Parcel is a specific tract of real estate defined by a legal description and used for taxing purposes, among others. Or, in plain English, “It’s the price that a buyer is willing to pay and that a seller is willing to accept.” Market Value is the most probable price that a given property might bring in an open market transaction, given appropriate exposure and assuming both parties are generally well-informed and neither is under undue duress. Land is defined as the surface of the earth together with everything under its boundaries and everything over it. They are generally synonymous with the main dwelling building value, but also include real estate fixtures like patios, sheds, and swimming pools. Improvements are immovable items permanently affixed to and becoming part of the real estate. An easement appurtenant passes with the land when conveyed. Deeds should be recorded in the county where the property is located.ĭeed Restrictions are clauses in a deed limiting the future uses of the property.Įasement is a right to use the land of another for a specific purpose, such as for a right-of-way or utilities. Transfers of real property must be in writing and notarized. This is usually money, but can include anything of value.Ī Deed is an instrument that transfers legal ownership of real property from one owner to another. See Understanding Real Estate Assessments for more information.Ĭonsideration is that which is received by the seller in exchange for his or her property. Assessments are based on large numbers of sales that are analyzed to determine values for large groups of similar properties. See Understanding Real Estate Assessments for more information.Īn Assessment is a mass appraisal of property as of January 1 each year for tax purposes. The Assessed Value of property is the value for tax purposes and takes comparable home sales and inspections into consideration. Appraisals can have a variety of purposes, such as a mortgage loan, sale, home equity loan, or estate valuations. This impacts all sub-markets, including new housing and rents.An Appraisal is a detailed single property valuation that may be obtained any time throughout the year. Most of the building materials are imported, so prices have risen sharply as the forint exchange rate has deteriorated. After last year’s drastic increase, further growth can be expected this year as well, but this time for different reasons.

The cost of renting a 1,000 m2 premium office has jumped from HUF 7.1 million to HUF 8 million in the last two weeks.įor tenants, this is a sudden and significant increase in costs, who are also struggling with increasing energy prices (companies do not benefit from rent reductions).Īdditionally, the increase in construction costs will affect both the residential and commercial property markets. In this segment of the real estate market, developers borrow their project loans mainly in euros (due to lower interest rates), while owners and investors pay their rents in euros. Even more intensive changes can be expected in the commercial property market, concerning offices, logistics, retails and hotels where companies invoice their transactions mostly in euros.

Hungarian real estate lingo