When many think of emerging Europe’s property market, their minds turn to bleak Soviet-era apartment buildings.
However, this couldn’t be further from the truth. Today, emerging Europe offers a unique property market bejewelled with stunning city penthouses, river-side views and tranquil courtyards.
Moreover, cities like Budapest, Prague and Warsaw have shown increasingly strong price growth in recent years providing the perfect investment opportunity.
Budapest’s saw the fastest-growing house prices anywhere in the world in 2019’s third quarter and from 2018-2019 prices grew a massive 24 per cent. This can be partly attributed to low mortgage rates, high employment and overall strong economic growth. Similar narratives can be found in the other Visegrad countries and beyond, as Warsaw and Bratislava saw a 13 per cent increase in the same period.
Cities like Plovdiv in Bulgaria and Zagreb in Croatia also boast a booming property market.
Despite being ideal for some foreign investors, there are prominent trends that indicate the primary demand is coming from domestic buyers. As the region’s economy grows, a new rich set is emerging, increasing demand for luxury real estate.
While cities like London, Geneva, Paris and Monaco remain the home of Europe’s highest property prices, emerging Europe’s markets have been significantly overlooked. With unprecedented economic growth and cheap prices relative to the aforementioned cities, buying provides excellent investor returns.
Not to mention the benefits of living in some of the most exciting and dynamic cities in Europe.
Emerging Europe has therefore taken a look at what the region has to offer.
Budapest is a city rich in stunning apartments, many lining the Danube, providing a uniquely modern twist on a city famous for its ornate gothic style. Take this apartment for example, located just a short walk from the river bank, it is far from the austere Soviet-era stereotypes. Offering open space, panorama views and recently renovated, this luxury penthouse rivals the best of London and New York – but for a much lower price.
In a city like Prague, the hardest part is narrowing down the options. The Czech capital offers a banquet of apartments varying from modern and spacious to the traditional and ornate – something to suit everybody’s taste.
However, this spacious penthouse stuck out as a stunning gem in Prague’s historical Nové Mesto district. With high ceilings, sky lights and modern architectural design that keeps an element of charm, what’s not to love.
Similarly, Poland has much to offer. Take this modern penthouse on Warsaw’s Powiślu for example, both luxurious and stylish.
The Baltic states are also not to be overlooked. A safe economic and political climate, stunning landscapes as well as strong livability scores mean that cities like Tallinn, Riga and Vilnius offer great opportunities.
For example, this apartment in the heart of Tallinn offers a stunning architectural design just minutes from the sea and close to the city centre, boasting spaciousness and comfort as well access to the surrounding countryside.
For a break from the city, there are many stunning apartments that dot the Baltic Sea, like this one in Jurmala, Latvia. While within walking distance of restaurants and shops, this beach property offers a unique opportunity to feel absorbed by nature, with panorama views stretching from forest to sea.
Moving southward to the Balkans, the region offers some of the most under appreciated properties, too often overlooked for the more northern cities.
A personal favourite is this restored historical villa in Bucharest, Romania. Arguably one of the most beautiful properties in the country it offers ornate silk and velvet walls, marble baths and wooden floors – you would be hard pushed to find an apartment opportunity that comes close. It’s yours for 2.2 million euros.
Sofia and Ljubljana can both offer a more modern approach.
This Sofia apartment offers open space living and stunning views of the surrounding city, not to mention a spacious rooftop. In Ljubljana, this city apartment boasting contemporary design, sleek fittings and ideal location. For a more relaxed feel, this penthouse in the coastal town of Tivat, Montenegro offers stunning views of the Mediterranean and the Balkan mountains, with floor to ceiling French windows and an elegant terrace.
Ukraine has much to offer too, like this property in the capital Kyiv.
It’s all a long way from the pre-fabricated blocks we have become conditioned to associating with emerging Europe. Like the region’s architects, it’s time for us to start thinking outside the box.