Latest news in Hungary - 26 Feb 2025

Investment Housing Boom in Budapest: One in three homebuyers in Budapest is now purchasing properties for investment purposes, with experts predicting a 10-20% increase in property prices in 2025 amid rising demand and decreasing supply. The housing market saw around 130,000 transactions last year, with estimates for 2025 reaching 150,000, reflecting a strong recovery after recession. Read more here

Pressman Critiques Hungary's Political Landscape: In a recent NPR interview, former U.S. Ambassador David Pressman called Hungary's current state "corruption," not conservatism, highlighting the regime's control over state institutions and media. Pressman emphasizes that the government enriches a small elite while suppressing dissent, showcasing a troubling decline in democratic values and public discourse. Read more here

MNB Headquarters Renovation Costs Soar: The renovation costs for the Hungarian National Bank headquarters have surged from 54.5 billion forints to 81.5 billion forints over two years, raising concerns among the bank's supervisory board about transparency and oversight. Major cost increases include security systems doubling in price and landscaping work rising significantly, with project completion now expected in early 2025. Read more here

Hungarian Special Police in Bosnia: Milorad Dodik, President of the Republic of Srpska, claimed that 300 Hungarian special police officers are engaged in joint training exercises with local forces, following the arrival of 70 officers for anti-terrorism training. This announcement comes as tensions rise in Bosnia and Herzegovina, with a court verdict in Dodik's case expected soon, where he faces potential imprisonment for allegedly obstructing international decisions. Read more here

Euro Plummets Below 400 Forints: The euro has dropped below 400 forints for the first time since October, marking a significant three-month high for the forint against the dollar at around 380. Prime Minister Viktor Orbán remarked on this change, linking it to a sense of peace. Read more here

Orbán Proposes Gender Definition in Constitution: During his recent year-end speech, Prime Minister Viktor Orbán suggested an amendment to the Fundamental Law stating that a person is either male or female, signaling potential restrictions on Pride events. This amendment has sparked legal debates about its implications and the lack of social consensus surrounding such a definition. Read more here

Stalemate on EU Funds: Hungary's EU funds remain frozen due to disputes over rule of law conditions, with over €1 billion unavailable from the current budget as penalties for non-compliance continue to mount. Minister Bóka emphasizes the need for clear discussions during upcoming European Council meetings, while challenges in reaching agreements on support for Ukraine and transparency in EU contracts persist. Read more here

Pride Event Under Scrutiny: Gergely Gulyás has indicated that the government's stance on the Pride event will focus on child and youth protection, implying a potential shift in how the parade is organized, particularly away from Andrássy Avenue. Although no outright ban has been confirmed, discussions on legislative changes are set to take place in upcoming government meetings. Read more here

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