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Budapest’s property market could prove a safe bet
Country: Hungary
24 June 2008
Planning consent has been given for the construction of Hungary’s first ever casino resort.
The €1.5m mixed-use Dream Island scheme will be located on the southern end of Obuda Island on the Danube River in central Budapest. In addition to 430,560 sq ft of gaming space, it will include 3,000 hotel rooms, 1,000 leisure apartments, a convention centre, opera house, multi-purpose theatre, a marina, as well as a shopping centre.
The development is being hailed as Europe's version of Las Vegas and is predicted to boost the attractiveness of Budapest's property market to investors.
“This is excellent news for Budapest which is already a popular destination for young people and property investors,” said Brad Johnson, a tourism consultant. “We are very excited and real estate agents are expecting a surge in interest.”
A spokesman for Jones Lang LaSalle in Budapest, commercial specialists, said the development would boost investment interest. “We have not yet experienced the credit crunch effect but expect to do so,” she said. “This news could prevent any downturn.”
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