Apartment in Budapest

Hi all,

I was thinking of buying a studio apartment in Garay Street in district 7 in Budapest. It is 30m2 and costs 65k euro. I would like to hear from anyone who knows the area or from anyone with similar property.This purchase is off the plans and i understand it will be targeted at the local student rental market.Is the cost too high and what would it rent for.Also would I be better off sourcing something similar 'on the ground' rather than using an Irish agent.
Thanks in advance for any replies.

Hi Rocky,

Garay utca is not somewhere that students will want to live. The area around Keleti railway station is undesirable and it's not close to either the city centre or universities. In addition, the price you quoted is extremely high for that area. I'd recommend that you look elsewhere in more established parts of the city. For €65,000, you would get a studio in District V or a one bed apartment on a good street in District VI.

Budapest

The agent I spoke to mentioned that Keleti railway station has been redeveloped in to an ultra modern one and that the local metros and trams are all accesable and interconnected from this area. He in fact said that he timed it to all local universities and found that they were all about 10 mins or less from the proposed apartment.
How much should I expect to pay for an apartment in an area that would rent out easily?

Hi rocky,

I definitely recommend that you visit the Keleti area yourself before purchasing anything. It's extremely run down and a bit of a facelift isn't going to make much difference. The red metro line does run close by but public transportation is rarely an issue in Budapest. Anywhere in Districts V, VI and most of VII is within a couple of minutes of either a tram or a metro. Neither expat professionals nor students will want to rent a property on Garay utca and as this is your target market, you'd be making life very difficult for yourself. In addition, over €2,000 per square metre for this area is crazy. For around €1,300-€1,500 per square metre, you'd get a renovated apartment in the downtown area.

Budapest

Hi