Nemes accepted the award in person at a ceremony in the Spanish city on Friday evening.
Lost World competed with some 600 submissions to the festival.
The film follows the eviction of squatters from a peninsula that juts out into the Danube in the south of Budapest over many years starting in 1998. The title is fitting: all of the buildings on the peninsula have since been razed and replaced with sleek new structures. The entire area has been re-landscaped, making it unrecognisable to its former inhabitants.
Lost World has won prizes in Karlovy Vary and at DaKino in Bucharest.
Photo: film.hu
