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Rent growth slowed down in August
napi.hu, 22.09 – The rise in rents slowed down in August, with rents rising by around 1 percent compared to the previous month, with 1.1 percent in Hungary and 1.2 percent in Budapest. Despite seven months of steady increases, prices were on average only 3-4 percent above the level of a year earlier, the Hungarian Central Statistical Office (KSH) said in its latest report on the KSH-ingatlan.com rent index published on Wednesday. Rents in the inner districts, which form the backbone of Budapest’s supply, rose by 2.6 percent over a year, while the most significant increase in the capital was in the transitional districts of Pest, at 5.0 percent, MTI reports. Compared to August last year, rents rose by 3.7 percent nationwide and 2.8 percent in Budapest. Compared to the low in January 2021, the average rent of apartments for rent in Budapest was about 9.8 percent higher, ranging between 7 and 13 percent per district.
There’s no going back: changes in the land registry registration procedure
napi.hu, 17.09 – After 1 February 2023, think carefully about the rights you register in the Land Registry. Under the new Land Registry Code, which will enter into force on that date, you will not be able to “change your mind” after registration, i.e. to cancel the contract on which your registered right is based and ask for the land register to be restored to its original state. Although this is a substantial tightening of the current rules, the legislative objective is not entirely clear and there are some practical difficulties to be expected. The essence of a property title transfer is that the owner transfers ownership of the property to another person, and the land registry registers the new owner in the land register accordingly. In practice, it happens from time to time that the parties change their minds afterwards for some reason and decide to terminate the previous title transfer contract.
Rents in university towns up by ten thousand forints
napi.hu, 23.08. – According to the KSH-ingatlan.com rent index, rents in several university towns increased by 2.7 percent per month in the peak summer season, but they are still below the peak values of January 2020. In several university cities, rents have risen by 10,000 forints a month. Nationally, rents in the supply market rose by 2.7 percent in August compared to June, with the capital showing a 2.4 percent increase. Compared to the low point in January this year, average rents are up by more than 8 percent. A recovery was expected and rents were also expected to rise, mainly due to the start of the summer rental season in July, with students entering the demand side after the announcement of the university entrance limit scores. Although students are basically the main demand generators in the summer months, those looking for work in the city are also playing a role in the recovery. Compared to 2015 averages, the rent index showed that national rents were 38 percent higher in July this year, while rents in Budapest were 30 percent higher, but this is still below the record high of January 2020, when both the national and the capital’s indexes were a good 40 percent higher than in 2015.