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

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

• 31 Oct 2024 8:08 PM
• Hungary Around the Clock

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.
 

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