You hear about the Irish guy who put money down on a new flat in central Budapest? Unfortunately, says the Irish Times, it isn’t a joke.
Development sites are lying idle in Budapest as in Dublin – and this has left many Irish investors, who put money down on apartments, in trouble.
Enter Harry Sexton, a former Irish solicitor who has lived and worked in Hungary for the past decade, advising both commercial and residential investors.
What kind of problems is he advising on? “I have 68 Irish investors who’ve paid substantial amounts – some 90 percent of €100,000 to €200,000 – to buy apartments in a development in the centre of Budapest where building work has stopped. Some owners were buying on the strength of borrowing against Irish property and face losing everything.”
Read the whole story here.