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Budapest: The Best Real Estate Market in Europe

While Budapest, the capital of Hungary, may not be the first city that tourists heading to Europe put on their itineraries, it's becoming a new magnet for global real estate investors. Budapest is not as saturated with buyers and sellers as cities that are more on the beaten track. That's only part of its appeal, however. The "Pearl of the Danube" is a world class location with assets that outshine more high profile markets. The advantages to buying property there may never be as ideal.

Budapest: The Best Real Estate Market in Europe

A quantity and diversity of housing inventory

Lavish and ornate architecture is what Budapest is known for. It's a unique market in that castles are commonly up for sale, but it's flush with villas, detached homes and art deco apartments as well. There's a wide range of housing inventory available. Budapest is an intimate and cozy locale, but it happens to be one of the largest capitals in the EU. Its many districts suit an array of lifestyles. Many are centrally located and offer easy access to public transportation. Some are indisputably luxurious and possess the charm of Paris.

 

Positive background data

It's no coincidence that Hungary is a magnet for foreign investment. Graphisoft Park is the local version of California's Silicon Valley. It's home to 60 tech companies associated with innovatve products. International students flock to Budapest to obtain degrees in Dentistry and medicine from its reputable universities. Budapest does well on global rankings done by the Economist and Mercer when it comes to personal safety and quality of life.

 

Pricing

Budapest is a great buy for investors seeking properties to rent to tourists looking to spend holidays in one of the most charming cities in Central Europe. It's no suprise that there has been a recent uptick in buyers with renting in mind. The profit potential is high. A fully furnished five bedroom apartment in an upscale area of Budapest can run under five million dollars. A luxury flat of comparative size in the Hyde Park section of London would also offer fantastic views and fine dining. It would cost, however, at least three times that amount, most likely much more.

There are countries that put up lots of roadblocks that stifle foreign real estate investors. Hungary is not one of them. Buying private property requires little more than filing papers with the government. The best advice is to hire a local attorney to handle the legal details. That said, receiving authorization to purchase real estate in Budapest can take no more than a month. Make sure you work with a knowledgable and professional real estate agency to help you make the best investment.

 

 

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