British investors have been advised to have a look at Budapest for exciting new properties.
Redevelopments and classic apartments are very fashionable at the moment in the Eastern European capital, and although prices are reasonably cheap, most properties will need some renovation work or a bit of refurbishment.
Dave Goedhals, property consultant of Gateway Properties, explained: "If you compare it to a new development, if you are buying a new apartment, you buy the apartment straight to let out but you do not have that special vibe that a classic apartment has."
He explains that most people split their budget bearing in mind they will have to customise the place to their needs or those of their potential tenants.
Investors will set out a budget for the cost of the property and then decide how much they also want to spend on costs and renovation.
The Hungarian government has liberalised the real estate laws to attract foreign investors after it become a member of the European Union in 2004.
See Also: Property News (5977)
Date Published: 19 July 2007
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