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Budapest’s landmark Ballet institute sold off after years in limbo

Budapest’s landmark Drechsler Palace – also known as the “Ballet Institute” – has been sold, a legal representative for the former owner, Portugal’s QPR Investimentos, said on Monday. [more]

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Much-anticipated Eiffel Palace office building opens in downtown Budapest

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The premium category Eiffel Palace office building has opened in Budapest’s Fifth District, near the Nyugati train station. [more]

Is Budapest’s new metro giving boost to nearby properties?

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Budapest’s long-awaited Metro 4, which is expected to soon open its sliding doors to passengers for the first time, will undoubtedly provide speedier (and spiffier) transport links for many thousands of city residents. But what about its impact on home prices in those areas served by the new line? [more]

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Survey finds flats in Budapest cheapest among EU capitals

Apartments are cheaper in Budapest than in any other EU capital, property agency Otthon Centrum reports. The cost of an average 60m2 flat in Budapest is €74,280, followed by €81,000 in Bucharest. A similar home costs €123,220 in Bratislava. The most expensive properties are in Paris, with a price of €699,105 in the outer regions. [more]

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Gov’t rejects opposition proposal for immediate forint conversion of FX loans, citing HUF 1 trillion cost

The government rejects the idea that foreign currency loans could be immediately converted to forints because doing so would stall the economy, State Secretary Zoltan Csefalvay said in parliament on Monday, in response to a question by a Jobbik lawmaker. [more]

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Home sales hindered by buildings’ unpaid common costs

Home sales in Budapest and some other Hungarian cities are increasingly hindered by unpaid common service charges (közös költség) in buildings where many of the residents have fallen behind with the payments, business daily Napi Gazdasag said on Monday. [more]

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Study finds Budapest office property market second largest in region, but with highest vacancy rate

Budapest has a total of 3.1 million square metres of office space, which makes it the second largest office property market in Central Europe, real estate services firm Cushman and Wakefield said on Wednesday. [more]

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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]

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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]

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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]

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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]

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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]

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