Eastern Europe attracting first time buyers

29-Mar-2005

First time buyers looking to invest in overseas properties are heading for eastern Europe, it has been revealed.

Many homebuyers are looking overseas to find cheaper properties than are available in the UK, given the country's rocketing housing market in recent years.

And now first time buyers are travelling to areas of the world that were hidden for many years behind the Iron Curtain to invest in cheap property prices as the region begins to become a profitable area.

Hungary's Budapest has been one of the most successful cities in eastern Europe in recent years and many investors are heading there, largely due to its very modern economy, transport system and education possibilities.

As Hungary is now part of the European Union (EU), and will join the Euro in 2007, the opportunities for British house hunters in the region have never been better.

Many first time buyers are considering the region as a money-making buy, with forecasts predicting that apartment values will increase by as much as 25 per cent per year following accession to the EU.

As such many investors are considering using their properties as buy-to-let investments that will help them praise funds to get on the property ladder in the UK in a few years.

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