Hungary: A Soaring Economy, Beating the Odds

Barkassy Grünfeld is a “new-wave law firm” which breaks the traditional approach of counselling and introduces new progressive concepts in pricing and legal services. Barkassy Grünfeld is located in Budapest and provides services not only for Hungarian but also for international enterprises. The primary ambition of the law firm is to build a network with regional coverage to help middle sized enterprises to enter European or even international markets and to make cross-border transactions bearing in mind that they have a solid legal support in the background.

Barkassy Grünfeld is the first law firm to launch and later operate a network of lawyers with different and diverse professional backgrounds and expertise. The members of the network simultaneously work on the same legal problems which Barkassy

Grünfeld calls “multiprocessing”. Multiprocessing is a unique working method which may guarantee a nearly perfect outcome since dozens of lawyers will elaborate one single legal issue. Recruiting one of the members of this multiprocessing network is constantly underway.

In Central and Eastern Europe including Hungary, there are great opportunities in the real estate sector. Economic fluctuations in the region often lead to uncertainty in the property development and investment markets and many investors leave great opportunities on the table. However, Hungary having an ever more improving economic outlook, might offer great acquisition and investment opportunities for both international and domestic investors.

The vacancy rate in office space is in a constant decline and will soon drop below 15% so there is an increasing demand for office space. There is an expansion in industrial space demand also thanks to the high technical standard of warehouses and the improving road-system which boosts the industrial property market. The shopping centre density in Budapest is still the lowest in the region giving room for new developments; however there are some construction limitations in force affecting theconstruction industry in Budapest, the limitation is however expected to vanish soon.

In an ever more virulent property market in Hungary, Barkassy Grünfeld offers a wide range of legal services for individuals and legal entities.

After the economic crisis in 2008 there was a massive economic downturn in Hungary just like in other European countries.  Hungary’s GDP contraction in 2009, in the first year after the economic crisis reached 6,3% and as a result of the restoration the Hungarian economy returned to the 2008 GDP level and today it has been put on track and is increasing annually by 2% on average.

In terms of the key factors behind the impressive growth of the country’s economy the manufacturing and agriculture industries have been the main drivers in recent years. In the upcoming years the construction sector, tourism sector and retail sales may also contribute to the economic improvement of the country.

Barkassy Grünfeld as a legal service provider in Hungary supports the domestic and international investors engaged in manufacturing, real estate developments and the construction sector. The law firm provides a general professional legal background to help international and domestic companies to have a smooth and stable operation in the Hungarian legal environment.

The Hungarian Government is committed to creating ideal circumstances for private companies in order to increase their share in the Hungarian gross domestic product, nevertheless the private sector is already a great performer in the country. The strength of the private sector has a great influence on the overall economic performance of the society. Therefore, investors may expect that governmental subventions will continuously be provided by the Hungarian Government in the upcoming years. For instance, the Hungarian National Bank is operating a so called loan growth programme. Barkassy Grünfeld provides legal support to companies in order to participate in such financial subvention programmes.

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