Two Irish-Hungarian developments aim to appeal to young in bustling Budapest

HungaryBudapest these days has something of the feel of Dublin in the early 1990s: lots of buzz and a sprinkling of trendy new shops and expensive cars. The skyline is broken by telltale cranes.

Down at the B7 disco on Saturday night, the place is hopping. Young men are knocking back Heinekens; young women are looking like Paris Hilton.

There's a steady stream of taxis ferrying people between clubs, bars and discos and, unlike other places closer to home, everyone seems to be behaving themselves.

Budapest (Buda on the hilly western side of the river Danube, Pest on the flat east bank) is divided into numbered districts, several of which show evidence of serious economic rebirth.

In District XIII north of central Pest, efforts are being made to create a financial and corporate headquarters area.

There are numerous new office blocks and shopping centres.

Just south of the centre, there is something of a residential building boom along the banks of the Danube in the northern part of District IX closest to the centre itself.

And parts of the old Jewish quarter in District VII are also becoming fashionable once more after decades of neglect.

The whole of District VII is earmarked for regeneration over the next few years.

A number of Irish companies have been active in the Budapest market for several years and now one, Hexacon Homes, a joint Irish-Hungarian enterprise, is upping its profile with two new developments.

Hexacon was founded in 2003 by Eamonn O'Connor and Eddie Brien of Dublin, together with Gabor Beregszaszi of Budapest. Gabor, a civil engineer, set up his own company in 1993 and first worked with O'Connor and Brien in 1998.

The two Irishmen were involved in property in Ireland (Monaghan and the south-east) before linking up with Gabor on one-off refurbishments in Budapest.

Earlier this month, they launched two new developments. Akacfa is in the central District VII, and Mill House is at the north end of District IX.

Both are located in areas close to universities and other activities that attract foreign residents, often for good letting periods like one to four years.

One of the other main attractions of both developments is that they are new builds whose architectural and fit-out style is likely to appeal to that growing group of younger people who drive the new cars and frequent places like B7.

Akacfa (which will be built on a street of the same name) will be an eight-storey, U-shaped building of 46 one, two and three-bed apartments, sandwiched between two of the early 19th century buildings typical of much of central Pest.

At ground level there will be two shops and beneath the groups, three levels of car-parking for up to 80 vehicles.

The apartments will range between 46sq m (495sq ft) and 101sq m (1,087sq ft). Some will look into a central courtyard, others onto the street. The street is one of the quieter ones in the area but is close to main shopping streets and Budapest's beautiful and huge (3,500 seater) Dohany synagogue, the largest in Europe.

Each of the apartments, which are due to be finished by the end of next year, will be fitted with hardwood and tiled floors, fully fitted kitchens, and bedrooms will all have fitted wardrobes.

Prices range from 22,566,866 Hungarian forints (known as HUF), equivalent to €90,267 on an exchange rate of €1 = HUF 250, for a 49sq m (527sq ft) one-bed on the ground floor, to HUF 56,227,339 (€224,909) for a 100sq m (1,076sq ft) three-bed on the seventh floor. Parking spaces may be had for €15,576.

Mill House is a much larger development of 127 apartments on Ipar Utca (Ipar Street) south of the city centre.

It will consist of three blocks: one overlooking the street at the front, while at the rear sharing an internal garden with the other two adjoining blocks.

The rear of the adjoining blocks overlook a green space shared with a government ministry.

Mill House will have eight studio apartments, 68 one-bed apartments, 41 two-bed, seven three-bed, and three four-bed apartments. There will also be two shops and 132 underground car-parking spaces.

Apartment sizes will range from between 30sq m (323sq ft) for the studios to 103sq m (1,108sq ft) for the four-bed duplex penthouses.

As with the Akacfa apartments, Mill House will have wood floors throughout and stone-porcelain finish floor tiles in the bathrooms, kitchen, storage areas and hallways; plus fully fitted kitchens, intercoms and gas-fired central heating.

Prices will be available shortly and are expected to range from around €60,000 to €225,000, with building complete by mid-2007.

Hexacon's agent in Ireland is Mason estates of Dundrum where Sean Mason has a package aimed at investors wanting to put in €100,000 for a guaranteed 5 per cent return plus an option on a further purchase.

Turnkey furniture packages are also available, together with legal and management services.

The Hungarian economy is now growing at a pace similar to our own - 3.5 per cent this year, 4 per cent projected for 2006.

Capital appreciation in Budapest ranges from 10 to 20 per cent, with rental yields in the right locations coming in at five to 6 per cent.

Further information on Akacfa, Mill House and other Hexacon development from Mason Estates 01 2951001

sean.mason@masongroup.ie or O'Connor Property Consulting 01 496 2040