Irish buyers flocked to Hungary in the Celtic Tiger. Prices have now recovered

When the Irish began a short-lived love affair with overseas property from the end of the 1990s, the initial foray was into resort property along the Mediterranean. From there, horizons broadened to well-known and travelled capitals. As these were considered too expensive, the hunt for value began and one of the cities that most attracted investment was Hungary’s capital, Budapest. This pre-dated Hungarian EU accession in mid-2004.

As with a number of other eastern European countries, it was felt that prices could only go in one direction. While this has ultimately proven to be correct, the voyage has not all been plain sailing. Much like Ireland, prices did grow spectacularly until 2008 – when the majority of the world’s economies hit a brick wall. Learn more…