Real estate firm Immofinanz recorded stable operating results in the first quarter of its 2016 financial year at EUR 45.3 million, according to a press release issued today. Immofinanz Hungary represents 8.8% of the company’s total portfolio.

Hungaryʼs market for new homes could boom next year, with new home sales potentially reaching 20-25,000 by 2019, Dávid Valkó, chief analyst at OTP Mortgage Bank, said at a press conference yesterday, according to Hungarian news agency MTI.

Sales of homes priced at over HUF 60 million, or about €200,000, accounted for a little more than 4% of all residential property transactions in Budapest in the first half, data compiled by real estate brokerage Duna House show, according to a Monday report by Hungarian news agency MTI.

The majority (70 %) of the families applying for the Family Housing Allowance (CSOK) already have at least one child, the remaining 30 % of the applications are submitted by families that do not yet have any, daily newspaper Népszabadság wrote, citing Ministry of Human Capacities’ data. According to the ministry, the family housing allowance is claimed after more than three children by 24 % of the applicants, after two by nearly 60 % of them, and after one by only 16 % of them. In total, 61 000 families have shown interest for the financial assistance in the first half of 2016, and nearly 12 000 application have been submitted for the HUF 10 million (EUR 32 160) subsidy, amounting to a total value of HUF 32 billion (EUR 102.9 million).

Meanwhile, centre-left political party Democratic Coalition (DK) has called the programme an “empty promise”, saying that there are hardly any families that have actually bought a house in the framework of the programme, nol.hu writes. Reacting to DK’s comment, however, Parliamentary State Secretary Csaba Dömötör said that 63 % of those signed the contract had already received the subsidy. Furthermore, Dömötör highlighted that, as opposed to positions of the left-wing parties, “79 % of the public support the government’s effort to help families with children”, writes the news site.

source: nol.hu
 

Property developer WB Ingatlanhasznosító has submitted an application with the Sixth District local government in Budapest to build a 5,600m2 underground garage beneath Nagymezõ utca with 402 parking spaces. Népszabadság learnt this from local residents who have been informed about the project.

Ten years ago a similar plan was dropped due to protests, Népszabadság recalls. At that time the same company, which was then called WK Ingaltanforgalmazó, requested permission to develop the project. Protestors primarily wanted to protect the large trees on the street.

The Sixth District did not rule on the matter and forwarded the case to the Fifth District local government. It could approve the plans by early September, Népszabadság adds.

“The construction of an underground garage on Nagymezõ utca cannot be justified and it would have more disadvantages than advantages”, district mayor Zsófia Hassay commented.

Source: hungaryaroundtheclock

In the next 18 months, around 15,000-20,000 new homes are set to boost supply on the housing market. Prices, however, may still continue to rise for 2-3 years, property market website ingatlan.com observed in an analysis Monday, reported by Hungarian news agency MTI

GLL Real Estate Partners launched an outdoor office - named Roosevelt Sun Deck - in cooperation with Pontoon bar, on the upper floor of the bar and event venue of the Roosevelt and Bank Center office buildings, according to a press release issued today.

Attracted by the prospect of a 7-8% yield on investments, British investors have over the past years turned to the Hungarian real estate market with keen interest, László Kovács told the paper.

The total volume of real estate transactions dropped in London by 47% to 6.7 billion euros during the first three months of the year, compared with the same period in 2015.

The decline during the period was 43% for the whole of the United Kingdom, he said.

The cost of rented accommodation in Hungary has risen by 5-20% in the last 12 months, and by 30-40% in some regions, estate agency Otthon Centrum found in a new report. Prices rose the most in the outskirts of Budapest, but were flat in the Sixth and Seventh Districts, where rental fees had surged in preceding periods.

Hungarian low-cost airline Wizz Air has passed the Operational Safety Audit (IOSA) of the International Air Transport Association (IATA), considered one of the most prestigious accolades in the industry, the company announced today in a press statement.