Tampa Real Estate Sizzle…Your Best Source for Tampa Real Estate, Tampa Neighborhoods, South Tampa Real Estate, Florida Condominiums and The Latest News on The International Real Estate Market
Jackie Colson-Miller, CIPS
Direct - (813)629-5757
Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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Budapest…Still a Real Estate Bargain for Europe
[googlevideo]-2547328425721356675[/googlevideo]My first stop, on this Educational trip, is Budapest, Hungary, the Pearl of the Danube . The Country joined the European Union in 2004, but is not planning to introduce the euro until 2010, so Real Estate in this charming country is still a relative bargain compared to the rest of Europe. Many people have compared Hungary to the financial situation in Ireland 10 years ago. No doubt, as the transition to the euro approaches, the prices will climb accordingly, just as they have in other countries as they converted to the Euro.
The hot districts in Downtown Budapest are the Castle District and the business area near the Parliament. One bedroom apartments in these areas are available at starting prices of $150,000, with closing costs of about 8 to10% of the purchase price.
Most foreign buyers choose to set up an LLC in Hungary. It is a fairly simple process and has great tax advantages to the Buyer, with only 16% Capital Gains tax due upon sale.
Properties are easily rented and appreciation remains strong, as Budapest is one of the most sought-after destinations in Eastern Europe.
My hotel room overlooks the Danube and the view is magnificent. I’ll be feasting on Goulash and Pastry for the next few days, before I head to Vienna to start studying!
This entry was posted on Thursday, April 12th, 2007 at 11:26 am and is filed under International Real Estate, Project Blogger, Real Estate News, Where is Jackie Now?. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
How big are these places that you spoke of in the Castle district? Are they similar to our condo’s here in Tampa or the condo’s in New York?
The Castle district is very old…dating back to the 12th century. The buildings would be most similar to something you would see in Paris. They are about 3 stories tall and front right on the sidewalk. Originally, single family homes they have all been converted to offices, restaurants and apartments.
Hey Jackie,
I’m enjoying your videos and blog. I’m still calling you as a front runner in Project Blogger.
The thing I remember most about Budapest is the cold. We went in March, and it was just freezing.
Interesting.
For the prices mentioned above you will get a large apartment in more popular districts like 3rd or 11th.
These apartments rent out very easy as well.
Regards,
Matthias