Latest news in Hungary - 12 Nov 2024

- 2025 Budget Proposal Released: Finance Minister Mihály Varga has presented the draft budget for 2025, targeting a reduced budget deficit of 3.7%. It includes significant allocations for defense (1,753 billion HUF), family support (3,754 billion HUF), and pensions (7,200 billion HUF). The proposal estimates a GDP growth of 3.4% and will be discussed in the National Assembly later this month. Read more here

- Student City Planned: The Hungarian government is planning to establish a "Student City" in Budapest, intended to provide 12,000 dormitory places as part of efforts to alleviate the housing crisis for students. This project has been a long-standing proposal from Mayor Gergely Karácsony. Read more here

- Upcoming Robbie Williams Concert: Concert alert! Robbie Williams will perform at the MVM Dome in Budapest on September 12, 2025, as part of his Live 2025 tour. Ticket sales will begin on November 15. Read more here

- Changes to Mortgage Regulations in 2025: Starting January 2025, new mortgage regulations will allow buyers to secure loans with just a 10% down payment for energy-efficient properties, a shift from the current 20%. This change is expected to boost demand in the housing market. Read more here

- Hungary's Currency Movement: The euro has recently surged above 411 forints, marking a significant depreciation of the forint. This currency trend highlights ongoing economic fluctuations affecting residents and investors alike. Read more here

- Balaton Sound Festival Cancelled: The popular Balaton Sound festival will not take place in 2025 due to economic challenges and declining attendance, having attracted only around 100,000 attendees this year compared to 172,000 in its last pre-pandemic edition. Read more here

- No Salary Increases for Judges: The draft budget for 2025 maintains judges’ salaries at 566,660 forints, amidst growing concerns over mass departures within the judicial system. This decision has prompted calls for pay increases as the judicial system faces operational strains. Read more here

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