Budapest District 6

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fstruthers

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Hello, I know this is such a specific question but if anyone could give me any advice or their opinion would be very gratefully received!

i have found an off plan property in Rippl-Rónai street, VI. District. by a well known architect 42sq metres for 41 thousand pounds. will be ready by summer 2007. I have researched this well and am aware there are issues with over supply in budapest which is why I am reluctant to go for an up and coming area. I think this looks like a good bet as it's an old building with new flats inside.

Any comments gratefully received like i said..

Thanks very much, Fiona
 
Hi Fiona,

Sounds interesting. New flats in old buildings are difficult to find in the city. District 6 is very central and should be easy to rent but Rippl Ronai utca is divided into two parts. The first section is in the embassy district and it then gets gradually worse as it gets closer to Podmaniczky utca. This part of the street is not desirable. Is the price GBP 41,000?

Budapest
 
It would be interesting to see which end of Rippl that apartment is on. 1000 GBP per sq.m is about 1450-1500 EUR. Which (thinking long-term) is not bad value if its in the right part.
Podmaniczky runs down beside the train line, and is not in the best shape. That said, its the closest street ot the Nyugati Station, which is in line to be completely re-developed into a retail, commercial, office and residential plaza (its across the street from the (huge) West End Shopping Center. Ballymore properties were originally picked for the development, but there is huge legal tennis on-going between them and another local builder called Polus (Polus built the West End).

Paddy
 
Thanks a lot guys, this is really helpful..yes the price is in gbp. it's 32 Rippl Ronai utca which is a third distance from Podmaniczky utca and 2/3rds distance from andrassy avenue from my map..

i take it this bodes badly. would you advise for or against knowing this. just getting opinions and so any gratefully received!!
 
I'll call past it this evening and see what the building looks like but 32 Rippl Ronai sounds like it's near the intersection with Szondi utca, which is not a desirable street. There is quite a bit of development going on in the surrounding area, e.g. the large Szinyei Merse Haz scheme at the junction of Szondi and Szinyei Merse utca. Many of the older buildings surrounding this have also been renovated but it's going to take a long time for the area to become desirable to live in.
 
Hi, yes it is exactly there.

The apartment won't be ready for a year - but i imagine it will take longer to make it a good place to live..?

Thanks loads for your help! it's a real maze finding info..
 
Budapest, as a matter of interest,

you speak a lot about 'desirable streets' (and I completely agree). However, as the rental market is mostly non-hungarian, do you think the renters know which are the desirable streets? I think probably not.

My point is (yes, theres a point!) that if you are buying to let, then maybe its OK to be in district 6, and not worry too much about address, as long as its not an area thats usually on fire!
 
paddyd, you're right! I use the word 'desirable' a lot, mainly to give a local perspective on which areas are well regarded and which aren't. It's not always so obvious from a quick visit.

I agree with you that tenants don't really care about the address of their property once it's safe and easy to get everywhere. In Budapest though, crime is not the main issue. It's dirt! Many of the streets are very run down and dirty, so not pleasant to live on. Szondi utca is an example of this. Most expat renters I know wouldn't want to live there. More importantly though, when it comes time to sell an apartment in an undesirable location, the target market is more than likely going to be limited to other investors. I always encourage people to invest in the best location they can afford as there is no guarantee than any of these 'up and coming' areas will improve all that much.

fstruthers, I passed by Rippl Ronai 32 this evening and it's very close to Podmaniczky on the worst part of the street. The building design is nothing special and only the attic is being redeveloped and not the whole building, so not so unusual for Budapest. And although the facade and interior of the building will be renovated, I don't think it will look that great when finished. I think you might find better value elsewhere. 390HUF/sq m. is quite high for this location. Have a good luck around and don't rush into anything you're unsure of.

Best of luck,
Budapest
 
Thanks Budapest.

You're echoing what I seem to be being told a lot. I need to make a decision today and my gut instinct is to keep looking around/possibly investigating other countries.

I really appreciate your help and you having a look at it for me. Thankyou.

Fiona
 

The Podmaniczky end of town and all those adjoining streets has suddenly moved up to the desirable end of the scale, with the announcement that the new Government Quarter is to be built along the border of Nyugati train station and Podmaniczky ut. It appears to be a truely massive building project/under-taking, and bodes well for that area.

first announced back in November, the architects have finally been chosen

[broken link removed]
 
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