Investing in Budapest District XIII: Gateway Properties called the Atrium

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investpest

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Does anyone know much about Gateway Properties in Budapest and also the development called the Atrium in District 13? I have looked around and have visited the plot of this development and everything seems really good, and location seems good as well.

I asked several local people who all agreed that the devlopment and its area seemed to be ok. I have seen a number of companies who are selling apartments at the Atrium, but have been unsure of who to use and whether this devlopment is worthwhile.

I am looking at keeping hold of the apartment for approximately 10 years so it is not just short term.

Any advice would be most welcome.
 
Can't say I've heard of Gateway Properties.

There's a lot of dev. in district 13 at the moment, so whether there is going to be rental demand for all of these units when they come onto the market is a moot point esp. as they're not exactly central even if they do have some metro links etc.

Much depends on what real estate you're potentially going to get for your money starting with the base price (HUF per sq. metre) ??
 
I think you might be better considering a more central district. I'm not sure about District 13 but I do know there is an oversupply of newbuilds at the moment, so you may struggle to rent your apartment, if you don't get the right area.

If/when I buy again, I'll probably buy a 2nd hand apartment. The new builds tend to be overpriced aimed at Westeners.

I would avoid staged payments like the plague. There are quite a number of new builds which are seriously delayed or even come to a halt, so the last thing you want to happen is having your money tied up in a development which is going at a snails pace.

Get yourself a lawyer in Budapest.

I've never heard of Gateway properties. If there is problems with the development 24 months down the line, do you think they will still be around? I'd do a search for budapest and have a look at all the old threads.
 
The development lies on the border of the 6th district, and is near the proposed goverment district. Do you think that this would help in the future? I was considering districts 5, 6 & 7 but they are all outwith my budget unfortunately. I also considered a classic building, but was unsure how this would work in terms of any renovation work since I am based in the UK and would struggle to supervise any of the work.

Are there any companies/developments that anyone would recommend and is this opportunity at district 13/Atrium really so bad?
 
investpest said:
I have seen a number of companies who are selling apartments at the Atrium...
Any advice would be most welcome.
Click to expand...

My advice would be to talk directly with the developer, it should save you 4-10 % on the purchase price.
The good thing is, there's no rush (the BP market is extremely flat on this moment and there's plenty of choice in new builds), so maybe it's a good idea to wait a bit and see what happens with district XIII and XI before investing.
 
UrbanDev said:
My advice would be to talk directly with the developer, it should save you 4-10 % on the purchase price.
The good thing is, there's no rush (the BP market is extremely flat on this moment and there's plenty of choice in new builds), so maybe it's a good idea to wait a bit and see what happens with district XIII and XI before investing.
Click to expand...

I totally agree. There's no need to panic and rush a buy the new build. Take your time. PM "Budapest" who is based over there, he has quite a bit of experince of the different streets in the various areas and may be able to help you.
 
It's an okay but wholly unexciting location and development, which should rent well if you furnish it to a high-end specification. There is a lot of availability at the minute in this area but it seems to continue to be popular with certain types of tenants. It's also reasonably popular with local buyers. If you decide to go any further with this, then do contact the developer directly and make sure that you're paying the same amount as local buyers would be.
 
Thanks for everyones replies, I am still fairly keen on this development as it is within my budget and not too large a development. My only fear about holding back much longer is that I will no longer be able to afford somewhere. Districts 5 ,6, and 7 are already a little too expensive for me which is why I have considered district 13.

I guess I will hold back a little longer though just to make sure. Does anyone have any other developments they could recommend?
 
There's no rush in Budapest at the minute, particularly with new builds. There's still good availability and prices are stable.

If it were me, I wouldn't buy off-plan in Bp as I've seen too many problematic projects, where quality has not been as good as expected. Have a look at some new developments, which have already been built and compare prices and specification.

What is your ideal budget? Would you be getting local finance?
 
hi, our budget is £16,000 to £20,000 max as a deposit with the rest in financing. I have seen another development that this builder has built diagonally across from the Atrium and it certainly appears to be of a high quality.

We had planned on working out the rest of the financing upon completion. Buying off plan had appealed, as it allowed us more time to save up for furnishing, financing etc.

Again, I would like to say that we do not expect to earn a 'fast buck' on this and we are simply looking at the long term i.e. 8-10 years.

Thanks
 
oh well, took the plunge and bought an apartment at the atrium. Not 100% sure why I chose this one above others, but i guess I had a good feeling about it.

It seems pretty close to district 6, and has good transport links. It also gives me the opportunity to save up to furnish it etc upon completion. The price didnt seem unreasonable in comparison to other new developments in the area, and I have been told that there has been a slight increase in price from the developer since I bought so fingers crossed.

Does anyone have any final advice or info they feel I should be aware of?
 
My advice would be not to make the usual mistake of sitting back and doing nothing until completion. Keep a close eye on the developer's progress and standard of workmanship. Visit Bp a few times and keep on top of the situation. If you have an option to upgrade the standard bathroom or kitchen, do so as it's all about making your apartment better than the competition. Developer bathrooms/kitchens tend to be pretty grim. Be prepared to snag a couple of times and don't let somebody do it in your absence. When it comes to furnishing, don't skimp on quality or design and put an extra effort into finishing touches. Good luck with it!
 
Sorry, what do you mean by 'be prepared to snag'? There are no worries in terms of me keeping on at them, I e-mail the company regularly for sales updates and any developments on the building side.

In terms of furnishing it to a high spec, having stayed in apartments in Budapest (of which were very nicely furnished and finished) I am slightly aware of the standards that need to be at least equalled.

Also, I intend to visit Budapest at least twice this year and probably 3 times next year if possible.

I will keep you posted how things develop and hopefully by the time the development is finished, the financial situation in Budapest will have improved. Thank you for your advice
 
Be prepared to have a few things, which need to be fixed/adjusted after the apartment has been built. You may have to check this a couple of times. With foreign owners, developers often skimp on finishing, assuming that they don't come to check, which more often than not is what happens!
 
I also purchased in Atrium - I hear the developer is VERY good.

Ohhh!!!

Just noticed www.resourceinfo.hu is back :)

What floor did you buy on investpest? Who did you buy through and if you did buy through developer was it cheaper? You and I should get in contact i'll PM you my contact details.
 
I will most definitely be checking my apartment upon completion, I can't believe people actually invest all that money and then dont check up on where it has all gone, so there are no worries on that front. Thank you for your advice once again :)
 
Does anybody know much about the developer who is building the Atrium apartments in district 13?

They are called Pesti Hazak, and I have heard good things about them and their high qualty of work, however this has mostily been from agents etc and people who may have other interests.

I have contacted them direct and they certainly seem to offer good service at this stage of the devlopment, but as a first overseas investment I'm obviously curious.

Also, does anyone have any further thoughts on this devlopment?
 
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