A Chinese investment holding is awaiting approval from the city of Budapest to buy the Rác thermal baths and adjoining luxury hotel, business news website Napi reports. The transaction price (undisclosed) has been placed in escrow.
Britain’s forthcoming exit from the EU may have positive effects on the real estate market both in Hungary and in western Europe, the portfolio manager of OTP Bank’s Real Estate Investment Fund said in an interview published by business daily Világgazdaság.
The cost of rented accommodation in Hungary has risen by 5-20% in the last 12 months, and by 30-40% in some regions, estate agency Otthon Centrum found in a new report. Prices rose the most in the outskirts of Budapest, but were flat in the Sixth and Seventh Districts, where rental fees had surged in preceding periods.
Although Imre Makovecz, the favorite architect of Viktor Orbán and the Hungarian political right in general, died in 2011, his name still appears in the Hungarian media. The last time was only a few days ago, when it was discovered that the readers of an English-language internet site, Daily Dot, considered Makovecz’s Catholic church in Paks the most “evil-looking church” anywhere.