• Home
• Channel: Property
• Dispute at Largest Real Estate Development Project in Budapest Leaves Condo Owners Homeless

Dispute at Largest Real Estate Development Project in Budapest Leaves Condo Owners Homeless

• 7 Mar 2024 6:31 AM
• Hungary Around the Clock

Some 1,500 people who purchased condominium units in the largest real estate development project in Budapest have been unable to move in due to a dispute between the developer, the D&B real estate group, and construction company KÉSZ Építő.

Units in the nine-storey, 790-apartment Duna Terasz Grande in the 13th District went on sale in January 2021 with a completion date of March 2023.

Work fell behind schedule, but was completed in the autumn. At that point a dispute erupted between the developer and the builder over the quality of the apartments.

According to Portfolio, there were indeed technical problems with the apartments, but they were mostly repaired in time. However, the developer terminated the construction contract in January, making the handover of the flats impossible.

After the buyers staged a protest on March 1, KÉSZ offered them the option of renting a flat at a significant discount in a different newly built residential property in Budapest, also developed by the KÉSZ Group, until the Duna Terasz Grande apartments are handed over.
 

********************************************************************************************
You're very welcome to comment, discuss and enjoy more stories, via our Facebook page: 
Facebook.com/XpatLoopNews + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here:
XpatLoop.com/Newsletters

Do you want your business to reach tens of thousands of potential high-value expat customers?
Then just contact us here!

Related links

Home Sales Explode in Hungary

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• Duna Terasz Grande Real Estate Home Sales Estate Home Buyers New Homes Property Housing Market Property Prices

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

'Lively' Home Market in Hungary - Latest Analysis Reveals Price & Sales Trends

• 21 Nov 2024 8:40 AM

Demand on the Hungarian home market is "lively" and could increase further in 2025, although home purchases for investment will dominate, Sandor Winkler, a department head at the National Bank of Hungary (NBH), said presenting the central bank's latest report on the market.



Updated: Public Consultation Launched on Draft Short-Term Rentals Regulation in Hungary

• 23 Oct 2024 1:59 PM

The National Economy Ministry announced the launch of a public consultation on draft legislation on short-term rentals.



Is "Park City" Better for Budapest Than "Mini Dubai"?

• 17 Oct 2024 5:40 AM

If the government is serious about supporting housing projects in Budapest, it should support the construction of "Park City", a project including affordable housing in the city's 14th district, rather than earmarking the area for the "mini Dubai" office and apartment complex, which will drive prices up further and deepen the housing crisis, Mayor Gergely Karacsony said on Wednesday.



Home Sales Could Reach 130000 in Hungary This Year

• 16 Oct 2024 5:45 AM

Home sales in Hungary could reach 130,000 this year, climbing from around 100,000 in 2023, David Valko, the chief analyst for OTP Ingatlanpont, the real estate broker of OTP Bank said.