CONTENTS: INTRODUCTION, WHAT IS A HOTSPOT?, JOLLY HARBOUR, ANTIGUA - ST. JAMES, BARBADOS - GOLDEN SANDS, BULGARIA - DUBROVNIK, CROATIA - DUBAI, UAE - EL GOUNA, EGYPT - FORTALEZA, BRAZIL - ACCRA, GHANA - GOZO, MALTA - BUDAPEST, HUNGARY - KINSALE, COUNTY DONEGAL, IRELAND - LIMASSOL, CYPRUS - CANCUN, MEXICO - NATAL MIDLANDS, SOUTH AFRICA - NAXOS ISLAND, GREECE - MOUNT MAUNGANUI, LEIGH, NEW ZEALAND - NIMES, FRANCE - ORLANDO, FLORIDA - PANAMA CITY, COSTA BLANCA, PANAMA - KRAKOW, POLAND - LAGOS, REDONDO, PORTUGAL - MURCIA, SPAIN - UNAWATUNA, GALLE, SRI LANKA - PHUKET, PATTAYA, THAILAND - FETHIYE, TURKEY - ISOLA D’ELBA, TUSCANY - QUEENSLAND, ADELAIDE
| BUDAPEST, HUNGARY | ||||||||||||||||||||||||||||||||||||||||
| C O U N T R Y
D A T A
| Population | 10.11 million persons | ||||||||||||||||||||||||||||||||||||||
| PopulationGrowth | -0.320% | |||||||||||||||||||||||||||||||||||||||
| Land Area | 92,340 sq km | |||||||||||||||||||||||||||||||||||||||
| Currency & Exchange rate | 1 forint (Ft) = 100 filler (1 Ft ~ 1/380 GBP) | |||||||||||||||||||||||||||||||||||||||
| GDP-PPPMethod | 81,183.0 millions of US dollars | |||||||||||||||||||||||||||||||||||||||
| GDP Growth | 4.14% | |||||||||||||||||||||||||||||||||||||||
| GDP Per Head | 8,033.0 Thousands of US Dollars Per Person | |||||||||||||||||||||||||||||||||||||||
| Financial | Interest Rate | Inflation Rate | ||||||||||||||||||||||||||||||||||||||
| 8.5% | 5.3% | |||||||||||||||||||||||||||||||||||||||
| National Bank | National Bank of Hungary | |||||||||||||||||||||||||||||||||||||||
| Political | The current government, elected in April 2002, is a coalition of the Hungarian Socialist Party (MSzP) and the smaller Alliance of Free Democrats, under Prime Minister Péter Medgyessy who was sworn in during the end of May 2002. The government is a Centre-Left coalition and holds a slender but stable 10-seat majority. Politics in Hungary are confrontational; Parliament is the focus of lively debate on most issues, though usually with a greater focus on political advantage than on real differences over basic policies. The current President, Ferenc Mádl, was elected by parliament in August 2000 but the presidency role assumes very little executive power. In May 2004, Hungary was one of 10 countries that entered into the European Union. For the foreseeable future, Hungarian politics would continue to be substantially influenced by Hungary's integration with the European Union and the attendant economic and structural reforms. Such transformations would increasingly integrate Hungary's economy with those of its immediate neighbours as well as West European countries. | |||||||||||||||||||||||||||||||||||||||
| Social Security | Yes | |||||||||||||||||||||||||||||||||||||||
| Languages | Hungarian is the major language; German, Romani, Romainian, Slovak, Slovenian, Serbian and Croatian are also spoken by various minorities | |||||||||||||||||||||||||||||||||||||||
| Customaries | From net | |||||||||||||||||||||||||||||||||||||||
| Ethnic Make-up |
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| Tax | Income Tax | Capital Gains Tax | ||||||||||||||||||||||||||||||||||||||
| Capital Gains are taxed at a flat rate of 20% | |||||||||||||||||||||||||||||||||||||||
| Description | Hungary’s major industries are Metallurgy, Processed food, textiles, chemicals, construction, motor vehicles, logistics and business centres. Te major trading partners are Germany, Austria, Italy, Russia, France, USA, UK and the Netherlands. After 1989 Hungary embarked on a free- market economy. The rapid privatisations caused a dip macro economically and the ruling party at the time implemented an austerity package to address structural problems and to combat inflation. Since 1997, economic growth has been impressive with the Hungarian economy recording growth rates around 4% a year. Household and public demands have been picking up since 2001. This has been led by an export-orientated boom in manufacturing. Unemployment is quite low at around 8%. In 2002, nearly 90% of the GDP was generated from the private sector as opposed to just 10% in 1990 Hungary's exports have steadily risen since 1993, and over 75% of trade is now with the European Union. With EU accession in May 2004, trade links within the EU will further improve Hungarys economic progress. | |||||||||||||||||||||||||||||||||||||||
| L O C A L
D A T A
| Investor Profile: | Cash & Equity Investor Pension Investor Downshifter Investor Business Investor | ||||||||||||||||||||||||||||||||||||||
| Category: | Bronze | |||||||||||||||||||||||||||||||||||||||
| Population:
| Total | British | ||||||||||||||||||||||||||||||||||||||
| 1,775,203 | 10,000 | |||||||||||||||||||||||||||||||||||||||
| Climate: | Hours of Sunshine Per Day in Summer | Days of Rain Per Year | January | July | Average Water Temp. | |||||||||||||||||||||||||||||||||||
| Nine | 35 | -1.6C | 22C | - | ||||||||||||||||||||||||||||||||||||
| Proximity to: | Airport | Beach | Nearest City | |||||||||||||||||||||||||||||||||||||
| Budapest Ferihegy Airport, The airport is located 24km (15 miles) southeast of Budapest | N/A | Szentendre | ||||||||||||||||||||||||||||||||||||||
| Restaurants and bars: | New clubs and discos are constantly sprouting up all over Budapest and there is no district especially renowned for its nightlife. The bars offer something for everybody – from sleazy sex bars to calm cafés – and there is plenty of time to experiment. Many bars are open until dawn, although most close at around 0400. Borozos are cheap wine cellars, where it is rare to see women, especially unaccompanied. Sorozos, are beer houses that will also serve good and moderately priced food. The minimum drinking age is 18 years. Alcohol is inexpensive, with a beer costing Ft200-300 (far more for imported bottled beers) and sprits Ft500. | |||||||||||||||||||||||||||||||||||||||
| Sports and leisure facilities: | The Hungarians excel at kayak and canoeing, fencing, water polo, swimming and modern pentathlon but flop in tennis, basketball and football. The most important annual event is Hungaroring (the Hungarian Grand Prix), which draws fans from all over Europe. Certain parts of Budapest are well set up for cycling, including both City and parks. | |||||||||||||||||||||||||||||||||||||||
| Transport: | Public Transport | Roads | ||||||||||||||||||||||||||||||||||||||
| Public transport in Budapest is excellent by international standards.
You can also reach Budapest by train, including overnight direct trains from Paris and Brussels | You should think carefully before hiring a car or driving in Budapest unless you know the city well. Traffic jams are frequent, and roads are often closed near construction sites.
You can use he highway from Vienna, which was finished just a couple of years ago. | |||||||||||||||||||||||||||||||||||||||
| Crime rate: | Since the fall of Communism, the authorities have had a difficult time controlling the growth of organised crime, but as an expat you are not likely to encounter this unless it is your lifelong dream to own a bar or a strip joint. The only crime a Western traveller is likely to experience is pick pocketing | |||||||||||||||||||||||||||||||||||||||
| Main types of employment | Engineering, pharmaceutical, electronics and computer industries, Manufacturing, tourism | |||||||||||||||||||||||||||||||||||||||
| Future plans: | Communism is well and truly history – the young are eager to adopt Western European values, while remaining in an obsessive relationship with Hungary’s fascinating past. The traditions and history of the Magyar people are still vitally important, as is the ubiquitous mobile phone. | |||||||||||||||||||||||||||||||||||||||
| Yield range | 7- 10% | |||||||||||||||||||||||||||||||||||||||
| Type of property | Entry Price | Rent- Peak | Rent- Off Peak | Average Annual Yield | ||||||||||||||||||||||||||||||||||||
| 2 bed apartment | £35,000 | £300 | £300 | 9.1% | ||||||||||||||||||||||||||||||||||||
| 3 bed apartment | £50,000 | £370 | £370 | 8.8% | ||||||||||||||||||||||||||||||||||||
| 3 bed townhouse | £60,000 | £380 | £380 | 7.6% | ||||||||||||||||||||||||||||||||||||
| Detached | £70,000 | £450 | £450 | 7.7% | ||||||||||||||||||||||||||||||||||||
| Demand for letting | Peak | Off peak | ||||||||||||||||||||||||||||||||||||||
| High | Moderate | |||||||||||||||||||||||||||||||||||||||
| Finance and leisure scores: | Total (out of 10) | Financial (out of 5) | Leisure (out of 5) | |||||||||||||||||||||||||||||||||||||
| 7 | 2 | 5 | ||||||||||||||||||||||||||||||||||||||
| Flights scheduled from: | London, Manchester, Birmingham, Glasgow, Newcastle and some smaller airports. Easyjet also flies from London Luton. | |||||||||||||||||||||||||||||||||||||||
| Typical cost of flights: | Peak | Off Peak | ||||||||||||||||||||||||||||||||||||||
| 140 – 450 GBP | 80 – 200 GBP | |||||||||||||||||||||||||||||||||||||||
| Operators: | Malév, Aeroflot, Air France, British Airways, KLM and Lufthansa | |||||||||||||||||||||||||||||||||||||||
| Description: | Buda and Pest were separate cities and the Danube was their frontier. Since 1874, the two parts—the lovely Buda hills to the west and the sprawling urban plain of Pest to the east—have been connected by municipal government Panoramically divided by the Danube, Budapest is one of Europe's most beautiful capitals. A grand metropolis of classic coffeehouses, city's art, sights and museums. The city was made for wandering and discovery. The joining of the EU will have an effect on property prices in the long run. It’s a great place to put your money as this country is one of the better ones that have recently joined. Capital growth has to happen as the city is too thriving for it not to. Major private investment has gone in in anticipation of a rapid increase in tourists expected. Yields are unexciting but enough to cover the mortgage. | |||||||||||||||||||||||||||||||||||||||
| Hot Website: | www.budapest.com | |||||||||||||||||||||||||||||||||||||||
| Estate Agents: | Name | Address | Tel | Web | ||||||||||||||||||||||||||||||||||||
| Casaro | 1051 Budapest, Sas u. 4, Hungary | +36-1-486-3500 | www.casaro-hungary.com | |||||||||||||||||||||||||||||||||||||
| IREC | www.irec.hu/indexa.htm realtor@irec.hu | |||||||||||||||||||||||||||||||||||||||
| Piramis Real Estate | Budapest, 1025 Verecke út 8, Hungary | +36-1- 33-55-965 | www.piramisingatlan.hu | |||||||||||||||||||||||||||||||||||||
| HEURÉKA | 22 Ingatlanközvetítő Bt, Budapest, Hungary | + 36 -1-227-0391
| www.heureka22.h heu22@axelero.hu | |||||||||||||||||||||||||||||||||||||
| Letting Agents: | Name | Address | Tel | Web | ||||||||||||||||||||||||||||||||||||
| Casaro | 1051 Budapest, Sas u. 4, Hungary | +36-1-486-3500 | www.casaro-hungary.com | |||||||||||||||||||||||||||||||||||||
| Piramis Real Estate | Budapest, 1025 Verecke út 8, Hungary | +36-1- 33-55-965 | www.piramisingatlan.hu | |||||||||||||||||||||||||||||||||||||