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Central Europe set for boom

According to property developers, the central and eastern European property markets are set for increasing success.

With many states gradually reaping the benefits of EU membership and the substantial capital poured into their fledgling economies by western commerce, a rising standard of living is attracting a growing amount of interest from British investors.

Talking to business journal Portfolio.hu, Sandor Demjan, chairman of property developers TriGranit, said that a desire to match the quality of properties in traditional investment destinations would stimulate a market explosion.

He added that a predicted fall in interest rates would also improve the prospects for good rental returns: "If rates are low, higher rental fees multiply the value of a given real estate."

The Hungarian central bank (MNB) this week held the country's base interest rate at eight per cent, for the seventh month running.

Andras Simor, MNB president explained the decision, stating: "The decision was influenced by the fact that - although on the one hand risk premiums are going down - on the other hand, we need to have more evidence that inflation is decreasing before we start cutting rates."

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