Irish top property buyers

Irish investors bought more property in Hungary last year than any other nationality, almost all of it in Budapest, especially the downtown districts. Irish buyers accounted for 13% of homes purchased by foreigners.

This trend began around 2002, according to Ágnes Péter, managing director of Otthon Centrum International Client Services. Prices in Budapest are far lower than those in Dublin, she pointed out. High quality flats with a view in Budapest sell for €1,500-€2,000 per square metre.

Overall, the number of home purchases by foreigners remained unchanged in the last two years. Western Hungary and Lake Balaton remain popular among Austrian and German pensioners. Towns with thermal baths have witnessed a surge in new property developments recently, said Otthon Centrum regional head Tibor Kovács.

Expansion of the Sármellék airport near Lake Balaton is expected to give a boost to tourism and the local property market. Ryanair will launch flights between Sármellék and London in the summer, and Malév is expected to follow suit.

The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.

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