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In my last article on Budapest property, I focused on the regeneration of the Danube riverside in the city's 9th district as a potential hotspot for Budapest property investors. But, as I alluded to in that article, it's not just the new builds and office developments lining the quayside that are of interest in this inner city area. Indeed, the whole of the 9th district is 'work in progress' and as such offers superb value for money to investors looking for an affordable way in to the Budapest property market.

The area of the 9th district east of the Grand Boulevard running from Ferenc körút to the Lágymányosi Bridge, and running parallel with Ülloi út, one of the city's main arterial roads and the expressway to Hungary's main international airport, was for much of the 20th century, dominated by industry. As this sector slowly moved out of the city and the urban economy shifted towards the service sector, the result was that during the late 1980s and much of the 1990s this area of the 9th was characterised by empty plots and small-disused factories lining deserted back streets.

But, international and domestic property developers have been quick to realise the enormous potential of this district, not least as it is a stone's throw from the CBD, and available at a marked discount to other more fashionable areas of the city. Stir in the fact that two of Budapest's main universities are situated in the area - the world Famous Semmelweis Medical School, and the equally renowned Corvinus School of Economics - in addition to a forward thinking district council and mayor, and all the factors necessary for regeneration have come into rapid alignment in the 9th district.

So what does this mean for the Budapest property market? Simply that would be investors in Budapest property now have more choice, and affordable choice, in a hitherto neglected area of central Budapest. Indeed throughout the 9th district, investment capital has piled in at a rapid rate. The most obvious beneficiary of this trend has been the area around Kálvin Square - currently a huge building site as the interchange for the new fourth metro line, scheduled for completion in 2010, is constructed - and the pedestrianised Ráday utca.

Once a scruffy city centre street, snarled up with traffic, Ráday utca is now lined with new bars, shops and street cafes and restaurants, and practically all of its 19th century buildings have been restored to their former glory. Less obvious to the casual Budapest property observer is the regeneration and gentrification further into the 9th. Indeed, the area around Tüzoltó utca has been transformed from a blighted postindustrial landscape into one of the most bustling 'new' neighbourhoods in the city. New and restored residential property dominates, with pedestrianised walkways, newly constructed parks and squares, and it is an area of the city increasingly popular with young professionals and students.

For investors in Budapest property, I believe the 9th district represents some of the best value real estate in the city, whether as a place to live, or, owing to the increasing demand for housing in this area, an ideal place for the buy-to-let market. In addition, thanks to the universities, both of which have a very high number of foreign students, there is also a buoyant short term let market in the district. Furthermore, as a quick walk round the area will show any potential Budapest propertyinvestor, the development is far from over, with new builds and regeneration projects currently underway throughout the district.

Interfax reports that the city council of Hungary’s capital Budapest voted unanimously Thursday to support the city’s bid for the 2020 Summer Olympic Games.

Gabor Demszky, Budapest’s Mayor said, “the city assembly took the first step towards the 2020 Budapest Summer Olympic Games. It is now certain that Budapest wishes to bid for the Olympics, but the government still has to make a decision by 2011”.

The assembly also reportedly narrowed down to two the potential locations where the Olympics would be held. One is the area around Hungary’s man sports stadium close to the centre of the city, while the other is on an island of the Danube River in a suburb of Budapest.

Construction work would be carried out on 500 hectares in Budapest, while three new bridges built on the Danube River and at least one metro line, four football stadiums, 11 new sports centres, 61 km of new city roads, 300 km of highways and 400 km of country roads.

The International Olympic Committee is expected to select the host city of the 2020 Summer Games in 2013, reports Interfax.

While the Baltics sputter, central Europe is proving to be particularly resistant to the effects of the credit crunch and the slowdown in the US... ..Hungary, emerging from an economic crisis, managed to improve on last year and grew 1.6 per cent for the first three months of this year. The countries of central Europe have relied on strong consumer spending, fuelled by a rapid expansion in credit, to keep their economies growing. They have also been insulated because of their floating exchange rates and tough anti-inflation policies.

Hungary had an economic wobble a couple of years ago, but is now growing on the back of EU membership, significant foreign investment and a proactive government keen to pull clear of neighbours, such as Slovakia, in the race to be the next big thing. A lot of existing property in Budapest, thrown up in the Communist era, is in very poor condition and so there remains a strong market for top-quality apartments, especially when you can get them in the heart of the city for £50,000