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Saturday, 13 March 2010 |
The director of the real estate developer behind the mammoth TóPark project at Törökbálint said last week that Hungary’s falling base rate offered hope of a revival on the domestic property scene. Gábor Petrovszky of Walker and Williams Investment Group said the reduction in the cost of loans could create over a million new potential house buyers. From a high of 11.5 per cent in 2008, the Hungarian central bank gradually cut its benchmark rate to 5.75 per cent last month. The developer stressed the need for greater controls over lending to ensure that those who take out loans are in a position to repay them.
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