Can you post some more details about the apartment? What size? How many rooms? What street is it on and where about on the street? Is it street-facing? What floor? What is the building like? Are there any plans to improve the building? Is it renovated? Does it open from the staircase?
I have gone sale agreed on an apt in district ix (Dunapest).We kept the price reasonable and it was sale agreed within 3 months.
I do believe the market is generally quiet but it should still be possible to sell.
Certain types of properties are very popular and sell within days, while a significant percentage of undesirable properties can stay on the market for a year or more. If longlegs can post more details, then it would be easier to determine what the best strategy might be.
2 bedroom ( facing couryard) apt, separate kitchen, large sitting room facing Rosza St,bathroom, laundry room, lift in building, 3rd floor, renovated. Duna house are saying there are lots of properties on the market at the moment and market will slow down by christmas. currently rented at 550 per month.
the apartment has 2 bedrooms facing the couryard, on 3rd floor, all rooms come off the hall, kitchen, large sitting room, facing Rosza st, lift in building, renovated flat. Duna house tell us the market has a lot of apartments for sale as investors are selling. the apartment is rented at 550euros per month
At first glance, 550 euro per month seems good for this type of apartment in this location. It would appear to make sense to hold on for a few years if you can. At that rental, I'd imagine that you're getting a return in excess of 8%.
Hold it. Makes no sense to sell in the current climate. Although Budapest is doing better than most places, there is still uncertainty in the market. Wait for two or three years, if you can.
It really depends what and where you bought. Could you post some more details about size, which floor, which street is it on and where about on the street? Is it street-facing? What is the building like?
Agree with Lollix, wait if you can. Some of the experts say the climate will change over there by mid-2009. 3rd floor no lift is a disadvantage for sure. Especially when it comes to selling a property. the terez korut area however is quite popular among expats in BUD. It shouldn't be a problem to let it. GT
If the apartment faces Terez Korut, then it's going to be quite noisy, which may pose problems for both selling and renting. You could either sell now, more than likely at less than what you paid, or wait until the financial situation stabilises, which is likely to take another 2-3 years. By the end of 2009, Hungary should quality for ERM2, making Euro adoption likely from Jan 1st 2012.
that perhaps assumes the EU relaxes the rules to join. Maastricht has its issues, but there is a reason why the EUR is such a hard club to join. I'm not sure making it easier to join is a good idea long-term.
Even without relaxing the rules, Hungary should be able to enter ERM-2 by end 2009/early 2010. High inflation was a worry but with Europe on the verge of a recession, this is proving to be less of an obstacle than before. In addition, the fiscal deficit criterion could be met even by the end of this year, but certainly in 2009. If all of this happens as planned, then the Euro can be adopted in January 2012.
MrDT, there are of course various viewpoints about what will happen in Hungary. You'll find a lot of these already documented in previous posts on HU.