New Mill Developments for Sale in Budapest Hungary

As wealth increases the demand for luxury real estate is on the up, as increasing numbers of Hungarian entrepreneurs and top managers seek luxury properties. Market analysts expect prices in this bracket to mimic Paris and New York in the near future especially as people move back into the city as downtown Budapest gets a facelift.

The widespread property development trend of Mill Conversions in the UK has spread to Hungary. The latest development to hit the Budapest real estate market is Mill Lofts, a conversion of a landmark building, the former Gizella Malom (Gizella Flour Mill) is being converted into luxury loft-style apartments. Located in the 9th district puts you right in the heart of Budapest and short walk from everything you need, public transport, motorways, airport and major city attractions.

A unique living concept in Budapest, these 104 flexible loft spaces will different, individual living solutions. Apart from the location of the bathrooms and kitchens, purchasers may choose their layout nearly freely. The Mill conversion aims to preserve the industrial feel and character of the premises as a whole combined with a luxury quality specification.

The Mill Lofts have just gone on the market and prices start at 120,000€ for a 1st floor 63m2 apartment rising to over 450,000€ for the larger higher floor spaces. Mill Lofts completes in the 3rd quarter of 2007 and is on the market with A1 Real Estate
 

If you are looking for something more affordable then for half the price a new development Mill House has just been launched and is on the market with starting prices of approx. £42,000 for a 1 bedroom apartment. The Irish-Hungarian developer Hexacon Homes is constructing the project on Ipar Street, again located in Budapest’s 9th district, the neighbourhood has become a very popular residential area due to its urban regeneration, its proximity to the Danube and the excellent local infrastructure. The development lies within close proximity to a number of higher education establishments. The 127 apartments are fully finished with fitted kitchens, wooden flooring and fitted wardrobes in the bedrooms.  A full turnkey furniture package will be available prior to completion in 2008.For more details on availability and purchase contact Hexacon Homes direct

Hungary Fact File
- Stamp Duty 0% on first approx 60,000 EUR, 6% between approx 60,000-120,000 EUR, over 120,000 EUR 2% on first 16,000 EUR 6% on the balance.10% on car park spaces.
- Capital gains are charged at 25% of the total price of the property when sold however if a property is retained for 6 years CGT reduced by 10% for 6th year and by 10% each subsequent year. After 15 years there is no CGT payable.
- Tax on rent is 25% of the gross rental income
- Property tax, where levied, is low and varies from district to district. For example, the 9th district council do not charge a property tax on apartments.
 - There are no title deeds in Hungary. Ownership title is registered with the Hungarian Land Registry, operated by The Hungarian Government. This is a simple and safe system, giving you clean title with no possibility of title deeds being lost.