Investing in Budapest District XIII

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Thanks Budapest,
Yes, my apartment does have a view of the Danube.
I agree that the glossy marketing of the yachts and the chaufeur driven service is probably a bit over the top !
 
I have just pulled out of my Beke Liget apartment purchase on the basis of your comments.
 
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Hi Budapest and thanks for the informative replies. I would love to hear your opinion on the golf development which Christy O Connor and a group of developers are launching just outside Budapest. I have reserved a villa there and they seem to be flying sales wise. Any info would be welcome as i really dont know too much about this end of the market there.
 
what are everybody feelings on district seven, i bought a one bed apartment there not ready till 2008, what are people feelings on the market over there

any comments would be great

cheers all
 
Astapasta,
I'm not overly familiar with this golf development. It's not really aimed at locals and is a very niche area of the market. There are no similarities between the prices of these villas and houses in the surrounding area. At over 100M forints, they are crazily expensive for the Budapest suburbs, but I can't really say if they are good or bad value. A lot probably depends on the extent to which golf tourism takes off here or if golf championships take place in this development. Sorry, I can't be of more help.

Gino,
Which part of District VII? It's a huge district and there are good and bad areas. The area close to Keleti railway station is not desirable, while the part closer to Liszt Ferenc Ter is fine.
 
Just purchased in district 6 in Budapest, Mozsar utca which runs of off Jokai Ter, about 50 yards from Andrassy, on the other side of the road from Liszt Ferenc Ter. Apartment is about 1 min walk to Opera House and metro station. We gambled on the UK rule of location rather than size and got a 72sqm 1 bed for 70k GBP + fees which included furniture. Apartment had been recently refurbed by the tennant.
Strategy is to hold on long term, hope the location premium is maintained and try and secure 1 year+ rental deals. We used Duna House as the estate agent who were very helpful and on their recommendation are with Home Management for property management. Formalities just about complete so will be looking to let in a month or so. Agents were typically bullish about monthly rents so will have to see.

Ronnie
 
gino how are you i also bought an apartment in district vii in akacfa utca and mine isnt finished until the end of march 2008 im just wondering is it the same development that im after buying in and wondering also about the area
 
Hi Ronnie,

Be careful about how much rental agencies tell you they can get for your apartment. Assuming it's a 1 bed and street facing, it would probably rent for maximum 380 Euro per month. Many agencies charge 10% of the proposed rent, regardless if they have rented or not, which gives them little incentive to do so. I've also heard many cases, where investors have found it extremely difficult to break from agreed contracts with management companies.

Jokai Ter is in the process of being redeveloped at the minute, so should improve in years to come.

Home Management and Duna House are under the same ownership, so they always recommend each other.

Best of luck with it.
Budapest
 
hi
i am in the the middle of purchasingan appartment on the corvin prominade,wont be ready until late 2007,can someone give me some info on rent ,the area,locality,universities,,,anything which would help m,e really

thks
 
The Corvin Promenade is an urban re-generation scheme and is located in what is currently a fairly rough area of District VIII. It will be built from scratch, so it's difficult to envisage what it will look like when finished. The marketing photos of outdoor cafes and restaurants try to create what developers are calling the 'new city center'. This term is getting very tiring as almost every new project over here tries to be the new centre, regardless of their geographical position. While the Corvin Setany won't be particularly central, it is no doubt an ambitious project and could be successful. I think it's a bit of a risk, particularly in terms of location, but who knows. It might work. It might not. It all depends on the commitment and efforts of the development team.

The scheme is huge, which would worry me a bit - something close to 3,000 apartments. The area is not particularly close to universities, apart from part of the medical faculty at Nagyvarad Ter, but I can't see expat students being particularly interested in renting here. Corporate tenants may be interested as it's close to various businesses.

Best of luck,
Budapest
 
thanks for the reply Budapest,,,

i have signed the 20% contracts ,,,,,am i entitled to all the deposit and 20% fees back
 
Sorry if my last post seemed negative. Nobody really knows if the Corvin Setany will be successful or not and (although it's not exactly the same thing) I'm sure when the IFSC was being constructed in a relatively dodgy area in Dublin 1, people were sceptical too. Just make sure to research as much as possible before committing yourself. Do you know which businesses are likely to set up there? Are there plans for the main cafe chains to open branches there? These are important questions and will have a major effect on the success of the scheme.
 
it looks like a huge project with savage potential. i'm in the middle of buying one as well but loads of bad vibes here in cork at the moment. looks like our agent will be getting a few calls this week. i'd hate to pull out and regret it but would hate to lose at a later date when more money has been paid. any one got any other views?
 
Hi Budapest,

My daughter is hoping to study at the School of Veterinary in Budapest. Where would be the best location to rent/buy for easy access.
Thank you so much for all your information, it is invaluable.

Summer
 
Hi Summer,

Many Irish students are currently studying in the veterinary school over here. In my friend's class, almost one third of the students are Irish and it's growing every year. The university is in District VII on Istvan Utca, but I wouldn't advise buying an apartment there. It's not a particularly desirable area and many students I know live more centrally in Districts V and VI. Don't worry about transport in Budapest as it's fantastic and once you're close to a metro, tram or good bus line, you'll be anywhere in 10-20 minutes. I'd recommend that you look at classic apartments along the 73 or 76 bus lines. This would bring your daughter right to the university, but would mean that she could live somewhere nicer in Districts V or VI. It would also mean that when she leaves university, that you should be able to rent the apartment relatively easily. Just PM me, if you need further information. It may not be that relevant to an open forum.

Best of luck,
Budapest
 
Summer said:
Hi Budapest,

My daughter is hoping to study at the School of Veterinary in Budapest. Where would be the best location to rent/buy for easy access.
Thank you so much for all your information, it is invaluable.

Summer
Click to expand...


Hi Summer,
I've just rented an apartment in Dis 6, through Tower Budapest (an agent). Found them very good and helpful.
check out www.towerbudapest.com for listings (but they don't list everything, not even 20%, as most are advertised in the colleages etc.) They are new studio apartments, starting from about 300eur p.m, at the andrassy st side of Sziv st.
 
Hi!

Just to add to the previous discussion on dist. XIII, the marina at prestige towers shall be ready next spring, and the boats need not necessarily be owned by the tenants of the building. It will be a public marina, where anyone can rent a parking space for their yacht.

In Budapest, there is not one yacht harbor (!!!) today that is up to modern standards, while there are about 4-5000 yachts owned by private persons, that are kept in crappy marinas all around the river. You can imagine what the first modern marina shall generate in these circles...
 
It would seem that the recent political unrest in Hungary will lead to at least a devaluation of their currency if not an unseating of their government.

If all prices in Budapest are quoted with the Euro value in mind will this not lead to the Forint prices charged for berthing a yacht rising proportionally when charged in Forints?

Since most Hungarians are paid in forints will this not lead to the new berths becoming prohibitively expensive in real terms?
 
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