Appartment in Paulay Ede Budapest

C

Clivejason

Guest
Hi I bought an appartment in Paulay Ede right besie the new Development that went up on 49 Paulay. It is an 80 sqm 1.5 bedroom just recently renovated inside and out. I am thinking about selling it but i am confused by the different prices that are out there. Is now a good time to sell and also approx how much would it be worth?
 
Hello,
Paulay Ede is a lovely street; and it will only get better in the years to come with some new developments, design shops and restaurants.

Since 2004, real estate prices in Budapest have been quite flat. The next big rise in price is expected when Hungary joins the Eurozone, and according to NBH governor Simor, this could be already in 2011-2012 (ok - knowing the Hungarian government, this will need a half miracle...)

Hungary could adopt euro in 2011-2012 if more sacrifices are made - Simor
Thursday, 30, August 2007

If the government makes the necessary economic policy decisions to speed up the country's accession to the euro zone as soon as possible, the single European currency could be adopted in Hungary in 2011-2012, central bank (NBH) Governor András said on Thursday.
Speaking at a conference organised by the American Chamber of Commerce, Simor also noted that there was no decision yet whether EMU membership as soon as that would be of primary importance for the economy or not, Reuters reported. He said acceleration of the Convergence Programme would require sacrifices.
He said a debate on chances of adopting the euro should take place in the next 6-12 months, after which a target date could be set.
Source: Portfolio.hu
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It doesn't seem to be the best time to sell now, and it's hard to give a reference price without knowing the exact state of the building/apartment. But you could try to put your desired price, and see if someone's interested. The best is to look at similar apartments in the same area, and take this as a reference.
 
I agree with UrbanDev that Paulay Ede utca is a very nice street and should keep getting better. Prices are quite good in this area for bright renovated apartments in nice buildings.

What is the exact address? Which floor? Street-facing or courtyard?

At the minute, nobody wants to buy lower-quality apartments in poor buildings, but there is quite strong competition for good apartments in nice buildings and prices for these have risen, even over the past few years.
 
The Appartment is at 49 Paulay ede right beside Paulay eden which is Paulay ede 47. The building was just plastered on the front and i renovated the inside of the appartment my self. The appartment is overlooking the Street with a Balcony It also has a Balcony overlooking the court Yard
 
Location is excellent, beside Liszt Tér, but what style of building is this? It sounds like it's not the typical nagypolgári style, in which case it probably won't appeal to the majority of foreign investors.
 
There's nothing exciting about teh building on the outside. It looked terible for years but the People from Paulay Eden Plastered the Front as it looked so bad in By gone days. Do you know the building i am talking about?
 
Yes, I know the building you're talking about. The architectural style certainly limits your market. Between 350,000-400,000HUF/sqm is theoretically achievable, but my guess is that finding a buyer would not be so easy. Now is not a good time to sell this type of property in Budapest.

Is the apartment currently rented out?
 
Yes the appartment is currently rented out. Im getting some where between 450 and 500 Euro per month. So are you saying if i was to sell the appartment it is worth about 400Euro per square meter.

Clive
 
Sounds like you're doing okay rentwise.

350,000-400,000HUF/sqm or around €1400/sqm is theoretically possible but the market is not strong at the minute for these type of apartments. You only need one buyer though, so you could be lucky.
 
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Clivejason said:
The Appartment is at 49 Paulay ede right beside Paulay eden which is Paulay ede 47.
Click to expand...

I walked down Paulay Ede utca today and realised that your building is not the one I was thinking of, next to Paulay Eden. The development beside your building is not Paulay Eden, but a different new build project and the location is not adjacent to Liszt Ter as I had presumed. The value is likely to be lower because of this - more likely to be slightly over the 300,000HUF/sqm mark.
 
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