search

Premier Dom Properties

PROPERTY SEMINAR IN BUDAPEST

A very well organised seminar took place in Budapest on 26 and 27 of November 2008.

The seminar was organised by Premierdom Property Consultants Ltd (Cyprus) and Prime Property Solutions Kft. A number of investors attended and had the opportunity to make their first investments in Hungary. 

Hungary Property Investment Seminar
26 - 27 November 2008

26 November
1. 10:30am – 10:35am
Introduction on Prime Property Solutions KFT and opening statement to familiarize the audience with the subject.
Speaker: Kyriacos Efstathiou / Michael Petrakis

2. 10:35am – 10:45am
Introduction and essential information on Hungary / Budapest
Why Hungary?
Due to its early open policy toward foreign investment and central geographical location, Hungary has been the preferred location among Eastern European countries for foreign direct investment (FDI) since the beginning of the transition to a market economy. Hungary has been the region's favourite country for foreign investors, with 40% of all FDI in the region ending up in Hungary. There are some 25,000 firms with foreign capital operating in Hungary, producing about 32% of Hungary's GDP, 45% of them manufacturing value-added product and employing 25% of all private-sector workers.

The Hungarian real estate market is a dynamically developing market with a lot of promising possibilities.

Important points to note concerning the real estate market in Hungary are:

Developed mortgage market
The legal framework is set up
Private ownership is protected
The real estate prices are low by Western standards
Hungary is a member of NATO and since 2004 is a full member of the EU.

Since the introduction of political and governmental changes from 1990 onwards, Hungary has initiated legal and economic conditions to meet the requirements of the international market. The laws created make possible unhindered flow of foreign currency, right for foreign companies to purchase property and right to state concessions, which meet the requirements of both foreign and joint venture business activity. Industry sources indicate that Hungary is a preferred destination for foreign investments and the ability to deal with international banks is an additional help.

According to Fortune magazine's Best Cities for Business study, which considers cost of living, civic and cultural activities, and economic growth rate, Budapest is the third most favored city in Europe, after London and Amsterdam. It has the lowest cost of living of any major European city and since the political changes in 1989, foreign investment has flowed into the country, with the USA accounting for almost one third of this investment. This has resulted in a surge of inbound and outbound business travel.
Speaker: Balazs Vereb / Szegner Barnabás

3. 10:45am – 11:00am

4. 11:00am – 11:15am
Investment opportunities (examples)
Speaker: Zsolt Huszar

5. 11:15am – 11.45
Q&A

26 November - Afternoon
Property viewings / inspections

27 November

Contract signing