Budapest’s Property Market offers Cheaper Alternatives
TheMoveChannel.com, the leading international property portal, announces a number of new bargain Budapest properties for sale.
[UKPRwire, Tue Sep 30 2008] TheMoveChannel.com, the leading international property portal, announces a number of new bargain Budapest properties for sale, including:
- Studio apartment (Central Budapest, £36,040, handover Q3 2009)
- 2 bed apartment (£66,010, handover Q2 2009, fully fitted)
Properties in Hungary are unlikely to be an investment opportunity UK investors have considered in the past, so TheMoveChannel.com provides an overview of Budapest and its culture.
A Tale of Two Cities
If you have ever dreamt of living the high life, owning property in a historic yet fashionable European capital city, then look no further than beautiful Budapest, a mesmerizing place, full of wonder and charm. But better still, surprisingly affordable.
Hungary’s capital city is divided into two halves (Buda and Pest) straddling the River Danube. It became a single city with the amalgamation on 17 November 1873 of three towns, Buda, on the West bank of the Danube, Pest to the East, and Obuda (Old Buda) to the North West.
A Turkish Delight
Widely regarded as one of the most striking cities in the world, Budapest is considered an important Central European hub for business, culture and tourism and attracts over 20 million tourists a year, making it one of the more visited destinations in Europe.
Its World Heritage Sites include the banks of the Danube, the Buda Castle Quarter, Andrássy Avenue and the Millennium Underground railway, the first of its kind in mainland Europe.
The Ottoman Empire brought bathhouses and mosques to the city in the 16th century, although little of the original Turkish architecture remains today, but as wellness and spa healing became more popular, Budapest built a reputation as the City of Spas with its thermal baths a unique feature.
A Roman influence is visible in Obuda, where the ruins of an amphitheatre still stand and most recently the affect of the Austro-Hungarian Empire has contributed in giving Budapest a distinct and opulent, east meets west style.
Where the Price is Right
Like many countries, the first big boom in property prices has passed, but Hungarian properties are still undervalued compared to other European countries.
Average prices in Budapest are a fifth of those in London, a quarter of Paris, a third of neighbouring Vienna (which is less than 3 hours away by train) and about half that of Madrid and Barcelona.
This makes Budapest truly amazing as a city that quite rightly stands direct comparison with Paris and Vienna, but is also an affordable place to purchase property.
Many first time visitors to the city are surprised by the sheer splendour of Budapest and instantly fall in love with the place, which soon turns into long term respect and admiration when they discover that the spacious inner city apartments they could only dream of affording in other European capitals are in fact well within their budget.
Full of Eastern Promise
With numerous investors currently enamoured with Sofia and Bucharest, many who have seen and bought into the splendours of Budapest are surprised that the city is being largely overlooked.
The Romanian economy is still coming to grips with the challenges of an open market, while parts of Bulgaria are on the verge of property oversupply.
Compare this to Hungary: a stable economy, low unemployment, a highly educated workforce, the imminent arrival of the Euro in around 2011 and the government attracting more foreign direct investment (FDI) per capita than any other Central and East European country. Surely there’s only one winner.
Dan Johnson, Managing Director, comments:
“So, this seductive city, known fondly as the ‘Paris of the East,’ with its warm spas, wonderful vistas and affordable apartments; can truly claim to be… an undervalued gem.”
For more information on Hungary property in general please visit http://hungary.themovechannel.com/
- ENDS –
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
0207 952 7650