Budapest Apt. Value

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pag

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Does anyone have a rough idea of the value of my apt. It is located on Szynei Merse in District VI just off Andrassy Ave and is a new build 2 bed 78m2 apt. with underground parking. I am considering selling and would like to have a ball park figure before contacting agents.

Cheers
 
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Szinyei Merse Ház doesn't have a good reputation at the minute in Budapest as Autoker built more apartments than they were allowed to, which caused legal problems in relation to getting an occupancy permit. The development is still not sold out.

I could guess that its theoretical value would be the slightly less than what you paid for it, but it's not so easy to sell recently built (particularly larger) apartments in Budapest at the minute.

Why do you want to sell so quickly after purchasing?
 
The problem is i could do with the cash, as you say there was problems with occupancy permits and thus also difficult to get a mortgage so i have lots of money tied up in this one apt. so it would be better to release the money, if i could sell, and go somewhere i could get easier access to mortgages and leverage myself better.
 
As a foreigner, getting a mortgage in Hungary is not that difficult. 70-80% should be available for a new build property. If it were me, I'd try to get to the bottom of the occupancy permit issue as soon as possible rather than leave the investment so soon. Autoker cannot let this situation go on indefinitely.
 
Does anyone know what is happening to Gozsdu Udvar? I have heard that the builders Autoker are well behind schedule on this one. Was this supposed to be a high end development? What are the chances of flipping and breaking even?
 
Jackie said:
Does anyone know what is happening to Gozsdu Udvar? I have heard that the builders Autoker are well behind schedule on this one. Was this supposed to be a high end development? What are the chances of flipping and breaking even?
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Gozsdu Udvar is well behind schedule. It is supposed to be a high-end development but the apartments I saw there did not really reflect this. The choice of materials is rather outdated (typical of Autoker) and the level of workmanship is not that great. You may be able to flip it but it depends on when you purchased - i.e what price per square meter you paid for your apartment.
 
Clubman, to answer your question the money would not be for a KL purchase, I have discounted that option but would still like to release the money from the buapest apt., will probably then just purchase something here in south of france.
 
Thanks Budapest. I paid over 2000€/sq m for a one bed apartment in Gozsdu Udvar. I would find it hard to imagine anyone paying over that price today if I was to flip it. I have heard that nearly all investors in Gozsdu are Irish. What do you think? I have two choices:either I flip it and cut my losses or I hold on for the next few years.
 
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