Hungarian property agents seek overseas buyers

Posted on 30/01/2007 By Carol McDonald Categories: Real estate agent

Property prices in Hungary are slowing and may even be shrinking in certain parts of the region. Hungarian property investors appear to have lost the will to invest in their own region. The Budapest Times reports that Hungarian property agents are now looking to overseas property investors to help the housing market regain its confidence. In particular Budapest property agents are marketing luxury property to foreign buyers who are in a better position to buy property in the city.

Foreign buyers being targeted by Hungarian real estate agents

It appears that Russian property buyers are being sought for spacious luxury apartments in Buda, some are priced at USD 2 to 3 million. Alongside Russians and Israelis, many Irish, Spanish, German and Ukrainian buyers are active in the Hungarian property market.

Overseas buyers in driving seat

With low demand from the domestic market Hungary is a buyers market CEO Marr International the company behind overseas property portal Homesgofast.com ‘ with the news that Hungarian agents are seeking foreign buyers and with prices lowering in the region this could well be a good time to buy in Hungary. The Budapest property market offers investors long term rental income as well as medium to long term capital growth potential.’

Where to buy property in Budapest

Overseas property investors tend to buy in the most popular parts of the city including Districts V, VI and XIII. Also highly in demand are Districts I, II and XII in Buda. The chairman of the Hungarian Property Council, József Stranyák told Magyar Nemzet that eight to ten Budapest homes in a hundred are in foreign ownership, and the tendency is increasing.

In 2006 4,600 new homes went up for sale. Sales were highest in District XIII, followed by Districts XI and VIII. Ferencváros and Zugló also proved to be popular.

Property prices what to expect

Hive Real Estate offer you a studio apartment in Budapest City Centre from as little as 27,500 Euros or a large property in Down Town Budapest for 853,000 Euros.

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