Descrption:
Hunagrian Property Owners
According to data from the Ministry of Interior, 25,000 foreigners have purchased real estate in Budapest over the last four years, 6000 of which did so in the last year. Observers state that the composition of foreign buyers has changed over this time. Whereas foreign investment had previously come from primarily Germans and Austrians, the Irish and the English exhibited growing interest in Hungarian real estate in 2004. Chinese and Russian investors have also arrived on the market, looking mainly for used homes, real estate magazine ReSource said in its latest commentary on Wednesday.
Demand for new and used homes in Budapest these days is sharply divided. The latter are primarily sought after due to their proximity to downtown, and for their old-fashioned architectural styles such as Bauhaus or classical.
According to Péter Vasas, CEO of David and Harrison Real Estate Sales Kft, Budapest's veneer is made unique primarily by the buildings in the inner city on both Buda and Pest sides. These are important considerations for foreign investors, and even domestic investors often make a purchasing decision based on these factors.
Another argument favoring used apartments is the increasing barrage of criticism of the quality of newly built real estate. According to Vasas, two kinds of people live in Budapest: those already living in Buda, and those would like to live in Buda. It can be said without partiality that the interior of Pest, the 5th and 6th districts and Újlipótváros, are on par with the Buda districts. Of course, other areas of Budapest have their own advantages and charms - lower prices, less traffic and more greenery - but truly historic spots are not to be found in these districts.
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