The most populous city and capital of Hungary is Budapest. Some towns like Buda, Pbuda and Pest were separated but they were unified then.
Budapest is the most captivating city in Europe and it is the 9th largest city in the European Union with respect to population.
There are wide ranges of buildings in Budapest that are architecturally noteworthy and some buildings show architect of specific time period.If we talked about the Aquincum in Óbuda from the ancient times as Roman City, whose history is almost 89 AD old, and it is the most modern Palace of Arts, its museum and concert hall reflects the contemporary arts. Its beauty is mesmerizing.
Budapest also holds a remarkable economic hub value, classified as an Alpha- world city in the study by the Globalization and World Cities Research Network and it is the second fastest-growing urban economy in Europe.
In view of real estate there are greatest Investment and profit opportunities in Budapest due to the city’s merit:
- Its location in the heart of Europe,
- It has commercial and industrial strength,
- It has cheap, affordable and extensive transportation system,
- cultural diversity, and
- Rich historymake Budapest a very tempting destination from investment point of view.
Budapest is a safest city with affectionate people and a large foreignercommunity.
Around 3.2 – 3.5 million tourists visit the city every year and with the increasing number of affordable airlines.
Many visitors like to stay in an apartment then in a hotel. The major attraction is the lower cost of living that’s attracts many visitors to come to live or retire in the Hungarian capital.
Budapest Real estate compared to Europe
If we compare Budapest real estate with other European capital cities its property rates are still lower and have gone up significant in recent years by 8 – 10 % in Budapest in 2016 due to the rising popularity as a tourist destination.
You can expect 6 -8 % yearly yield in case of long-term apartment on rent, rents for short term apartments on rents in-demand location yield even more yearly yield that is 10 – 20%.
At present there are almost 7100 flats that are advertised for sale in Budapest Real Estate.
The most expensive area is “Inner City — Leopold Town” and are in great demand. From investment point of view for buyers the Inner City is the best. Almost 90% of the Budapest flats rented out in this district via Airbnb. Property prices in Belváros are the highest in the capital.
Legal side of investment
If you want to buy a property in Budapest but not to plan on living then you have to apply for permission that’s only formality and it take 4 to 6 weeks and costs £140 approximately.
All the Transactions method is typically handled by a lawyer, and the fee is normally no more than 1 percent of the purchase price. Closing costs also include a land registration fee of around $25, a property transfer tax of 4 percent of the purchase price.
According to recent survey 40% buyers from the past few years were from foreign countries, including Israel, Qatar, United Arab Emirates, Spain, Italy and, most of all, China.