Hungary's entrance of the EU opened a new door for the real estate market, but this is just one of the many reasons why Budapest is becoming a hot target for hungry investors. Even though the real estate market in Budapest is a very investment-friendly place it is relatively undiscovered and foreign investors still hasn't seemed to realized what hidden treasure investing in properties in Hungary and Budapest might be. But those who have, likely come back for investing in more.
Budapest today is a vibrant city with a rich variation of old, wonderfully renovated characteristic buildings mixed with new modern shops, restaurants and cafés. In the most center parts of the town it is hard to imagine that this city just 15 years ago was being characterized by dreary streets and scruffy buildings and considered far behind the standard of most of the bigger capitals in Europe.
In almost all the big capital cities in Europe, the real estate prices has raised above crazy and to be able to invest you have to have a big capital to start with. Even though the prices are raising in most cities, it is not at all as fast as before. That is why it is so hard to understand that Budapest, being such a beautiful city, with an increasing population and with new big companies moving here, still has got a lot of down-town properties for sale.
The easy search
If your dream home is to live next to the Danube with a view onto the Buda hills and the magnificent castle, to feel the pulse of a big city, waking up in the middle of the city center close to the famous shopping street Váci utca, or maybe just find a property in a good location to let to a student or businessman, Budapest has got a lot to offer, and it is almost sure that you will find the property you are looking for. Whatever your requirements are, Budapest has a big range of apartments in different conditions, areas and price categories.
The fact that the city is exploding with modern restaurants, shops and cafés, and the old low-standard parts are being freshened up, the opportunity to choose between many different properties in different locations that suits your requirement for a fairly good price, makes Budapest a very unique city. The experts predict that the real estate prices will raise and in a few years become as high as in the rest of the capitals in Europe which makes right now a good time to invest.
Possibilities to develop
Since Hungary threw off the shackles of Communism in 1989, early bird investors have benefited from unprecedented property price rises. According to the Hungarian Central Statistical Office 63 per cent increased across the country between 1999-2003, while in Budapest alone property rose by 60 per cent during the same period.
Twenty first century brought many changes to Europe, one of the biggest for Hungary was the entrance of the EU, a key event in the recent economic history of this country. Joining the EU had, and will continue to have, a major effect on the real estate market opening new doors for foreign investors.
Out of the ten new EU members in May 2004, Hungary has proved to be the most economically dynamic. What is even more encouraging for current and future investors in Hungary’s insatiable appetite for ensuring its continuing economic growth.
