Budapest Studio Apartment - €155k Off Plan City Centre

A fantastic opportunity to invest in Palazzo Dorottya - a development located in the centre of Budapest's shopping and commercial district, 100m from the banks of the Danube on the West Side of the City. The building dates back to the 19th Century and is listed, while the interior has been completely redone to the most modern specifications.

The ground floor will consist of luxury offices, and UBS are the latest company to lease an office space, while floors 2 to 6 contain apartments. The centre of the development overlooks a courtyard, and onsite there is a 24-hour concierge, Wellness Centre, Spa and Café-Lounge. The developer has an agreement with local rental agencies to help investors find a tenant for their apartment.

Floor plan for our apartment is enclosed, it is a Studio with a floor area of approximately 55sq.m. The apartment is fully furnished, with a fitted kitchen and bathroom, all completed to very high specifications in a Minimal style suited to a smaller apartment.

For full details of the development, including more images, official website is www.palazzodorottya.com.
For a downloadable brochure go to http://www.a1realestate.hu/download/Dorottya/DOR_brosura_ENG.pdf.

The development is due to complete on 15th Feb 2009, and since the original completion date was due to be 30th October 2008, the new investor will be eligible to compensation from the developer for this delay!

Originally purchased with 20% down payment at a price of 155,000 EUR / 124,000 GBP 18 months ago, the latest valuation of the apartment is 180,000 EUR / 144,000 GBP. Due to a change in family circumstances we are obliged to exit the investment early, and as such are willing to forego this 20,000 GBP profit. We are also willing to negotiate on the deposit amount/legal fees for a quick turnaround.

To step into our contract, an investor would need to do the following:

• Deposit - transfer to our account 32,000 EUR / 25,600 GBP (will accept GBP or Swiss Francs if preferable)
• Legal Fees - complete a legal transfer of ownership - the developer already has this in place and has quoted a total 4,500 EUR / 3,600 GBP to complete this
• The investor will be liable for 9,000 EUR / 7,200 GBP Stamp Tax - we have already paid this, and on transfer the Tax authorities will reimburse us and contact the new investor to settle this.
• Note the agreed price to be paid to us by the new investor will be based on Deposit + Legal Fees, and excludes the Stamp Tax.

We are truly disappointed to have to end this investment early, as it is rare in an Emerging Market such as Hungary to find a property investment opportunity with such good fundamentals and opportunity for steady return.

***Note all GBP amounts calculated at a rate of 1.25 GBP/EUR, this is subject to change as exchange rate fluctuates***

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