungary has presented its pavilion for the Osaka World Expo to take place over six months from April 13, 2025, Expo 2025 Magyarország Nonprofit said on Monday.
Osaka World Expo 2025
With participants from around 161 countries, the Osaka World Expo is expected to attract 30 million visitors, mainly from Japan and the East Asian region, including South Korea and China.
Expo 2025 Magyarorszag noted that the region is the world’s largest tourism source market, and successful Hungarian participation could significantly increase inbound traffic.
Around 309,000 visitors arrived in Hungary from East Asia last year, spending close to 905,000 guest nights, figures from the National Tourism Data Service Centre (NTAK) show. Turnover from China quadrupled, while turnover from South Korea more than tripled and turnover from Japan more than doubled from a year earlier.
That growth was supported by seven direct flights connecting Chinese cities and the Hungarian capital, operating 21 times a week.
Anna Aulner-Bálint, Hungary’s ambassador to Japan, said Hungary would open a diplomatic mission in Osaka during Expo 2025, adding that the international fair could support Hungarian SMEs’ entry onto markets in the region and pave the way for partnerships with local businesses.
Expo 2025 Magyarorszag managing director Ákos Kristó said the world fair presented a “one-of-a-kind opportunity” for Hungary and pointed to the more than 180 Japanese-owned companies in the country. Those companies have invested around EUR 3.2bn in Hungary and employ close to 32,000 people, he added.
The Hungarian pavilion will highlight Hungarian gastronomy, crafts and music, as well as featuring a dedicated area for economic development.
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Blue-collar wages surge: Hourly pay jumps 13.1% in Q3 in Hungary
The average gross hourly pay rate for blue-collar workers in Hungary climbed 13.1pc to HUF 2,098 in the third quarter from the same period a year earlier, an analysis by staffing company Trenkwalder and Moore Hungary shows.
Blue-collar wages on the rise
The hourly pay rate ranged between HUF 2,050 and 2,200 in most regions, but was under HUF 2,000 in the southwest of the country and was over HUF 2,900 in the capital.
The analysis was based on the wage data of close to 7,000 workers.
The gross hourly statutory minimum wage in Hungary stands at HUF 1,874 for skilled labourers and HUF 1,534 for unskilled workers.
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- Experts worried that PM Orbán’s brutal wage rise will bring inflation and a HUF 500/EUR exchange rate
- BREAKING: Euro/forint exchange surpasses 400
Featured image: depositphotos.com
PM Orbán to hold talks in Georgia
PM Viktor Orbán will pay an official visit to Georgia on October 28-29, his press chief said on Sunday, confirming Georgian press reports citing information from the Tbilisi government.
Viktor Orbán in Georgia
According to press reports, PM Orbán has been invited by Irakli Kobakhidze, Georgia‘s prime minister. The Hungarian delegation will include Foreign Minister Péter Szijjártó, Economic Development Minister Márton Nagy and Finance Minister Mihály Varga.
After one-on-one talks and plenary meetings, Kobakhidze and Orbán will give a joint press conference.
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Shocking parking fee hike in Budapest: Residents of this district face a staggering 17x increase!
At its most recent meeting, the Municipality of Erzsébetváros approved a substantial increase in parking fees, set to take effect on 1 January 2025. Residents will have to pay an annual parking fee of HUF 36,000 (EUR 90) for the first car and HUF 72,000 (EUR 180) for the second car.
This change represents a significant increase from the HUF 2,200 (EUR 5) per year for the first car and between HUF 45,000 (EUR 111) and 150,000 (EUR 372) for the second car, depending on the environmental classification. With the implementation of the new system, the annual parking costs for residents will rise by more than 17 times according to Telex.
Reasons behind the parking fee changes
The reason behind the change is straightforward: free or low parking fees encourage car traffic, which diminishes the livability of districts. According to the signatories of the proposal, parking charges should be proportional to the use of public spaces, reflecting their value. The goal is to motivate residents to seek alternative parking options and to ensure the maintenance of public spaces while creating green areas. The district’s mayor, Péter Niedermüller, explained that Erzsébetváros is overcrowded with cars, and the current local parking fee for residents is merely symbolic, only covering administrative costs.
According to Index, the Fidesz government opposed the decision, referring to it as a punitive tax and pointing out that the municipality is facing significant financial challenges. Mayor Péter Niedermüller defended the increase, explaining that the district’s parking spaces were overburdened. He noted that 9,450 parking permits had been issued to residents, while there were only 7,203 parking spaces available—resulting in an average of 1.3 cars per parking space.
The results of the vote on the parking fee increase were as follows: the four-member Fidesz faction voted against, while the other factions, along with Mayor Péter Niedermüller, supported the proposal with ten votes.
Previous parking fee changes
In 2023, Elizabeth City limited households to two parking permits and altered discounts for second cars, reducing discounted permits from 1,142 to 610. The city also established residential parking, reserving 30% of spaces for permit holders from 6 PM to 7 AM. However, further development of this initiative is on hold. Péter Niedermüller, the mayor of Erzsébetváros, highlighted the social and health impacts of over-subsidized parking, including reduced green spaces and rising air pollution, which is linked to increasing asthma cases, while free public parking remains more attractive to residents.
The long-term impacts
Erzsébetváros is not the first district to raise parking fees, as Józsefváros did the same in 2023. Other districts are likely waiting to see the public reaction to the newly approved changes in Erzsébetváros, and it is possible that this could lead to similar adjustments in parking fees elsewhere. The impact of these changes can be viewed in two ways: financially, it may be beneficial for districts to raise parking fees, but this could come at the cost of public outrage from residents, depending on which concerns weigh more heavily.
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Forint plummets to over 403 against euro, hitting 2-year low
On Wednesday afternoon, the Hungarian forint dropped to over 403 against the euro, marking its weakest level since September 2022 as the currency continued to decline on international markets. The forint is also struggling against the US dollar, hitting similar lows.
Hungarian forint plummets to two-year low
Although the forint saw slight gains in the morning, it began to weaken by midday, with the situation worsening in the afternoon. By 6:45 PM, the exchange rate had dropped to 403.29 forints per euro.
According to Portfolio, trading on the Hungarian stock exchange was halted due to the 23 October national holiday, making the currency more vulnerable to fluctuations.
Just two weeks ago, the forint had also surpassed the 402 mark, hitting a rate of 402.23 against the euro.
The forint crossed the 400 threshold on 4 October for the first time in six months, following a decline that began on 2 October as a reaction to the conflict in the Middle East.
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Featured image: depositphotos.com
House frozen in time: Inside Pest County’s abandoned modern villa
An abandoned modern villa in Pest County recently captured the Hungarian urbex community’s attention. Many are curious to find out what forced this unique architectural gem’s owners to leave such an astonishing home to decay for eternity. The books and kitchen supplies left behind suggest that the family had to leave in a rush. Curious explorers ventured inside and found some papers that provided a possible background story of the luxurious villa covered in dust.
Abandoned villa in Pest County
As Pénzcentrum writes, urban exploration, or “urbex”, has grown into a popular movement centred on discovering and documenting forgotten, abandoned spaces. From decaying industrial complexes to forgotten homes, the allure of exploring these neglected sites lies in their eerie beauty and untold stories. In Pest County, one such discovery has captivated the Hungarian urbex community—a modern villa, abandoned yet half-furnished, standing as a ghostly reminder of a different time. With its striking architecture and luxurious touches still intact, this villa in Pest County once embodied wealth and success, but now it quietly decays, its grandeur slowly fading.
What happened?
This derelict villa in Pest County tells a broader story of Hungary’s housing crisis, a reflection of the economic hardships faced by many homeowners. According to documents found inside the villa, the owners took out a substantial loan of HUF 160 million (EUR 399,476) in 2011. Of course, we cannot be a hundred percent sure about what happened, but the economic context and the papers strongly suggest that the family could not keep up with paying back the loan.
Once a symbol of affluence, the villa now lies empty, much like other luxury estates that have met similar fates in recent years. As urban explorers wander its halls, the villa’s past echoes through its empty rooms—a forgotten dream left behind, caught in the quiet aftermath of financial ruin.
Urbex’s growing popularity
Urban exploration is not merely about visiting abandoned places; it is a form of cultural documentation that reflects societal changes and historical narratives. Each site holds layers of meaning—stories of families who lived there, economic shifts that led to abandonment, and even architectural styles that tell us about past trends. The villa in Pest County serves as a microcosm of these larger themes, inviting explorers to ponder not just what was lost but also what can be learned from these spaces. The shared interest in photography, history and adventure (of course) brings together these communities, thus it is also an opportunity to meet like-minded people.
Unique places left behind
In another post of spiral urbex, they share another example of neglect within urban landscapes, fire trucks lie abandoned in the yard of a fire station. Plans were once set in motion for their recovery; they were intended to be restored and displayed in a museum dedicated to fire service history. However, due to persistent funding shortages, these plans never materialised, leaving these vehicles exposed and vulnerable for years.
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Polish TVN in the crosshairs: Hungarian TV2 owner plans bold acquisition amid Russian influence fears
According to local media, the Hungarian television network TV2’s owner is looking to acquire TVN, Poland’s largest TV station, raising concerns in Warsaw about hidden Russian influence.
Following the 2023 Polish elections, the right-wing Law and Justice Party (PiS), led by Jarosław Kaczyński, lost its grip on both political power and the state broadcaster, TVP. TVP had played a key role in PiS’s media strategy, serving as a platform for pro-government propaganda. Without this tool, Kaczyński emphasised the need for the right wing to secure a new major television channel. In response, PiS shifted its focus to Poland’s commercial broadcasters, with TVN, the country’s most-watched private network, becoming a primary target.
According to 444, TVP acted as a major propaganda tool for the ruling PiS party for years, similar to Hungary’s public media under Fidesz. The channel pushed controversial narratives, including warnings of an LGBTQ “invasion” under opposition rule and publishing fake photos to discredit Donald Tusk and his family. While PiS’s propaganda helped rally its core supporters, it failed to attract broader public backing. After Tusk’s Civic Platform won the elections in October and formed a coalition government, they quickly replaced PiS loyalists running public media. Despite protests, PiS lost its primary media stronghold.
Throughout PiS’s seven years in power, Poland’s media landscape remained more diverse than Hungary’s, with independent newspapers and TV stations maintaining influence. This diversity allowed for independent opinions within both opposition and right-wing media, contrasting Hungary’s more uniform pro-government messaging. However, the PiS leadership continued to believe in the dominance of opposition media, particularly foreign-owned outlets, which they viewed as adversaries. The government repeatedly pushed for “repolonisation,” aiming to increase Polish ownership in the media sector, especially in response to German-controlled media companies.
In 2021, PiS sought to curb the influence of TVN, owned by Warner Bros. Discovery, through a law designed to limit the stakes non-EU companies could hold in Polish media. This legislation, widely known as “Lex TVN,” was ultimately blocked, when President Andrzej Duda, who had been nominated by PiS, refused to sign the bill into law. According to reports, Duda’s decision was influenced by U.S. President Joe Biden, due to concerns about restricting American media ownership in Poland. As a result, PiS had to look for other ways to gain influence over TVN.
Hungarian interests emerge in TVN acquisition
Now, reports indicate that PiS is seeking to acquire TVN with the help of Hungarian business interests. As reported by Blikk, the Hungarian TV2 network, owned by József Vida, has emerged as a potential buyer for TVN. The deal could involve an investment of at least HUF 500 billion (more than EUR 1.2 billion). However, Polish media outlets have raised concerns about this possible acquisition, particularly regarding the financial backing behind Vida.
In addition to TV2, other bidders are reportedly interested in purchasing TVN. These include an unnamed American broadcaster and the PFF Group, a Dutch-registered company originally founded by the late Czech billionaire Petr Kellner. Meanwhile, Warner Bros. Discovery, which owns TVN, is facing financial difficulties, with its stock having dropped by 70% over the past two and a half years. This situation could make the company more willing to sell its Polish assets.
Alleged Russian influence and concerns over national security
Though József Vida owns TV2, his wealth may not be enough to finance such a large transaction. This has fueled speculation that the actual financial backing may come from other figures within Hungary’s National Cooperation System (NER), particularly Lőrinc Mészáros, a Hungarian oligarch closely tied to Prime Minister Viktor Orbán. Mészáros has previously been linked to Russian business interests, including ownership of the luxury yacht Rose d’Or, which was once connected to Russian oligarch Konstantin Strukov. Due to these ties, the Polish government has expressed concerns about potential Russian influence over the media market, especially given Hungary’s historically friendly ties with Moscow. Polish officials have even alerted the United States to the potential security risks associated with this acquisition.
The potential acquisition of TVN by Hungarian interests, with alleged Russian ties, has sparked concerns in Poland and the broader geopolitical arena. For PiS, gaining control over the country’s largest private broadcaster would be a significant victory in regaining media influence. However, the involvement of foreign entities, particularly those with suspected Russian links, has raised concerns in both Poland and the United States, leading to heightened scrutiny of the potential sale.
- Read about Warner Bros. Discovery’s plans to sell their Polish asset here
- Learn more about Lőrinc Mészáros and his ties to Hungarian PM Viktor Orbán here
- … and his yacht previously owned by a Russian oligarch here
Featured image: depositphotos.com
Can European leaders do without religious guidance? Hungarian politician does not think so
European leaders will “remain on the wrong path”, serving economic interests over communities, without the guidance of religious communities, the state secretary for church and minority relations said in Budapest on Friday.
Miklós Soltész told a conference organised as part of Hungary’s presidency of the Council of the European Union that selfishness had come to the fore in Europe’s leadership, and “ideologies that are twisting the interests of the created world” had emerged.
He said the EU’s migration policy also threatened the continent, arguing that it aimed to address the bloc’s labour shortage problems instead of the EU providing unconditional help to migrants’ countries of origin. Cardinal Péter Erdő, the Archbishop of Esztergom-Budapest, highlighted the changes seen in the legal handling of religion and religious communities in certain European countries.
He said that in certain countries religious education had been turned into education about religion and a “cultural offer” suggesting not just civic equality and equal human dignity, but also the “relativity of religious belief”. Bishop József Steinbach, president of the Synod of the Reformed Church in Hungary, said the biggest challenge in Christian service was reaching those who had completely different views of the world.
Andor Grósz, the head of the Federation of Hungarian Jewish Communities Mazsihisz, said that since Hamas’s terrorist attack against Israel a year ago, anti-Semitism in many countries had reached a high not seen for decades. But while surveys showed that 76 percent of Jews in the EU avoided wearing clothing that could be identified as Jewish, the Jewish community in Budapest felt safe to practise their faith because the Hungarian government guaranteed their safety.
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Trade neutrality as an EU member? Fidesz launches ‘National Consultation’ on economic issues
Mate Kocsis, the ruling party’s group leader, said on Monday that Fidesz proposes holding a “National Consultation” public survey on “trade neutrality, support for small and medium-sized enterprises, wage increases, employee loans, as well as housing and family support.”
Given the economic upheavals following the pandemic and the war, new economic solutions were needed to put the country back on the right track, he said during a break of the two-day Fidesz-Christian Democrat group meeting in Esztergom, in northern Hungary.
Hungary’s economic outlook “is good”, he said, adding that the proposed new measures would further strengthen the economy and people’s prosperity.
At the same time, “the European leadership is waging a trade cold war,” isolating itself from the East’s economies, he said, adding that “Hungarian neutrality” was best served by openness towards both East and West and that it should break off trade ties neither with the West nor the East.
Kocsis said Fidesz believed in the government’s policy outlook, but it always sought the public’s views on sensitive issues.
Kocsis said the public must have a say on whether they concur with “the economic isolation represented by the Brussels leadership” or whether they want to maintain “free-flowing Eastern and Western commercial and economic pathways.”
They should also be asked about support for small and medium-sized enterprises (SMEs), the government’s key aim of helping SMEs gain access to capital and new financial instruments.
Also, one of the questions concerns a wage rise, which requires a new deal with employers. He also proposed raising the minimum wage to 400,000 forints (EUR 1,000) and the average wage to 1 million forints “within the foreseeable future”—which he called a “realistic goal.”
read also: Hungary’s industrial sector struggling, no sign of improvement, recession may come again
Meanwhile, the questionnaire will canvass views on whether young people taking up a job should receive an interest-free loan for whatever purpose they see fit.
The government wants create affordable new places of residence such as dormitories and to help young people buy their first home using state-subsidised loans with very low interest rates. This will also be contained in the survey, he said.
Further, a question about family support will be included, Kocsis said, adding that not only did the Hungarian right and left disagree on this, but the government and the European Commission were also at loggerheads over the issue.
The government wants to double the family tax allowance and other types of family support “may also be discussed”.
Kocsis said the government could consider the party group’s proposal at its meeting this week.
He said the proposed measures were unlikely to be met with “a roar of applause” in Brussels, so it was necessary to get solid backing for them from Hungarian citizens.
It’s worth buying property in Hungary: you may even become an EU citizen!
Investing your money in property in Hungary is a safe way to protect the value of your money while it has some additional benefits. For example, property prices in the country increase with the rental prices and there is a housing crisis mainly in Budapest. Hungarian property is cheaper than in a lot of other EU member states. And finally, if you buy Hungarian real estate, you may become eligible to get a Hungary Golden Visa, which enables you to stay in Hungary and move in the European Union freely for 10+10 years.
Property in Hungary is relatively cheap generating high income
The Edinburgh Reporter collected several benefits of buying an apartment or house in Hungary. What is bad news for Hungarians is good news for foreign investors. Hungarian average wages make buying property more and more challenging for employees, especially young people. As a result, many leave Hungary to work in the West and collect enough money to get an apartment here.
From the perspective of those living in Western European countries, however, property in Hungary is not that expensive. Real estate prices in Milan are 37% higher, but Berlin (26%) and Prague (25%) also precede our capital. Meanwhile, rental prices in Hungary grew by 165% between 2013 and 2023 and the trend continues. As a result, rental yields are higher (5.09%) than the EU average. Finally, if you buy real estate in Hungary for more than EUR 500,000, you and your family (spouses, children under 18, and later, dependent parents) can get a Hungary Golden Visa enabling you to live here and travel in the European Union for 10+10 years. That may lead to citizenship in the EU.
Prices and taxes
Prices vary between regions, cities and even inside Budapest. One sqm in the most expensive districts (1st, 2nd, 5th, 12th) can reach EUR 5,500. But the average in Budapest is “only” EUR 2,360. In Debrecen, Győr or Hévíz near Lake Balaton, the investment amount you need is even lower.
Regarding resale property in Hungary, the price is just EUR 2,200 in Budapest.
Of course, you may pay approximately 10% more because you must pay the stamp duty (4% of the price if below EUR 2.6 million, 2% if above) and some other administrative fees listed in the article.
If you are under 35, you may get a 2% reduced tax rate but only to the portion over HUF 15 million (EUR 37,400). Finding a house or apartment below HUF 15 million is hard in Hungary but not impossible in the rural areas, especially in small settlements.
Getting a Hungary Golden Visa simplified
Foreigners can buy property in Hungary except for agricultural lands and heritage assets. However, you must obtain permission from the Land Registry in the district where the property is located. You should know that some local governments do not grant that to foreigners.
However, if you are a Hungarian citizen, a citizen of EU countries, Norway, Liechtenstein, Iceland, Switzerland, or a foreign citizen inheriting property, you do not need such permission.
Finally, as a buyer, you must obtain an up-to-date energy performance certificate for the property.
An additional tip is to hire a Hungarian legal company to navigate you through the process.
If you only want a golden visa but do not have EUR 500,000, you can purchase real estate funds for EUR 250,000. If you have more money and do not want to buy property, you may donate EUR 1 million to an approved institution of higher education in Hungary.
Read also:
- Here is when the new Hungarian Golden Visa scheme starts: will Hungarian and Chinese businessmen supervise it?
- Security risk for Schengen area? Hungary’s National Card Programme Under Fire but foreign minister dismisses concerns
Featured image: depositphotos.com
Orbán: Chinese electric car tariffs a blow to European economy
The European Commission is set to impose tariffs on Chinese electric cars, a huge blow for the European economy and for the automotive industry in Germany, Prime Minister Viktor Orbán said on “X” (formerly Twitter), on Saturday.
“Germany and European industry can no longer convince the Commission to be reasonable. But then, who can?” Orbán posted.
The @EU_Commission is set to impose tariffs on Chinese EVs – a huge blow for the European economy and for the automotive industry in #Germany. Germany and European industry can no longer convince the Commission to be reasonable. But then, who can?
— Orbán Viktor (@PM_ViktorOrban) October 5, 2024
The European Commission said on Friday that its proposal to impose definitive countervailing duties on imports of battery electric cars from China had obtained the necessary support from EU member states for the adoption of tariffs.
The EC also said that the EU and China would continue to “work hard to explore an alternative solution that would have to be fully WTO-compatible”.
Five member states, including Hungary and Germany, voted against the proposal, while twelve, among them Spain and Sweden, abstained.
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BREAKING: Euro/forint exchange surpasses 400
The forint traded at 398.68 to the euro around 10:00 in the morning on Wednesday, softening from 398.08 late Tuesday. At 1 PM on Wednesday, the exchange rate was even closer to 400, hovering over 399.43.
According to Portfolio, current trends suggest it’s only a matter of time before the EUR/HUF exchange rate exceeds the critical psychological threshold of 400. The Hungarian currency has weakened by more than 5 units against the euro in just one week, causing the EUR/HUF rate to rise to levels not seen since early August, approaching 400.
The article also highlights a shift in the dollar-forint exchange rate, which could place further pressure on Hungary’s currency in the coming days.
Economists predict that the euro could soon surpass HUF 400.
On Wednesday morning, the forint slipped to 360.23 from 359.73 against the dollar. It weakened to 426.05 from 425.31 to the Swiss franc
UPDATE: EUR/HUF reaches 400
The Hungarian currency has fallen, with the euro above 400 forints at 3.18 PM on Wednesday. The exchange rate hasn’t been this weak since March, and according to Economx, there is no rationale for a forint rise now.
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