Country: Hungary
3 July 2009
Hungary could soon become the gambling capital of Europe after the US-based Hard Rock International company, proprietor of the Hard Rock Café chain, announced plans to invest around £4.3bn to construct the largest casino and hotel complex in the continent.
The company has already purchased land in Hungary, close to the Austrian and Slovakian border with a view to completing the first casino and hotel by 2012.
Hard Rock International has obtained permission from the government to operate up to five casinos.
Although the Hungary property market has prospered since the country gained independence from the Soviet Union’s communist rule in 1991, prices have suffered in recent years.
The short-term out look the property in Hungary looks rather sluggish, due to a number of socio-economic problems, connected to the dismantling of the communist system, while the country faces crippling public debt.
However, the country’s decision to open a series of new casinos should drive demand for nearby rental accommodation, presenting fresh buy-to-let opportunities for property investors.
Furthermore, Hungary has real hopes of joining the eurozone within the next few years, which should also appeal to property investors, as the transformation, is likely to culminate in some capital growth across parts of the country.
See Also: Casino, Europe, Hotel, Hungary, Marc Da-Silva, Overseas property investor news
Price: £13,150
Type: Apartment
Bedrooms: 1
This one room flat located in the 8 distinct on the second floor. It needs to renovate. It is courtyard facing. It is near to Teleki Ter market place. It is about 10 minutes walk from the Blaha Lujza Ter. Public transport is excellent.
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Price: £27,122
This flat is in the heart of Zugl?. It is on the ground floor. It has one room, kitchen and shower. The public transport access is excellent. You can reach the centre of Budapest within 15 minutes with several buses.
Price: £36,163
The flat is located in the district 18 on Reviczky Gyula Street. It is newly built flat of one big living room, American-style kitchen, balcony and beautiful garden. The flat has parking space with it also. The apartment is pre-let.
Price: £41,916
Fantastic little studio flat in the VII district. Very close to several trolli lines and the Keleti railway station is a 7 minute walk. Right next door to Kaiser food store and DM.
Type: House
A new 6-storey block of condominiums in the city centre, consisting 93 flats and three levels of underground car park. It is called 'Kasztilia House' and is located on Kisfaludy utca. The flats rang in size from 33.4m2 to 86.
In a classic building, an apartment on ground floor with excellent layout is for sale. In part of the flat there is a gallery installed which forms a second level (28m2) in the apartment. There is a bedroom and a relatively big entry space.
Price: £44,629
The Corvin Area:Public Private Partnership Joint programs of the Investor and the MunicipalityInvestment : 320,000 m? new building construction for mixed useApartments, Offices, Hotels, Retail, Entertainment, Educational, Cultural.Value : ?575Million
Price: €56,000
Type: Studio, Apartments
Bedrooms: 1/2
The Corvin Project in Central Budapest is fast becoming the most popular and sought after investment primarily because of it's excellent location and the extremely competitive prices.
Price: £50,957
This is an excellent 1 room flat with a panoramic 15m2 balcony in a newly built building. Additionally you can purchase a parking space on the floor level for 4 000 000 HUF (circa 16 000 EUR).
Price: £51,779
The flat is located in the district 7 on Kazinczy utca (st). It is a newly built flat of one rooms in Renaissance H?z (House). The flat has modern design and it is 35 sq. m. It is on the second floor. There is a lift in the building.
Price from: €69,000
Bedrooms: 1 & 2
The long awaited next phase is finally here, and won't disappoint those investors waiting to grab a piece of the Corvin Pie!
