Explore 40 Amazing Hungarian Castles for Sale in January!
The Hungarian government is set to privatize approximately 40 more castles in January, as announced by Construction and Transportation Minister János Lázár in Békéscsaba, located in south-eastern Hungary. Local councils interested in participating in the privatization scheme will have to compete with well-capitalized companies such as MOL, OTP Bank, Gedeon Richter pharmaceutical company, Magyar Bankholding, and ICT group 4iG, according to Lázár.
Maintaining castles has traditionally been the pursuit of wealthier localities due to the high costs involved. While the state has made efforts to preserve Hungary’s castles, Lázár highlighted the need for private capital to be involved in their upkeep.
One such example is the Wenckheim Palace in Szabadkígyós, which still requires significant renovations costing between 7.7 billion to 8.6 billion forints (EUR 19.1m-21.3m). Lázár emphasized the necessity of finding a well-capitalized partner who can invest in both the renovation and maintenance of the palace, estimating costs of around 8-10 billion forints over the next decade.
Lázár assured that there would be a fair competitive environment for all bidders interested in the Wenckheim Palace, emphasizing that bidding companies view the preservation of historical monuments as part of their corporate social responsibility.
In an effort to attract potential buyers, the Hungarian government has released images of the castles to showcase the unique and historic properties available for privatization. With the opportunity to own a piece of Hungary’s rich cultural heritage, the privatization of these castles presents a rare chance for investors to contribute to the preservation and revitalization of the country’s historic landmarks.
