Budapest property market background

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Budapest with a population of 2 million is known as one of the most beautiful and dynamic capital cities in Europe and has emerged as the leading financial, cultural and tourist centre in Central Europe.

Having re-emerged from 45 years of enforced socialism, Budapest and Hungary in general have regained their former "Joi de vivre" and momentous changes have been seen over the last 15 years - ever since Hungary was instrumental in dismantling the iron curtain.

One of the biggest and most important changes happened on May 1st 2004 when along with 10 other nations, Hungary joined the European Union as a full member.

One area that has not caught up with western benchmarks is property values and particularily rents. As far as property rentals are concerned, Budapest is still one of the cheapest major cities in Europe. We believe that with EU entry that will change.

According to Fortune magazine's recent ‘Best Cities For Business’ survey, which considers amongst other factors the ease of doing business, quality of life, cost of living, civic and cultural activities and economic growth rate, Budapest is the third most favoured city in Europe, immediately after London and Amsterdam. At the same time it has one of the lowest cost of living indices in Europe, including rents.

At the same time, the Economist Intelligence Unit says Budapest is one of the cheapest cities not only in Europe but the World. The latest EIU survey looked at the cheapest and most expensive larger cities. The cheapest city of the existing euro-zone is currently Lisbon, while Europe's cheapest cities were Bucharest and Budapest, standing in 133rd and 125th places, respectively.

With Hungary’s entry into the EU all that is likely to change and we think you must agree that this mix portends very well especially for rents.

Budapest With its wide boulevards, the architecture of Budapest is deservedly world famous. So much so that UNESCO has placed much of it on the World Heritage List. Not surprisingly, a large number of investors have woken up to the fact that there appears to be an anomaly as far as property values and rents are concerned.

Our Services We offer a complete service for the property owner who wishes to find the best possible tenant for their properties. Read more about property management in Budapest Hungary.