Despite geopolitical unpredictability and interruptions in the worldwide supply chain, Hungary’s economy outpaced that of the EU nations in 2022. The third-quarter data is optimistic; the CSO estimates that the Hungarian GDP increased by 4.0%. The OECD increased its 2022 GDP prediction for Hungary to 6.0% in its semi-annual Financial Outlook in light of the most recent findings.
Hungary’s real estate market has developed as a result of active company owner demand. Due to the increased interest in these facilities, experts have already noticed a rent increase. By starting your regional enterprise in commercial real estate, you may also benefit from this developing industry. Despite appearances, starting this business is easy. This article describes each step required to start a commercial real estate venture to make things easier.
Hungarian commercial real estate agencies
To locate a piece of the office building or corporate facility, a Hungarian commercial real estate firm acts on the behalf of its customers. The customers can be businesspeople or any organization. It is legal for immigrants to buy or rent property in this country, and after the nation joined the European Union in 2004, the procedure was eased to meet the demands of the citizens of Europe.
If they have residency permission granted by the local government, which they must apply for within the first 30 days of their arrival in the nation, expats are permitted to own property here.
Start a real estate business
The fundamental steps for establishing a real estate business in Hungary are as follows.
Plan your business
A solid business plan supports entrepreneurs in focusing on specific development strategies and accomplishing both short- and long-term objectives. An effective company strategy doesn’t need to be lengthy as long as it is succinct and to the point. Most people incorporate the Basics, Market Analysis, Economic Research, and Finance Strategy when drafting a property investment plan.
Find a supervisor
Maintain contact with influential real estate figures; you can even consider asking one of them to act as your tutor. If you don’t already have a large network of contacts in your industry, go to meetings and events and think about partnering with other entrepreneurs. This type of support from peers in your field could also save you from a long and tiring trial-and-error phase.
Create an application for a license
No matter if you’re selling a residential complex or setting up a warehouse lease, the state requires a real estate broker to obtain a license to conduct the sale. You might not be able to launch your firm without it. Age restrictions, specific classes, and a set amount of time working in real estate are all requirements for obtaining a license. The nation also stipulates that agents must provide proof of their training and expertise.
Register the business
The approach for registering a company in Hungary is the same as the one offered for all corporate organizations established here. For the creation of the prospective company’s article of association, which serve as its legal instrument, you might require the supervision of experts. It’s worth noting that one of the most frequently authorized legal enterprises in this country is the LLC.
Companies must register with the Registration Court, which can be done through a normal or streamlined electronic process.
Employ the staff
If you intend to conduct your business procedures alone, make sure you have the required knowledge and experience. However, if you lack knowledge or experience in property sales, you should work with brokers. Verify the connections and background of the brokers. The broker can then help you increase sales and your clientele.
Get insurance
Having a fantastic location and eventually hiring people can feel wonderful, but keep in mind that you will be held legally responsible for the choices that your employees make. Make sure to buy mistakes and negligence insurance to protect your real estate business if a client ever sues your organization. You may need extra types of insurance to protect your company’s personnel and assets.
