Budapest is the capital of Hungary and the city’s two districts (Buda and Pest) span one of Europe’s greatest rivers, the Danube. Its strategic location at the heart of the continent’s largest consumer and business markets makes the city a major centre for doing business. The metropolitan area has a population of around 3.1 million people of which 1.77 million live in the city itself.
Classed a World Heritage city, Budapest is home to a wealth of architectural treasures and its aristocratic buildings rank among the finest in Europe. Since Hungary joined the EU in 2004, the city has received an ever-growing number of tourists and now forms part of the mainstream European city circuit.
Known as the ‘Paris of the East’, Budapest’s main attractions lie in its beautiful fin de siècle architecture and excellent value for money. The city features as one of the 25 Best European City Breaks 2017 (The Telegraph) and as the Best Food City in the World 2017 (National Geographic). Conde Nast Traveler’s 20 Best Cities in the Europe includes Budapest in 12th place while the New York Times places it in their list of 52 Places to Go in 2017.
Described by CBRE in early 2016 as “one of Europe’s hottest tourist markets right now”, Budapest is experiencing a continual increase in visitor figures. According to the Hungarian
Statistical Institute, international visitors staying in hotels in the capital between Q4 2015 and Q4 2016 increased by 5.8%. In December 2016 alone, international hotel nights rose by 22%.
Bolstered by the strong Hungarian economy, Budapest maintains steady economic growth and low unemployment. In January 2016, the unemployment rate stood at 3.6 per cent, considerably below the national 4.4 per cent.
In the CBRE Global Investor Intentions Survey 2017, Budapest occupies tenth place in the ranking for most attractive European city for investment. Budapest is rated as the seventh best city for technology in Europe out of 35 contenders. Over 100,000 people are employed in the ICT sector in Budapest where 15% of modern office is occupied by tech companies.