Despite some recent website problems of late, everything is going well at CE Invest in Budapest, we are in the middle of insuring a large number of apartments under our management, there are also ongoing renovation and furnishing projects, which keep us busy. We have added 10 new apartments to management in the last two months, mostly people who came over from other property management companies. Our new colleague, Adam, helps out with the workload. Investments have not stopped, we recently sold buy-to-let residential property in the 6th district @ 1673 EUR/m2.
The economic outlook in Hungary is volatile. Everyone is concerned about the red sludge on the news, which is a major environmental catastrophe, however it does not affect property in Budapest. Perhaps the most significant event influencing the property market in Budapest were the local government elections on October 3rd. Until now the government was careful not to say or do anything which would have weakened its position for the elections, so practically nothing was done since April, when the ruling party Fidesz took office. Now the markets are expecting subsidies and incentives for construction and purchases and generally, employment. The monetary playing field for the country is limited, so much creativity is needed to stay overboard. Those who bought property in the capital cities of Central Eastern Europe are far better off than investors who were looking for a larger profit in up-and-coming areas, which have fallen back to economic stagnation.
The rental market in Budapest is booming, we are not complaining - with the right pricing, anything can be rented.
Opening of New CENTURY 21 Office in Bratislava
I am proud to announce to you that we have successfully opened the first CENTURY 21 office in Bratislava, Slovakia. The name of the brokerage is CENTURY 21 CE Development. CE Invest operates on the side as the core property management company, however all sales and rentals will take place according to the golden standard of the brand CENTURY 21. My business partner Martin Melisko, and I, have decided to purchase the license of the world's number one real estate franchise network, because we feel the next few years will be about the consolidation of the property market in Central Eastern Europe and large time-tested franchise networks will be able to spread across the landscape, bringing a higher level of professionalism to the market. Back in 2004, we were the first company to sell buy-to-let property along with a comprehensive property management package in Slovakia on the Internet. By 2009 we have established ourselves as the market-leading residential property management firm. It is good to be at the forefront of innovation and through our involvement with the National Association of Licensed Real Estate Agencies (NARKS) we hope to contribute to national standards in real estate education and professional practice in Slovakia.
Our agents have the privilege of taking the country's most advanced courses in ethics and property mediation services, with a special emphasis on the legal and financial implications of a property transaction in Slovakia. Thus, they are equipped to act as professional consultants when it comes to sales or rentals, with the empathy and experience of a seasoned property manager.
I have recently started a personal (actually professional) Twitter account, @andraspatkai. You are welcome to follow me, where you will receive the most recent information about what's happening in Budapest and Bratislava as regards real estate. You can expect posts of pictures, market trends, news and opportunities. Your intelligent insights are most welcome, of course!
ANDRAS PATKAI ON MON 11TH OCTOBER AT 11:30 GMT