House prices in Hungary fall for sixth straight year
House prices in Hungary fell 2.2 percent on average in nominal terms last year, and were 7.4 percent lower in real terms compared with 2011, according to a report published on Thursday. House prices have fallen every year since 2007, FHB Mortgage Bank said. The steepest fall, 11.2 percent in nominal terms, came in 2009. [more]
Corvin Promenade developer not waiting for banks to put up new office building
Hungarian developer Futureal is constructing a EUR 16m office building at Corvin Promenade, a big rehabilitation project in the capital’s District VIII, Futureal Development CEO Tibor Tatar said at a press conference on Wednesday. [more]
Kookiness of Köki Terminal confirmed as mall goes bust barely a year after opening
Well that was fast. Barely a year after it opened, KÖKI Terminál has gone bust, with Napi.hu reporting that operating company R-CO was put into receivership in early November, following a motion by a stiffed vendor. [more]
Mayor’s office gets historic new digs in latest EU-funded Hungarian countryside hotel boondoggle [1]
It’s been months since we last featured a report from the exciting world of publicly-supported hotels in Hungary, so we’re probably overdue for a new update. This time the spotlight is on the Southeast cities of Mezőhegyes and Gyula, both of which have recently hopped on the EU-subsidized Hungarian hotel gravy train. [more]
Home sales up in October, but permits plunge in first three quarters of year
A year-on-year rise in home sales in October largely due to a government program is potentially overshadowed by a big drop in the number of permits for completed homes in the first nine months of the year. [more]
Hungarian residential properties said selling for an average of 13% off asking price
Hungarian homes sold on average for 13pc under the original listed price in Q1-Q3, according to a survey by real estate broker Otthon Centrum. Otthon Centrum said five percentage points of the discount was made after the listing, after an assessment of the market, and the remaining eight percentage points came just before the sale, under pressure from the buyer. [more]
After three decades, notorious unfinished Buda eyesore finally set for demolition [1]
Talks are under way in Budapest to settle the future of one’s of the city’s most stinging architectural eyesores, the building formerly known as the SZOT hotel, after the unfinished building’s owner CIB Bank has found several potential buyers for the complex, Napi Gazdaság reports. [more]
CET Budapest lunacy set to last for years, possibly under a new name
It’s been exactly three months since we last bothered with the wretched catastrophe that is the stalled mixed-use, “public-private partnership” known as CET Budapest. So it seems like time for an update, especially since the thing may not be called “CET” for much longer. [more]
