One of Hungary's wealthiest individuals, Dániel Jellinek, CEO of the Indotek Group, considers the Tisza Party's wealth tax proposal fair but sees serious risks in how the tax base would be determined. The property magnate talked to local business daily HVG and shared that he primarily expects the new government to stop unpredictable and often ad-hoc regulations.
In line with the Tisza Party's electoral programme direction, it is justified to shift focus from extensive growth to intensive growth that targets higher added value and productivity, particularly in the domestic small and medium enterprise sector. "In the long term, this is a more sustainable and resource-efficient path," Jellinek said. Targeted EU funds and artificial intelligence-based solutions could play a key role in this, bringing meaningful productivity improvements.
Regarding the housing market, demand stimulation has been the primary focus in recent years. "In the coming period, I believe strengthening the supply side could be key: we need a faster, more predictable, and more consistent development and permitting environment," he explained. Optimising decision timeframes would be important, applying mandatory deadlines to developers, municipalities, and all relevant authorities.
This would accelerate property developments and reduce development costs, which would benefit not only the sector but also help young people access housing and support family planning through lower prices. In the commercial property market, significant regulatory and tax interventions have occurred in recent years, including margin regulations and sectoral taxes.
"The experience is that frequent or targeted interventions - shopping centre regulations, retail chain rules, special taxes, margin caps - increase uncertainty and can dampen development and investment appetite in the longer term," Jellinek noted.
