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

Property market records in 2020

napi.hu, 04.01 – The property market may have stalled in 2020 but the quickest sales still happened within a single day: in Budapest a 200 square metre detached house in District 22 was sold for HUF 38.9 million within 24 hours in May 2020. Another detached house with a floor space of 110 square metres and two bedrooms on a 1000 square metre plot in Hajdúböszörmény was also sold within a day. The priciest residential property of Hungary at the moment is a residential palace on Andrássy út: its 2000 square metre, luxurious living space is located on a 1000 square metre plot and it is on the market for HUF 6 billion. The most expensive concrete block apartment was sold not in Budapest but in Siófok at Lake Balaton: the 79 square metre property fetched HUF 74 million. The least expensive home on sale, a 60 square metre derelict clay house on a 600 sq. m. plot in Négyes, a small village County Borsod, was offered for sale for HUF 300. The cheapest apartment of 2020 is on the market in Salgótarján for HUF 600,000.

Hungarians take out ever increasing loans

napi.hu, 1 October 2018 – Banks do not mess around when approving loan applications: clients are notified about the result within three weeks. Despite an ever growing demand there is no congestion in the approval procedure: banks pass their decisions within no more than 15 working days. The processing time of standard mortgage applications submitted to UniCredit Bank is 9 working days, while “client friendly residential loans” are processed within 7-8 days.

Processing is completed within five working days at K&H Bank, provided that a full set of documentation is available. According to CIB Bank processing times have become shorter since the introduction of “qualified client friendly residential loans”.

Almost all banks reported an increase of the volume of loans compared to the same period last year. In 2018 the average loan applied for by clients of UniCredit Bank exceeded HUF 13 million, which is an almost 20 per cent increase from last year. The average loan at K&H Bank is almost HUF 10 million, compared to HUF 9 million last year.