Latest news in Hungary - 1 Nov 2024

- Airbnb Rentals Banned in Terézváros by 2026: Budapest's 6th district, Terézváros, will prohibit short-term rentals starting January 1, 2026, following a council vote. Over 6,000 residents expressed concerns about depopulation and housing affordability due to Airbnb. A temporary moratorium on new permits and increased taxes for short-term rentals are already in effect. Read more here

- Job Cuts at Magyar Telekom: Magyar Telekom is planning to lay off around 120 employees in 2025 due to labor market changes. Affected staff will receive an additional month of severance pay. The company will also implement a 6% wage increase for 2025 and double health benefits for employees. Read more here

- Euro Exceeds 409 Forints: The Hungarian forint suffered a decline as the euro reached up to 409.5 forints, driven by poor GDP data and geopolitical tensions. While it later corrected to around 408, this volatility reflects heightened risks in Hungary's economic environment. Read more here

- Government to Invest in Rental Housing: Hungary's government will allocate 20-30 billion forints starting in 2025 to construct rental apartments and dormitories, addressing affordable housing shortages. Discussions are also underway to reduce VAT on rental properties from 27% to 5%. Read more here

- Heavy Traffic on M3 Motorway for All Saints' Day: Expect significant delays on the M3 motorway as traffic increases for All Saints' Day. Congestion over 5 kilometers has already been reported, and diversions are in place. A holiday truck ban is also in effect. Read more here

- By-Election Scheduled for Tolna County: A by-election in Tolna County's 02 parliamentary constituency will take place on January 12, 2025, following the passing of a long-serving representative. The campaign for candidates will begin on November 23. Read more here