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Hungary is fast becoming a popular destination for overseas investors. Nearly 80% of Hungary’s industries are operated by the private sector, a majority of which are funded by overseas investments. Real estate investors from all over Europe are investing heavily in buying and developing Hungarian real estate. Budapest is the capital of Hungary and is a world famous tourist hot spot. People from all walks of life visit Budapest to savour its history and culture. Located on the Danube, Budapest is well known for its historic monuments and Budapest, including the Banks of the Danube, the Buda Castle Quarter and Andrássy Avenue were declared a world heritage site by UNESCO 1987. When it comes to apartments and flats, Hungary has the distinction of offering state of the art facilities in age old architectural styles. Hungary’s rich culture and history attract tourists from all over the world, and tourists usually visit Hungary for more than just a day or two. This tourist influx has increased the demand for vacation rentals and vacation rentals are now available in locations in and around Budapest. Apart from vacation rentals, there are also numerous modern day apartments available in Budapest, and flats and apartments are being constructed all over Budapest. Many apartments are constructed in the baroque or art-nouveau architectural styles and are a blend of modern day amenities and traditional Hungarian architecture. People from all over Europe are finding Budapest’s scenic locales ideal for second homes. Contrary to popular belief, Budapest is not a destination for only the rich and wealthy of Europe. Compared to other Hungarian cities, Budapest has a high standard of living, but is extremely affordable and this reflects in the price of real estate in Budapest. Classic apartments are available in ‘period buildings’ that were built nearly 100 years ago during Hungary’s golden period. Most classic apartments are in fantastic condition in spite of being nearly 100 years old. To attract overseas buyers, classic apartments are usually ‘stripped down’, and refurbished from the ground up. This means, while the architecture and décor of the apartment is baroque or art-nouveau, the interiors offer modern day facilities and amenities. Many classic apartments that are in need of renovation are sold to overseas buyers, the buyers then proceed to furnish and modernize the apartments as per their requirements. This allows home owners to ‘build’ apartments of their choice without spending time and money on building a new apartment from scratch. Overseas buyers looking for modern apartments can buy apartments in new housing complexes and apartments that are being constructed all over Budapest. Since Budapest is further divided into districts, there are numerous apartments available around old Budapest city. Overseas investments and an increased demand for accommodation have helped accelerate real estate development in and around Budapest. In essence, Budapest is a city offering accessible and affordable accommodation for buyers from all over Europe in a variety of architectural styles. Richard Holmes has lived in Budapest, Hungary for over six years, and is the managing Director of a real estate agency in Budapest, called Gateway Properties.
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Richard Holmes is the author of this article on Budapest property. Find more information about Hungarian property here.
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