Budapest - Live the Dream

Posted by Jude Buttle on Monday, September 15, 2008

Have you feared that your dream of living in or owning property in a fashionable European capital city would be too expensive? Well think again.

 

Saint Stephen's Basilica

A Tale of Two Cities

If you have ever dreamt of living the high life, owning property in a historic yet fashionable European capital city, then look no further than beautiful Budapest, a mesmerizing place, full of wonder and charm. But better still, surprisingly affordable.

Hungary's capital city is divided into two halves (Buda and Pest) straddling the River Danube. It became a single city with the amalgamation on 17 November 1873 of three towns, Buda, on the West bank of the Danube, Pest to the East, and Obuda (Old Buda) to the North West.

A Turkish Delight

Widely regarded as one of the most striking cities in the world, Budapest is considered an important Central European hub for business, culture and tourism and attracts over 20 million tourists a year, making it one of the more visited destinations in Europe.

Its World Heritage Sites include the banks of the Danube, the Buda Castle Quarter, Andrássy Avenue and the Millennium Underground railway, the first of its kind in mainland Europe.

The Ottoman Empire brought bathhouses and mosques to the city in the 16^th century, although little of the original Turkish architecture remains today, but as wellness and spa healing became more popular, Budapest built a reputation as the City of Spas with its thermal baths a unique feature.

A Roman influence is visible in Obuda, where the ruins of an amphitheatre still stand and most recently the affect of the Austro-Hungarian Empire has contributed in giving Budapest a distinct and opulent, east meets west style.

Where the Price is Right

Like many countries, the first big boom in property prices has passed, but Hungarian properties are still undervalued compared to other European countries.

Average prices in Budapest are a fifth of those in London, a quarter of Paris, a third of neighbouring Vienna (which is less than 3 hours away by train) and about half that of Madrid and Barcelona.

This makes Budapest truly amazing as a city that quite rightly stands direct comparison with Paris and Vienna, but is also an affordable place to purchase property.

Many first time visitors to the city are surprised by the sheer splendour of Budapest and instantly fall in love with the place, which soon turns into long term respect and admiration when they discover that the spacious inner city apartments they could only dream of affording in other European capitals are in fact well within their budget.

Full of Eastern Promise

With numerous investors currently enamoured with Sofia and Bucharest, many who have seen and bought into the splendours of Budapest are surprised that the city is being largely overlooked.

The Romanian economy is still coming to grips with the challenges of an open market, while parts of Bulgaria are on the verge of property oversupply.

Compare this to Hungary: a stable economy, low unemployment, a highly educated workforce, the imminent arrival of the Euro in around 2011 and the government attracting more foreign direct investment (FDI) per capita than any other Central and East European country. Surely there's only one winner.

Conclusion

So, this seductive city, known fondly as the ‘Paris of the East,' with its warm spas, wonderful vistas and affordable apartments; can truly claim to be... an undervalued gem.

 

Search for property in Hungary

If you are looking for Property for sale in Budapest, such as villas, apartments or other types of real estate, why not check out TheMoveChannel.com Hungary, which has a large number of listings from Hungarian estate agents and developers selling properties in the area: http://hungary.themovechannel.com/

Photo by mdid

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