With half of Hungary’s overseas property sales, Budapest apartments are the top target of international buyers and interest is rising.

More investors are considering property in the capital, especially as house prices rose 10% year-on-year to the end of 2015, says leading property website, Tranio.com. The average price is €1,725 per square metre.

Budapest is Hungary’s biggest city at 525 square kilometres, which is five times bigger than Paris and is home to about 17% of the population.

Budapest is divided into 23 districts (kerület) and the Danube separates the city into three main historical parts: Pest on the East Bank, Buda and Obuda on the West Bank, with prime property buyers focused on the exclusive Castle District II and Highlands, District XII.

Julia Gushchina, of Tranio.com, says, “In 2013, the local real estate market bottomed out as a delayed result of the 2008 crisis, but it had already bounced back by 2014 with prices gaining as much as 20% over the year. The market is now on the up-and-up with authorities delivering four times more construction permits in 2015, compared to the previous year.

“By the end of last year, sales volumes had increased by 25% and experts now expect the market to finally reach pre-crisis levels in 2016. About 50% of foreign citizens buying property in Hungary choose apartments in Budapest.”

District II, which has an average property price of €1,650 per square metre, is popular with high-net worth buyers and most of the embassies and international schools are located there.

There are a lot of new residential complexes under construction in District II. For instance, the Völgyliget Residence has modern apartments for sale, with units from 50-240 square metres starting at €150,000. In general, apartment prices vary from €90,000 to €350,000 and houses from €220,000-€2million.

District XI, once an elite residential quarter, is now a popular family area with a range of international schools. Foreign buyers usually choose homes in quiet neighbourhoods like Sashegy and Sasad. Gellert Hill also has a good range of real estate on offer with apartments from €150,000 to €220,000 and houses from €500,000.

District XII: Highlands, the Hollywood of Hungary, with an average price of €1,850, is the only district without access to Danube, but it is located on a hill surrounded by forests and vineyards, which is why it’s nicknamed “the lungs of Budapest”, as well as “Hollywood Hills”.

“This is where the president and prime minister live, alongside many prominent Hungarian politicians. There are many international schools in the Highlands. The only drawback is the lack of public transport in the district.”

Property prices are some of the highest in the city, starting from €300,000, while and a villa with a view and a swimming pool costs from €1.3million-€1.7million.

District XXII has dozens of kilometres of wine cellars underground and hosts regular theatre and elite orchestra performances as well as dance shows. It also has plenty of restaurants, shopping centres and an aquarium. The central square is being renovated to accommodate a public leisure area and a new farmer’s market.

Property prices in Budafok-Teteny are growing, especially for apartments and houses in the upper part, Rózsavölgy, a place that is popular with actors, artists and musicians. Houses prices start from €150,000 and apartments from €40,000–50,000. Elegant mansions, once owned by local tycoons and wealthy merchants, cost about €450,000.

The main picture, taken by Andy Stafiniak, is from FreeImages.com.

Source: opp.today