'article' about Budapest in Irish Times, 18th Feb

[broken link removed]

This has to be one of the sloppiest pieces of property journalism I've ever read. Not sure who wrote it, as there is no byline.

"Alas, all’s changed. Liszt Ferenz square, off the capital’s Utca, once a vibrant area of evening entertainment, is notably quiet, with only a handful of restaurants open, where two years ago there were dozens."

There are more restaurants in operation now on Liszt Ter than two years ago and back then, Irish voices were few and far between. What a strange statement. It makes it sound like the Budapest restaurant scene was totally dependent on a few Irish commercial property investors, which couldn't be further from the truth.

The local media just posted a commentary on the Irish report:
http://www.realdeal.hu/20100218/irish-investors-fed-more-bs-about-bp-this-time-on-the-downside

As a non-taxi driving, but savy investor, I ignored the article

If there are any Irish investors desperate to offload their fully renovated penthouse apartments on Liszt Ferenz (sic) square at fire sale prices because of this article, give me a call.

It's incredible that such nonsense can get past editorial, particularly in a 'respectable' newspaper like the Irish Times.

The article itself is actually more balanced than has been suggested so far on this thread. Take the following:

"However, the Irish who bought smaller units in residential blocks are faring better. Budapest is a capital city with a (reduced) constant demand for one and two-bedroom quality apartments. Several developments are entirely Irish-owned and surviving the downturn, because of the letting locations."

If anything, this takes a more optimistic view of the small apartment scene than my own personal experience would warrant.