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Foreign Currency Mortgages in Hungary
 

“Budapest: why foreign buyers are making a dash for the Danube”

 

Position - Image Credit:Creative Commons – Barney MossImage Credit:Creative Commons Dennis Jarvis

 
   In early October 2015, the Financial Times published an article called “Budapest: why foreign buyers are making a dash for the Danube”. The article focuses on the re-emergence of foreign residential real-estate investors into the Hungarian property market.  The majority of these buyers are focusing on the inner districts of Budapest.  

     The article notes that one of the key components behind this new buying wave is tourism and the growth of Airbnb which has grown exponentially over the last year in Hungary. This trend has also been helped along by relatively healthy rental yields of between 6 to 9 % for downtown properties vs historically low bank deposit rates. Having said this the price for a property in Budapest is still far cheaper then its Western and even Central European peers; hence many foreigners can purchase “more for less” locally. What the FT article does not mention is the banking crisis that caused local buyers to also enter the Budapest property market seeking the safety of owning rented property as cash buyers. 

 

If you would like to read the full article please click here - Financial Times

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