Cash boost for hungary tourism market

Hungary is planning to make a substantial investment in its tourism market, with a boost in exposure for the Hungarian property market along the way...

₤545 million has been earmarked for hotel development projects in Budapest and other locations, Hungarian business daily Vilaggazdasag reports. The inflow of finance is expected to lead to the creation of 100 new hotels.

Among the projects set to be completed in 2008 is the Klotild Palace, in the Centre of Budapest, as well as the luxury Racz Baglioni hotel and spa. These new developments will be the next chapter in a positive period for the Hungarian property and travel markets, following the rebirth that they experienced in 2004, after the post-9/11 downturn.

The construction of the Gresham Hotel, belonging to the Four Seasons chain and the Boscolo-New York Palace have been among the highlights of this productive period. Outside of the capital, regions expected to benefit include the Danube Bend to the north and Lake Balaton to the west.