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Budapest is one of the world's great cities. Beautiful architecture and a lively air. The Danube provides a natural artery to the city - and a rather cold one at that when the ice blocks from further upstream float through the city in the middle of Winter. Don't worry though - summers are hot.
The city is famous for thermal spas - and the Gellert Spa Hotel is spectacular. Since joining the EU there has been a lot of interest in purchasing property - particulary in Budapest.
Lake Balaton is a wonderful playground - the largest Lake in Europe. Mitteleuropeans flock there in the baking hot summer period. Lonely Planet Guide to Hungary RICS: European Review 2005 (Guardian 5/3/05) `There is no accurate data, but prices seem to have flattened out in 2004. Hungary experienced a boom between 2000 and 2003, stimulated by property shortages, economic growth and government subsidies. The country is notable for holding the record for the highest home-ownership rate in the EU - more than 90% of its housing stock is now owner-occupied.' Channel 4's A place in the sun recently predicted it would be the 10th most profitable European country to buy a house abroad - with a 269% return estimated over the next 10 years.
Ask a ProfessionalThere are investment prospects in Hungary, but it is essential that you seek independent expert professional advice before undertaking any property purchase. There are lots of things to bear in mind, including local laws and regulations, taxes, surveyor's assessments of the building, financial currency exchange, dealing with interbank transfers, volatility of the housing market, etc. etc. In some Eastern European countries there are various restrictions on foreigners owning land or property, so this needs to be checked out fully. Any property purchase is a major undertaking. It may seem obvious but it's well worth going on holiday to a country several times to see if you like it.
Surge in InterestThe interest in purchasing property abroad has increased at an amazing rate in the past five years, fuelled in the UK by a booming domestic housing market making overseas properties seem good value for money. Also, TV programmes like Channel 4's `A Place in the Sun' have made everyone realise that owning a property abroad is no longer just for the rich and famous. People are interested in purchasing a home overseas for a variety of reasons - enjoyment, investment, a new life, retirement, and more.Guide to Hungarian Property (Channel 4) All links and text on this site have been provided for information purposes - they are not recommendations. |