Budapest Real Estate Market
Budapest Real estate Market
Budapest, with a population of two million, is one of the most beautiful and dynamic capitals in Europe. It has become the main financial, cultural and tourist center of Central Europe.
After 45 years of unavoidable socialism, Hungary is experiencing a resurgance, through a transition accelerated towards the western democratic style. On the 1st of May, 2004 Hungary adhered to the European Union like member of right plenary session. Consequently, this has attracted more than 20 trillion Euro of direct foreign investment, which represents a third of the total investment in East European countries.
The real estate market in Hungary has still not reached the levels of reference of Western Europe. Budapest is still one of the cheapest capitals in Europe.
Due to the entrance in the European Union, Hungary is receiving numerous economic aids and many multinational companies have chosen to settle in Hungary.
This will cause a revaluation of real estate in the coming years, consistent with other European capitals.
After London and Amsterdam, Budapest is considered the most attractive European city with a celebrating congresses. This equips the city with a great dynamic that is reflected in its economic activity and contributes to real estate development.
The demand for buildings in Budapest is in constant growth and attracts 60% of the foreign investment in Hungary. Apartments constitute the greater attractiveness of the city and numerous sources indicate that they're annual average appreciation is of 15% and that rentals provide an annual average yield to investor of 6%.
Budapest, the second most important city in the Austrohungarian empire, is located in an enviable enclave. Bathed by waters of the Danube, she is one of the most cosmopolitan cities of the 21st century. Proof is evident in the architectural works. The theaters, opera, parliament, boutiques, commercial restaurants, cafes and centers, along with infrastructures in continuous growth, turn Budapest into a city with an unquestionable enchantment, whose maximum splendor is still to arrive.
One hopes, that with the adhesion of Hungary to the Euro currency in 2009, the country will experiences a strong economic acceleration. We have the conviction that Budapest, will not only reach the European standards, but that in many aspects will surpass them fully. Commonly the phrase "Paris of the East", is today for many the suitable opportunity to make profitable and highly secure investments.