Properties in London costs nearly twelve times as much as it does in Budapest
August 31st, 2015
A square meter of a premium downtown apartment in the world's most expensive city, London costs nearly twelve times as much as it does in Budapest, says the most recent joint analysis by CBRE international real estate consulting company and Otthon Centrum network.
According to international data one square meter costs 8.6 million Forints in London, 4.8 million in Paris and 1.1 million in Berlin – at least in the most popular areas of the European capitals. The same costs only 700.000 Forints in Budapest.
The analysis points out that in the past 10 years the population of London grew by 1 million while only 200 thousand new homes were built. In Budapest however more than 65 thousand new homes were built while the population only grew by 55 thousand.
Experts behind the analysis say it is remarkable that 46 percent of buyers were foreigners in London downtown last year. Most of them presumably bought apartments for investment purposes as prices tripled in the area in the last 30 years.
In the 5th district of Budapest 13% of buyers were foreigners last year, while the average for the entire capital remained below 2 percent. Prices of Budapest estates grew by 30 in the last 30 years.
(Source: http://inforadio.hu/hir/kulfold/hir-694920)
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