Posts Tagged ‘Property World’

Property in Hungary

Thursday, January 21st, 2010

Hungary is a multi-cultural destination, with a tinge of many cultures left behind from its former rulers. At different eras throughout history, the country was ruled by the Magyars (a Finno-Ugric tribe that arrived via Russia in the 9th Century), Arpad Dynasty, and Mongols. The multiculturalism is also attributed to the shared borders with countries like Ukraine, Slovakia, Romania, Croatia, Austria, Slovenia, and Serbia.

Since Hungary is a landlocked country, the Ocean tourism is a non-starter. However, this doesn’t mean that the country has dearth of tourism potential. In fact, one of the highlights of Hungary is the water-features dotting the country. Lake Balaton is known for its hot medicinal springs. The River Danube runs in the middle of the capital city of Budapest, and divides it into two parts – ‘Buda’ and ‘Pest’. The River Tisza is regarded as one of the finest rivers in Europe for fishing.

Hungarian vineyards, orchards and National Parks offer a special treat for the visitors in this country. Hungary is also known for being home to internationally acclaimed writers, artists and musicians due to its rich history and culture that promoted intelligentsia to the hilt. The modern Hungary, including the capital city of Budapest, will welcome you with trendy nightclubs, bars and discotheques.

Property Investment in Hungary

As we can see that the country has lots of tourism potential. Therefore, any kind of investment in vacation property around the country should yield rich dividends.

Though the country became a member of European Union in 2004, the residential property market has not peaked as yet. In fact the recent years have witnessed a fall in property prices. However, commercial and industrial property in Hungary has shown remarkable strength, growing in leaps and bounds, and it’s just a matter of time before the residential property sector also catches up with other properties types in Hungary.

At current prices, you can hope to land yourself a decent apartment in Budapest for as little as £26K. Villas in Budapest command a higher price. But if you compare the size and location of property, then a Villa for £70K is not a bad choice in Budapest.

The overseas property investor, particularly from Ireland and the UK are flocking to Hungary purely on speculative instincts. The fundamentals of Hungary are too strong to ignore in the wake of the sluggish residential property market. Moreover, the government is doing its bit by relaxing the property owning laws of the country to bring them in consonance with the changing global order.