Apartments in Budapest for less than £40,000

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by Kay Murchie

Hungary’s capital, Budapest, is in the midst of its big post-war renovation and, as a result, is offering unique opportunities for overseas investors.

A spokesperson for Dream Homes WorldWide, the overseas property investment consultants, have remarked that the new attraction in Budapest is the pedestrian promenade in Corvin-Sétány, it is the widest in Budapest and connects the popular Corvin Cinema with Orczy Park (one of the largest gardens in Budapest with over 100 varieties of trees). The promenade will feature a Parisian theme with good bars, restaurants, shops, hotels, entertainment and a leisure centre which will feature a gym, swimming pool and a beauty salon.

City Garden is a new development of 340 studios comprising 1, 2, 3 and 4 bedrooms and are situated next to the promenade. Each apartment comes with a fitted kitchen and bathroom. Penthouses have large rooftop terraces. Facilities include a large wellness centre with an indoor swimming pool, underground parking and CCTV for 24-hour security.

Prices range from £35,900 for an apartment, a £1,500 deposit is required to secure a reservation followed by 30% one month after signing.

In addition, Józsefváros (Joseph’s Town) is a centrally located district renowned for being culturally diverse and will be somewhere people will want to live. £272,000,000 will be invested into this area making it Budapest’s, and Central Europe’s, biggest regeneration project. Apartments are to be renovated by 2010 and the new Metro 4 underground route commenced construction in 2006, the first phase is to be ready in 2009.