About Hungary: a useful guide for investors in real estate in Hungary
Hungary is a landlocked country in the Carpathian Basin, right at the heart of Europe. Formerly part of the Austro-Hungarian Empire, the country became independent following the First World War, and following World War Two was one of the Warsaw Pact Soviet satellite states. In 1989, with the fall of the Berlin Wall and collapse of Communism, Hungary returned to independent rule, and is today a multi-party democracy and an EU member state.
- Population: The Republic of Hungary’s population is just over 10 million, 25% of which live in its capital city, Budapest.
- Geography: seven countries border Hungary: Austria, Slovenia, Croatia, Serbia, Romania, Ukraine and Slovakia. The River Danube bisects the country at Budapest; to the east the country is characterised by flat plains, to the west rolling hills.
- History: The Hungarian tribes settled in what was then Roman Pannonia in the 9th century, and have remained ever since. Hungary as at times been part of the Turkish Ottoman Empire, and the Austro-Hungarian Empire. Today it is an independent Republic.
- Climate: Hungary has a continental climate, with cold winters and hot summers. Average annual temperature is 9.7 °C (49.5 °F). Average temperature in the summer is 27 to 35 °C (81 to 95 °F), and in the winter it is 0 to -15 °C (32 to 5 °F). The average yearly rainfall is approximately 600 millimetres (24 inches).
- Culture: Hungary has a rich and colourful cultural life, with a host of world famous composers, filmmakers, artists and writers. World standard opera, ballet and classical music are all performed on a regular basis, and Budapest is a renowned European City of Culture.
- EU – Hungary joined the European Union in May 2004 as part of the first wave of Central and Eastern European EU enlargement.
- Economy: Hungary a fully functioning and stable market economy. Economic growth is strong and consistent and the economy is dominated by services, industrial production, agriculture and tourism. Euro adoption is scheduled within the next 5 years.
- Accessibilty: Hungary serves as a gateway to Southern and Eastern Europe and is easily accessible by air, road, rail and river. Direct flight times to Budapest’s international airport from the UK are just over two hours.
- Budapest: Hungary’s capital city is the jewel in the country’s crown – a spectacular city, straddling the River Danube, home to 2 million people and the centre of the country by every possible measure.
- Today: Hungary is a country in visible transition from emerging market status to an established and affluent EU member. The economic and political situation is remarkably stable when compared to its peer nations in the region, and strong economic growth is expected to continue.
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