For those who invest in Hungarian luxury real estate it takes longer time to make a decision on buying, opposed to those who are interested in properties of a lower worth. Luxury real estate buyers usually buy for cash, not on credit. Luxury properties situated in Budapest, in the agglomeration and at Lake Balaton are the best sellers.Luxury apartments worth more than HUF 100 million and houses worth more than HUF 300 million are the most popular among the investors. At the Pest side of Budapest the apartments and on the Buda side the houses are the real sellers. The upper limit of the price is HUF 400 million in the case of apartments, and in the case of houses the limit is the sky. When buying luxury property the investors' decision is usually based on emotional motives.
Luxury Properties Are 0.5-1.5 Percent of the Total Real Estate Supply
Villas with a swimming pool, an own river bank, a wellness department or a mansion appropriate for horse riding are the most popular. But the number of luxury properties in the countryside is still small, it's only less than 0.5 percent of the total real estate supply. There's not much more of luxury real estate in the capital either; these are 1.5 percent of the total supply.
Luxury Services
Luxury apartments and houses have to have up-to-date technical and aesthetic characteristics to gain the investors' attention. Besides the comfort solutions like an inside pool; the great view and a quiet and safe neighborhood are also important factors. A building of a high value is not necessarily called a luxury property: to gain this title it has to be built of premium quality material, have a favorable location and the mentioned luxury services.
Investor Demands
Besides the quiet and safe neighborhood, the favorable location, the great view and the extras the investors have some further demands when looking for luxury properties. Since their decision is usually based on emotional motives, they have certain requests, which they are sticking to, and not willing to compromise. For them it takes longer time to make a decision on buying, sometimes even one and a half year, they visit a lot of apartments before they choose, and almost all of them pay for it with cash.
Source: www.hvg.hu
Thinking of selling? Click here to get a free no-obligation valutation now!
