Hungary is to get further development, increasing its already healthy property portfolio for potential investors.

Real estate property investment firm Pacont announced that it has taken ownership of the prime Vaci ut corridor in Budapest.

"Vaci ut is an obvious first choice for many property development projects," said Benny Iggland, head of Pacont. "One good reason for this is the excellent position and infrastructure."

His comments come as the prime area undergoes a massive investment in road building and planning initiatives.

This will create even more investment opportunities in Budapest and Mr Iggland said that demand was such that prices were already rising.

Good returns are also being offered, with Mr Iggland expecting an annual return of at least six per cent on the Vaci ut development alone.

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    Carol McDonald