Hungary from €120,000: One of the first investor-driven resorts in Hungary which will have an end value of €75 million will be pitched at Irish investors this evening at a cocktail party in the Four Seasons Hotel in Ballsbridge.
The consortium behind the Zala Springs resort in the south west of Hungary is being developed by a consortium which includes the Carr Golf Group, the Lewis family and a Hungarian group.
At the centre of the 500-acre resort will be a top class golf course designed by Robert Trent Jones Jr; Irish-based Turf Grass consultancy will be project managers.
The entire scheme, which is to be sold off plans, includes a hot springs spa, a vineyard, a clubhouse, shops and restaurants.
The first phase of the residential scheme will include 197 homes overlooking the golf course. The promoters claim that the homes will produce a return of 5 per cent.
Apartments will range in size from 64sq m (688sq ft) and are priced from €120,000. Golf villas with floor areas from 210sq m (2,260sq ft) will be priced at €350,000.
Zala Springs Resort is located near Heviz, in an area of Hungary noted for its tourism. Ryanair is due to start up a service next month, flying to an airport nearby from Stansted three times a week.
Heviz is near Keszthely, one of the largest towns at Lake Balaton. With almost 6,000 inhabitants it is the best known medicinal bath and thermal spa in Hungary.
As a new member of the EU, Hungary is shortly to adopt the euro. The promoters have said that up to 70 per cent of the purchase price can be arranged through specified financial institutions.
Those who buy can avail of two full memberships of the golf club and the hot springs.
There will be an exhibition by Zala Springs in the Four Seasons Hotel, Ballsbridge, D4, from tomorrow to Sunday
