Gov’t pays above market rate for HUF 450 Million apartment in Budapest

  • 31 Oct 2024 8:08 PM
  • Hungary Around the Clock
Gov’t pays above market rate for HUF 450 Million apartment in Budapest
The government has purchased a 96-square metre apartment on Budapest’s Vértanúk tere, near Kossuth tér, for Ft 450 million.

According to HVG, the sale price, at near Ft 4.5 million per square metre far exceeded the market average for the area.

The government justified the move as necessary for preserving the national heritage as it exercised its right of first refusal to buy properties in World Heritage or protected zones.

The Central Statistics Office recorded an average price of Ft 2.3 million per square metre in the district in 2022, while a similar property recently valued by the Fidesz-led district municipality was priced at Ft 1.5 million per square metre.

The property’s former owner, DRW-Invest, profited considerably from the sale.

The apartment, largely unused except during national holidays, reflects a broader trend of the state acquiring prime properties, Telex writes, as the government has exercised this right of first refusal seven times since 2022, including a notable Ft 3.6 billion purchase in Buda.
 

*********************************

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.

  • How does this content make you feel?

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

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

    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.