Those with an eye for historic conversions will be interested to know that Wurm Court, once home to Malvieux Bank and the Hungarian Exchange, is being converted into 85 apartments under the name Palazzo Dorottya and marketed by Cushman & Wakefield Residential. Situated in the Pest area of Budapest, Palazzo Dorottya will comprise one-, two- and three-bedroom apartments, which will face either the courtyard garden or the street; some of the larger apartments will take up the whole width of the building and have views over both. There are three different interior styles to choose from - Minimal, Modern Classic and Classical - and prices start from €155,271 (approx £107,000).

Kerry Allen of Cushman & Wakefield Residential comments as follows: "The pressures of the modern lifestyle mean that people want to live centrally, with a high level of services and amenities onsite. They don't, however, want to sever their connection with history. Regeneration is the answer. Palazzo Dorottya combines the convenience of a contemporary development with the architectural grandeur and style of the 19th century." Alternatively, for those who would prefer to put their faith in new builds, the Zaragoza Kert development in the rapidly growing airport district (18) is being marketed by Hollingworth and Taylor.

The development consists of 344 apartments, with views over Holmi forest. It is situated ten minutes from the airport and five minutes form the junction of the new M0 orbital motorway. Prices start from £35,000.
 
Those attracted to a downtown location and a modern construction might be interested to note that the new Erkelhaz development is situated in downtown district 8. This cube-shaped property is being constructed around an inner park and comprises 271 studio, one- and two-bedroom apartments all with underground parking. Properties are available through Hollingworth and Taylor and prices start from £37,000.

For those looking for a Hungarian resort property, the Lake Balaton area - Hungary's domestic holiday centre - recently became more accessible with Ryanair's announcement of thrice-weekly flights into Fly Balaton Airport. Although the selection of new-build property in the towns dotted around its 170 kilometres of shoreline is limited, older chalet-style properties are available from £20,000.

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Hungary residential real estate emerges

Article first published on 5 July 2006