Investing in Budapest as a Ltd Company

Hi,
I would be grateful if someone could list the agencies they have been working with.
I contacted 2 agencies namely

Casaro-Hungary and HungarInvest and their links are
www.casaro-hungary.com
www.hungarinvest.com/ respectively.

I am wondering if anyone had experiences with either of these companies or others. For anyone this is a serious investment and of course worried about getting stung with nasty fees or unfullfilled promises. So for anyone that has purchased via these agencies it would be great if you could give us good and bad news regarding your investments.
THanks
toirneach
 
Re: Re: Investing in Budapest as a Ltd Company

Toirneach,

Personally, I do not have any experience with Casaro but I do know of two people that are currently involved in legal proceedings with them to recoup deposits and I also know that their website does not contain up to date listings.
As for Hungarinvest, this is an offshoot of Casaro but again no personal dealings. A guy called Andras Patkai is the link between both companies.
I know you're looking for more info. on them but just giving you what I know.

Dasher.
 
Re: Re: Investing in Budapest as a Ltd Company

Hello

Well apparently Andras's brother is also involved in Casaro. I have not had any dealings with the latter, a friend who bought several flats in Budapest dealt directly with Andras and was very happy the service. Andras now does only consultancy work, so you will deal with the girls in the office.

If any1 has exprience of investing as a group please post or e-mail me. We are a group of several investors trying to sort out the paper work and would be greatful to bounce around ideas.

Cheers
Dan
 
Re: Re: Investing in Budapest as a Ltd Company

Hi Dan, Dasher,
Very interested in pursuing this information sharing regarding agents etc as this is a big step for anyone.
Spoke to Andras a long time ago and is very informative on investing in Budapest and provides some newsletters through hungarinvest. I spotted from the website that they have some agents in Ireland.

Without you giving too much away wondering if you can indicate the pitfalls to avoid lawsuits like that of your colleagues.

I havent got around to setting myself up with account on this so our email is [email protected] and interested in discussing our experiences.
 
Re: Re: Investing in Budapest as a Ltd Company

Hi Dasher,

In order to keep our readers fully informed, I wonder would you mind identifying yourself and/or your company so that people have something a little more detailed than a hotmail account or mobile phone number on which to base their decisions.

Please note that as an independent, non-commercial voluntary website, AAM does not encourage advertising. However in line with our posting guidelines we usually have no objections to contributors giving their email addresses or website addresses as part of their signature when they are answering a question.

Of course, AAM cannot guarantee the bona fides of any of its contributors and readers who avail of offers or deals publicised or mentioned on these pages do so at their own risk.
 
Re: Re: Investing in Budapest as a Ltd Company

Hi Tommy,

My name is Dermot Kelly. I do not have a property company and am not employed in the property industry in Ireland. I am an Engineer in fact.
I would never expect anybody to make a big decision based on a hotmail account and mobile telephone number on this website. This is why I have made myself personally available to meet people and provide advice and contacts free of charge. If people wish to meet me they can and make any decisions based on their thoughts at that point.
My apologies if I placed the e-mail address in the wrong place. I was not aware of your advertising guidelines.
My agenda, believe it or not is to ensure that no one on this website gets conned out of their money which believe you me is very easily done in Hungary.
I wholly trust the people that I have dealt with and this is why I can recommend them. I also know of a number of other people that have used them with the same results.
At the end of the day, it is up to the person purchasing to decide if they trust the people they are dealing with. I am only trying to make this decision and the purchasing process easier for everyone involved.
I have spent a large amount of time advising friends and aquaintances on investing in Budapest free of charge. This is why I have come to the arrangement that I have with my contacts.
I have tried to be as open as I can about my set up and I hope people will appreciate this.
One other point to note is that the buyers money does not pass through my hands at any point and is only transferred to the seller upon signing of contracts by both parties involved.

Regards,

Dermot.
 
Investing In Budapest

I am interested to find out more data regarding above subject. Is there strong capital appreciation in Budapest and Hungary in general and also how difficult is it to source tenants and fix rental returns. I have a couple of properties in Ireland and I am interested in purchasing in Europe, so would like to discuss this further with you. I saw an advert in the Business post by Young Auctioneers in Ranelagh in Dublin stating they arrange inspection trips and was wondering has anyone used them.
 
Re: Investing In Budapest

Hi Joe,

Currently it is relatively easy to secure tenants with the people I work with. It is quite realistic to expect at least a 7% return. This is what I am getting on my property and I have lowered my rent in order to secure tenants fast.
The standard contract period is for 1 year and rental conditions are very similar to those in Ireland.
Capital appreciation over the last 12 months was running at approximately 20% and is predicted to be at least 15% over the next few years. This is obviously dependent on a number of factors but there seems to be a much lower risk factor than investing in Ireland at the moment.
Young Auctioneers I'm sure are quite reliable but beware that you will be paying a large % of commission on the purchase.

Dasher.
 
Budapest

Hi dasher,
thanks for the reply so promptly, I am based in Limerick but would like if possible to link up with you and discuss further if OK. I work in sales and manage my own time usually so I can be flexible in terms of travel and times. It would be great to hear your views and advice on your experience to date. I can forward email and number if agreeable
 
Re: Budapest

and is predicted to be at least 15% over the next few years. quote]
Predicted by who?

<!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr>there seems to be a much lower risk factor than investing in Ireland at the
Click to expand...
<hr></blockquote><!--EZCODE QUOTE END-->
I'd love to see independent evidence to support this. And just because it is lower risk than Ireland doesn't make it a good idea.

I'm not knocking the foreign investment idea - It's just that almost all of the stuff that I see encouraging it is so vague and subjective - not a sound basis for a major financial decision.
 
Budapest

Has anyone ever dealt with the Prestige Group in Donnybrook or also Eurozone Investments in Northumberland Rd as both seem to advertise regarding Budapest.

Also I assume the Irish banks subject to your financial situation are giving morgages for abroad if you cannot get one locally,

I am planning on going out to Budapest soon so all info appreciated
 
I purchased a property in Budapest myself early in '03 and like others saw amazing potential and value in the market. Agree with comments on some of the agents involved in the market and set up a company on the basis of valuable contacts in Budapest - with real knowledge of the local market.

As regards setting up a company to purchase - the benefits I believe are negligable now, unless you are buying more than 1 apartment, where getting a permit can be a problem - can always buy as an individual and set up a company down the line in any case.
Raffeisen really specialise in company accounts - have an account there myself but must admit that Citibank are far more user friendly for the Irish investor.
Check out my website - would happily answer any queries on an individual basis - (link deleted to advertised site)
Val Power


(Please note that as a voluntary, non-commercial site, AAM does not encourage advertising except in limited circumstances at the discretion of the moderators. For further details please refer to the posting guidelines. The posting guidelines also prohibit users from duplicating posts in different threads as you have done. Accordingly I have removed the weblink from the above post pending discussion of the matter by the moderators)
 
Why was the link deleted?

Can you not set up a special place for the links...I would hope that people using this site are able to decide for themselves whether they want to buy or not..
confused
 
Re: Budapest

What airlines/airports do you use to get to Budapest? What are typical fares?

What is the situation regarding taxation of rental income? I know Hungary & Ireland have a taxation agreement but does the investment property relief apply to property in Hungary or elsewhere?

Slim 8)
 
Web site restrictions et al

Was extremely disappointed to note that my previous comment was amended, removing web site address - feel the only people losing out here are this site visitors - my web site contains a lot of valuable information. However I have voiced my feelings on "About this Site".

Malev airlines have daily return flights from Dublin to Budapest - however do note that Malev do not fly out of Dublin on a Weds or back from Buda on a Tues. Really good deals can be got, worth shopping around. I have typically paid under Eur300 for return flights and 4 nights accomodation in a 3 star hotel (adequate standard). Malev are incidentally a pleasure to fly with - super service. Ryanair are planning to fly to Budapest but not finalised yet.

Tax on rental income in Hungary is currently 20%. CGT on sale of property is 20% for those purchasing as individuals- but of course this tax law may well change before exit as most investors are in for the medium/long term.

I do remember difficulty trying to gather impartial information when first buying in Budapest and am happy to personally answer any questions through my own e mail address.

Val
[email protected]
 
impartial?

If you are an agent for Budapest property, this hardly makes you a good source of "impartial" information??
 
Re: impartial?

Val

Thanks for the info on flights and tax. Do you happen to know if expenses and interest are tax allowable as they are here?

BTW, I tried to visit your website as I saw the post before it was edited but I could not get in. Got a Domain Name site instead.

Slim 8)
 
Re: impartial?

Just to remind everyone about our policy on advertising:


Advertising will be deleted. Askaboutmoney is not a forum for promoting commercial ventures.

We have no objection to registered users who make a genuine contribution to the spirit of AAM informing people of their own services. For example, if a mortgage intermediary answers questions on AAM, they are welcome to insert their website or email address on their signature.
 
Budapest

Slim,
Any expenses you incur on the property would be allowable in Hungary against your (declared) rent.
Not sure what you mean about interest? Might not be applicable as you will not be buying on the basis of a mortgage in Hungary.
Does this clarify the matter for you?
Don't know why you could not access site but see above for my hotmail account.

Rgds,
Val
BTW-as regards the impartial advice - obviously I am not impartial as regards my belief that Budapest is where the smart money is - but am delighted to share my thoughts on the best districts to buy in and factors which should be borne in mind. For example, I have seen companies recommending that apartments are purchased in areas for which I believe (based on local knowledge) the size apartments on offer are all wrong for that area. It is important to think ahead to when you will want to sell your property - and what the area is likely to be like at that time. I would rather have satisfied clients in the long run - and any advice I give to potential clients is based on that criteria!
 
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