In order to create an integrated system for high volume public construction investments, the Hungarian Government has adopted a new legislation. From January 2019, high volume public construction investments reaching the estimated value of HUF 700 million must be executed by a state-owned company, i.e. the Investment Agency.
Oppenheim has advised the Beghelli Group on the sale of Klotild Palace, an English neo-baroque building in Budapest's 5th district currently housing the Buddha-Bar Hotel Budapest, to ABA Gate Hungary Kft., a company owned by private investors from Qatar. KPMG Legal advised the buyer on the transaction, which was valued at approximately EUR 48 million.
Former Dentons Counsel Marton Kertesz has become the new leader of Deloitte Legal Erdos and Partners Law Firm’s Labor Law and Compliance team in Budapest.
In Hungary, as is the case in other EU countries, recent economic growth has been accompanied by a labour shortage. This is largely due to Hungarian workers emigrating to other EU countries in search of higher wages and better living standards. According to statistics, approximately 5% of the country's working-age population has emigrated to other EU countries in recent years.