Lawyer's addressLövőház utca 20/A.
1024 Budapest Hungary
Attorney's phone number Tel.: +36 1 316 9233
Law office's fax number Fax.: +36 1 336 0107
Attorney's office e-mail info@drlittner.hu

Project to alleviate Budapest housing crisis

napi.hu, 27.08.21 – Budapest Housing Agency may start its operation as soon as in 2022 to increase the pool of council properties available for rent and alleviate the housing crisis of the capital. The project is jointly run by the Municipality of Budapest, the Utcáról Lakásba Egyesület and Városkutatás Kft. with the help of international partners like the Municipal Institute of Housing and Renovation in Barcelona and Habitat for Humanity Poland. At first, the Agency would expand the pool of council housing by private rental properties. Apart from the approximately 3700 vacant municipal and district council apartments there are many unused private residential properties in Budapest. These would be rented by the Agency below market price from willing owners who would be exempt from personal income tax in return and would also be freed from the expenses and risks of renting a property. At a later stage the project would include vacant council homes, too, and, provided that the Agency can drum up EU or government funding, it would buy or construct residential units to expand the affordable pool of council housing of the capital.

Real estate market recovered

napi.hu, 06.10 – According to Q3 2020 data the real estate turnover in the Hungarian market has already recovered. Judged by the analysis of a major real estate agency the number of sales in these three months was the same, about 38 thousand, as in July-September last year. The company expects a balanced market in the last quarter of the year and the same activity as last year, which could mean 34-35 thousand sales.

According to data published by the company, 2,708 properties changed hands in September nationwide, and buyers took out residential mortgages worth HUF 75 billion. Although real estate sales fell short of September by about 5 percent year-on-year, the entire quarter saw no sign of the previous decline, and the market now shows the intensity of a year ago.

According to the company, the mortgage loan market is also showing signs of recovery, as the estimated volume of HUF 75 billion is the same as last year’s central bank data, and the market performed well on a quarterly basis, too. In the third quarter of this year, people spent a total of nearly HUF 225 billion on housing loans for residential purposes, based on estimates and central bank data.