Investors not hungry for hungary

Only 500 homes in Hungary were sold to foreigners between January and November of this year, compared to around 5,000 residential units for the whole of last year, according to Hungary's National Statistics Office and property firm Forest Hill-Neo City...
 
Director of Forest Hill-Neo City, Balazs Szili, told news agency MTI, "The full-year figure for 2008 is unlikely to Change much as few foreigners buy homes in December."
 
Hungary's residential market has prospered from the country's positive transformation. Average prices appreciated by around 50 per cent between 2003 and 2007, according to developer Otthon Centrum.

However, short-term prospects for further capital growth look rather sluggish at the moment, due to a number of socio-economic problems, connected to the dismantling of the communist system.

Hungary wants to give up its national currency and adopt the euro currency. However, the country's plans to join the eurozone may be postponed, due to ongoing economic concerns.
 
Hungary has named 2010 as a target date for taking on the euro, however, a glance at the Maastricht criterion on debt, would suggest that Hungary may not be able to adopt the euro in time. In fact, Hungary's economic growth is one of the lowest in Central Eastern Europe.

Source: www.homesoverseas.co.uk