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Overseas Property News
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Budapest’s buy-to-let prospects reviewed
Country: Hungary
7 March 2008 Homeownership rates in Hungary – over 90% - are one of the highest in Europe, as very few Hungarians like to rent property. This means that buy-to-let investors in the city are largely reliant on short-term rental demand from tourists. Fortunately, Budapest draws in over 20 million overseas visitors each year. The city is served by direct flights from the UK, operated by a number of airlines, including Ryanair, Malev Hungarian Airlines, Easyjet, Wizzair and Jet2. Data complied by holidaylettings.co.uk shows that the average rental price of a two-bedroom apartment ranges from £248 per week in low season (Nov/Feb) to £281 per week in mid-season (May/Sept) to £300 per week in the peak season (Jul/Aug). Kate Stinchcombe of holidaylettings.co.uk told Homes Overseas Online: “The lack of a significant price hike between shoulder and peak season pricing supports our suspicion that locations such as Budapest are yet to appeal to British holidaymakers in the summer months; but the availability of low-cost flights and low cost of living make the city a perfect shoulder season, short break destination with well located accommodation.” Ultimately, buy-to-let investors in Budapest can typically expect to achieve an annual rental yield of around 6%, based on an achievable 16 weeks of the year occupancy rate, says Stinchcombe. However, she states: “Investors who use their property less themselves and promote it more widely should achieve a higher return”.
Some properties in Hungary
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Price: £882,000
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Type: House
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Bedrooms: 7
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Occupying a secluded location on the
edge of one of Hungary’s largest cities only 40 minutes from the airport and 45 minutes from the heart of Budapest.
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