The Palace of Arts, the long awaited new cultural institution of Budapest and Hungary, is a building in Ferencváros, Budapest, officially opened in March 2005. This was one of the most prestigious celebrations of the past hundred years in Hungary’s cultural history, since this conglomeration of cultural buildings has no precedent in 20th century Hungarian architecture.

The imposing structure of the Palace of Arts covers a ground area of 10,000 m² and the total floor space of the building is 70,000 m². Bartók National Concert Hall is 25 m high, 25 m wide and 52 m long, providing a total capacity for 1,699 people. The organ of the concert hall, inaugurated in 2006, has 92 stops and 5 manuals as well as 470 wooden pipes, 5028 tin pipes and 1214 reed pipes.

The magnificent lobby is shared by three main venues in addition to service areas and areas offering facilities which are open all day such as snack-bars, a restaurant, a café, an Internet café, a breath-taking panorama terrace, plus giftshop and bookshops.

The National Theatre, which opened in 2002, is located next to it. The Palace of Arts and National Theatre are part of the new Millennium City.

The Palace of Arts was awarded the "FIABCI Prix d’Excellence 2006" in the "specialized" category, which is the equivalent of an Oscar Award for construction and real estate development.