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Real Estate business in Hungary: Booming Business?
The real estate business in Hungary is booming business but not a fluent one so to say. In the village, lots of houses are empty in desperate need for a total overhaul. The normal utilities are not available. Most of the time there is no kitchen or bathroom. Even the toilet is still outside. Not everywhere the houses are in the same “nostalgic” state. Close to the city, there are very comfortable houses with all the luxury you can probably ask for.
Cheap Investment The price of real estate can vary, very much. The modern, American style house you buy for about 143000 dollar. The romantic dwellings you can buy for 15.000 till 25.000 dollar. All the houses come with big gardens enough for pigs, horse’s chickens and what ever animal you want. Prices also depend on the area you plan to buy. The North-West side is expensive, because their is a lot of employment from "Audi". The North- West area is also in the middle of three airports: Bratislava, Vienna and Budapest. Southside of Hungary close to the Croatian border (Pecs) some cheaper escpecially around the river Drava. The East side close to Romania very cheap!
Short Journey We always love to search for a house so we make a short journey through some villages and rural area. In every village at least 5 or 10 houses are empty or for sale (Elado). Little cottages owned by children who parents died or moved to an elderly home and they not want to live in such an uncomfortable house. Talking to people, we understand that it’s a huge Hungarian problem. Young people moving to the bigger city to live and work there in modern environments. The government requires that all the dwellings must keep in good shape. Garden must be mowed, major repairs not necessary but a bit overhaul most be done.
Native or Not? Try to sell the houses to native Hungarians is a problem. At the least people 9 and surtenly young people) want water in the kitchen and a toilet inside but there is not even a proper sewer system. There is a septic tank if you are lucky otherwise; it’s just running down the garden. Bathrooms are not available or there is a bath which is not connected to a drainage or hot water utility. We have seen boiler working on wood. Gas is very expensive so people prefer woodstoves and large open fire.
Pince In the garden, you can find a “Pince”, a handy utility to keep food fresh. It’s a big hole in the ground, with stony walls, covered with ground and grass. Works very well, summer and winter. However, the real estate business is booming because people all over Europe want to buy for a cheap price. Planning to do the overhaul on holiday’s and to have holiday address for the rest of their life! It's not all sorrow and poverty. To show you that Hungary "has it all", a picture from the shoppingmall in Györ.
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