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    Budapest, Hungary

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    Reviewed by Lief Simon

    Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.

    Budapest: The Heart Of Europe

    The very large parliament buildign by the Danube river glows in the light of the setting sun

    The Hungarian Parliament is the seat of the National Assembly of Hungary

    As you walk through the streets of Budapest you will undoubtedly see reminders of Budapest’s rocky past, from bullet holes dotting the facades of the high arched historical buildings to the heart wrenching Shoes On The Danube monument which was created in memory of the Arrow Cross victims.

    This is a city that has endured much hardship but it is a city of resilient people, proud people. It is a city that is historically older than most and yet so new in its independence.

    Budapest, now the country’s capital, located in Central Hungary with an area of about 203 square miles, was born when the three cities of Buda, Pest and Obuda came together in 1873.

    Prior to this the capital of Hungary changed locations 12 times.

    Budapest is divided by the Danube River into two sections, Buda and Pest.

    The Buda side is hilly, quiet and primarily residential containing forests, which are environmentally protected, and the popular thermal spas. Pest is flatter and bustling with energy and activity.

    Here you will find the ruin pubs, open-air pools, opera house, shopping areas, cafes, and the Hungarian Parliament building which is notably the third largest in the world with 691 rooms and more than 12 miles of stairs.

    It probably comes as no surprise that most expats living in Budapest call the Buda side home.

    The most universally recognizable feature of this grand city is its architecture. By legislation, and in order to maintain the historic and beloved cityscape, building codes are very strict and the construction of buildings over 148 feet is quite limited. The city is a UNESCO World Heritage Site and therefore all taller buildings must be kept outside the city’s core.

    Gazing at the Budapest skyline is like taking a history of architecture 101 course. There is evidence of Ancient, Gothic, Renaissance, Ottoman, Byzantine, Baroque, Classical, Romantic, and Art-Nouveau architecture as well as newer constructions which have been built in recent decades.

    Budapest is going through a growth spurt with it’s population expected to increase by 10% in the next 13 years and is becoming a noteworthy economic hub with its strengths in commerce, finance, media, art, fashion, research, and education.

    Budapest is the most populated city in Hungary with over 1.75 million people, it is also one of the most densely populated cities in the European Union.

    Fun Facts

    a black and white image of Elvis Presley doing his signature hip thrust moveElvis Presley was named an honorary citizen of Hungary for support he gave to the Hungarian people in their anti-Soviet revolution of 1956. There is also a park named after the King of Rock and Roll near the Margaret Bridge in Budapest.

    an illustration of two water dropsBudaest has the most thermal springs in the world with over 18 million gallons of thermal water rising to the surface every day.

    a yellow electric guitar

    The Sziget Festival, held every August in northern Budapest, is one of the largest cultural and music festivals in all of Europe lasting one week and showcasing music from many different genres. Sziget has been voted one of the top five festivals in Europe.

     

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    Apartment or House Ownership Budget (for a couple)

    ExpenseMonthly CostNotes
    MortgageNot included here as too variable
    HOA FeesFor cooking and heating
    TransportationHUF 10,000-22,000For two monthly transport passes
    GasHUF 20,000High seasonal variation
    ElectricityHUF 15,000-18,000High seasonal variation
    WaterHUF 8,000
    Cell phoneHUF 2,500Basic plan (Magyar Telekom)
    InternetHUF 4,200Fixed monthly rate for most basic plan (Magyar Telekom)
    Cable TVHUF 2,985Basic plan (Magyar Telekom)
    Household helpHUF 72,0005For two three-hour visits per week
    EntertainmentHUF 51,400-71,400Eating out twice a week at a mid-range, local restaurant: 30,000-50,000
    Drinks twice a week at a nearby watering hole (beer: 350; glass of wine: 550; bottle of wine: 3,700)Movie theater trip twice a month (tickets: 750 per person)
    GroceriesHUF 22,000-40,000Monthly expenses for a couple
    Gym membershipHUF 42,000Cost of two monthly memberships
    Medical appointmentHUF 22,400Cost of one brief exam, paid in cash or with credit or debit
    TotalHUF 268,785-324,485Monthly expenses for a couple

     

    Apartment or House Rental Budget

    ExpenseMonthly CostNotes
    RentHUF 285,500Unfurnished, two-bedroom, comfortable apartment in a desirable part of town.

     

    Penny-Pincher’s Budget (for a couple, bare minimum costs for all)

    ExpenseMonthly CostNotes
    RentHUF 120,500Cheapest part of town, basic one-bedroom rental
    TransportationCycling and walking
    GasHUF 16,000
    WaterHUF 16,500
    ElectricityHUF 8,000
    Cell phoneHUF 2,500Basic plan (Magyar Telekom)
    InternetHUF 4,200Fixed monthly rate for most basic plan (Magyar Telekom)
    EntertainmentHUF 51,400
    GroceriesHUF 35,000
    TotalHUF 254,100Monthly expenses for a couple

    Click here for currency conversion at today’s exchange rate.


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