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Apartment rental: tighter rules looming
napi.hu: According to a proposed bill all private persons exploiting their residential properties for commercial accommodation purposes should pay HUF 1500 tax a year for every sq. m. of the property. Each private person could exploit a maximum of three residential properties this way. This would be a simplified but more stringent method of enforcing the principle of equal tax treatment in tourism-related accommodation sharing (such as Airbnb), one of the most popular fields of sharing economy. The frequency of targeted inspections by the tax authority would also be increased. Legislators believe it would also be necessary to align the rules of private apartment rental to those applicable to traditional hotels.
Property prices may surge on account of refugees
napi.hu: In the next 15 years residential property prices may see a significant rise in German cities like Berlin and Hamburg because the growing number of refugees increases demand for residential properties, analysts of German Postbank say, assuming that by 2030 a total number of one million refugees will be granted a permanent residence permit in Germany. According to their results a 1 per cent increase in population triggers a price hike in urban apartment and house prices of 3.5 per cent and 1.9 per cent, respectively. The Eastern part of the country may benefit from the influx of refugees, but cities like Hamburg or Berlin will be facing serious difficulties on account of the increased demand for residential properties. The report says a fact of key importance is that according to Destatis, the Federal Statistical Office of Germany, German population will decrease even if the highest estimates of the number of immigrants should come true.
Residential property prices on the increase – huge differences
Napi.hu – According to an analysis that processed more than 100,000 residential property advertisements the increase of prices may, at first sight, seem dramatic, but the trend is far from general. Between July 2015 and January 2016 the average price of a square m of residential property in Hungary increased from HUF 220,000 to HUF 312,000. The hike was probably caused by the changes in the government’s real estate policy. In the above period the average asking price increased from HUF 323,000 to HUF 403,000. The Western part of the country soared, too, but the performance of the remaining counties was rather varied. One of the key reasons was that the asking price of hard-to-sell properties, mainly larger detached houses, had to be continually decreased. Average prices are likely to grow in popular parts, while in less trendy settlements further price decreases are to be expected.