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Property Investment

Property investment in Hungary is attractive on a number of levels. There is currently a hotbed of tourist activity with huge numbers of visitors flocking to Hungary (in particular Budapest).  In 2003, 90,000 tourists visited Hungary, this rose to 900,000 in 2005 and it is forecasted to rise to 2.5 million by 2006-2007. 

There has been an influx of low cost airlines targeting Budapest, which has increased the number of short stay tourist breaks to the city and investment from blue chip companies in Budapest, is at an all time high and continuing to grow. 

Due to these attractive factors, property prices in Budapest rose by 12% in 2005 and are continuing to do so.

Although property pricing is increasing rapidly, it is still possible to purchase a property in Budapest for 25-35% less than any other comparable European city. Indeed, properties in the most expensive areas of Budapest are up to 3 times cheaper than the prices in other European cities. It is expected that property prices in Hungary will increase by 20% annually for the foreseeable future.

The kind of property you can expect to find in Budapest are centrally located, turn of the century buildings that can cover the architectural styles of Rococo, Byzantine, Art Deco and Baroque.  Frescoes can feature regularly in interior hallways and balconies in a number of different styles are common.

South of Budapest there is also great interest in the Lake Balaton area. Lake Balaton is the largest freshwater lake in Europe covering 600 square kilometres, which attracts millions of visitors per year. Many of the visitors are water sports enthusiasts that come across the border from Germany and Austria.

The lettings market is equally as healthy as the sales market with 6% rental incomes common in Budapest on centrally located properties of a good standard.

Prices for house purchases in the two most popular areas of Hungary are as follows -

Budapest

€114,000 for a 2 bedroom property
€ 176,000 for a 3 bedroom property
€ 207,000 for a 4 bedroom property


Lake Balaton

€61,000 for a 2 bedroom property
€87,000 for a 3 bedroom property
€122,000 for a 4 bedroom property

Prices for weekly property letting in the two most popular areas of Hungary are as follows -

Budapest

€285 for a 1 bedroom property
€475 for a 2 bedroom property
€563 for a 3 bedroom property


Lake Balaton

€277 for a 1 bedroom property
€414 for a 2 bedroom property
€534 for a 3 bedroom property

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