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kenzdawg

Budapest Property

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Hi,

I'm looking into buying an apartment in Budapest, internet research only so far, but from what I gather there's been several years of market falls, the forint is set for a fall and the city has some of the cheapest real estate in any European capital.

Now I should say straight off that I accept there are poor prospects for medium term capital growth. The country is a border-line banana republic and isn't likely to improve soon. But…all that notwithstanding, how do I best go about buying in Hungary? I'm interested in period flats in Pest V, VI, VII and VIII inside the grand boulevard and around Andrassy and I'm trying to get my head around prices in those areas since there is such a disparity between similar properties. Sure there is a wide variation in condition, but there must be other factors I'm missing. So if anyone has experience in Hungary I'd appreciate any advice on;

Real estate websites and portals, which are best?

Asking prices and offers, what are the norms?

What are the legal liabilities of ownership, would I get landed with hefty reconstruction costs?

Is there transparency in planning decisions, i.e. city hall website with planning data/ownership info posted on it?

I can pay cash unto £100k, but don't really want to be that heavily vested right now. What's the mortgage market like? Can I MEW/American mortgage it later?

Thanks in advance for any helpful info.

Edited by kenzdawg

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Ok, to partially answer my own question;

the best property portals seem to be ingatlan.net, especially useful is a the magazine and forum.

Also ingatlan.com, which has stats on prices by district.

Haggling seems to be an expectation in sales negotiation, with 20-35% off possible (I read) in the current market in Pest.

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Ok, to partially answer my own question;

the best property portals seem to be ingatlan.net, especially useful is a the magazine and forum.

Also ingatlan.com, which has stats on prices by district.

Haggling seems to be an expectation in sales negotiation, with 20-35% off possible (I read) in the current market in Pest.

I looked at budapest back in 2005 but glad i didnt buy there. Poland is a better investment bet IMO.

I love Buda, especially the amazing women.

I think property is cheap v other Eastern European countries but the quality was poor and there was a lot of people trying to rip off foreign purchasers. Paddy and English rpicing some 20-30% more than the locals paid.

Quality is a major issue. You really need to buy a place of good build.

A lot of the city's districts were sold as the new place to be but in reality they were still ghettos. I think from memory district 8 was one. Personally I would only buy within the inner ring road or on Buda, but a lot more expensive in these areas.

Looking back I viewed some absolute dives! They were going for something like £60k but old, grotty and with nothing to offer.

Edited by ringledman

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I looked at budapest back in 2005 but glad i didnt buy there. Poland is a better investment bet IMO.

I love Buda, especially the amazing women.

I think property is cheap v other Eastern European countries but the quality was poor and there was a lot of people trying to rip off foreign purchasers. Paddy and English rpicing some 20-30% more than the locals paid.

Quality is a major issue. You really need to buy a place of good build.

A lot of the city's districts were sold as the new place to be but in reality they were still ghettos. I think from memory district 8 was one. Personally I would only buy within the inner ring road or on Buda, but a lot more expensive in these areas.

Looking back I viewed some absolute dives! They were going for something like £60k but old, grotty and with nothing to offer.

HI, thanks for your reply. According to this property prices are still at 2005 prices or less. I take your point about quality, I'd imagine even the best would need some money spent on them to get them up to west european standards. I've heard talk about the "palace quarter" as the up-and-coming place too, but I expect that's estate agent's b*ll*cks. I'm not discouraged though, I'm looking for something for my own use as much as an investment, and 60-80k looks like it can buy a reasonably decent 120+ psqm place.

BTW, by 'inner ring road' did you mean Kiskorut or Nagykorut?

Edited by kenzdawg

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I've had a very attractive job offer in Budapest, but I know nothing about the market there. I could be there for up to 4 years. I have a bit over £100k in the cash and investments. Like kenzdawg, I'd be looking at period flats in Pest VI, VII, VIII, whether I rent or buy. It's just me, so 1- or 2-bed is fine, 60m2 or more.

Are you still on the site kenzdawg? Anyone else? Can I buy something decent in cash? Do landlords look after places? Etc. All thoughts welcome.

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Don't buy in the EU, especial Bulgaria as its got a flakey legal system at best. Without recourse to the EU you could get shafted.

Invest the money via ISA's etc and rent. Once you know the country reconsidered it. I wouldn't.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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