The Irish look like being big spenders abroad again this year when it comes to property investments. The latest Jones Lang LaSalle report on European capital markets suggests that Irish institutions and private consortia have £952 million (€750m) ready to shove into foreign investments. Most of it is expected to go to the UK but Irish activity on the Continent is likely to be limited, the report says, with indirect vehicles the preferred option.

However, Budapest is becoming one of the most favoured locations for the Irish as ever more property investors fly in looking for bargains. Eastern European capitals have been suffering from a glut of property in the expectation that their economies are going to take off once they join the EU.

It was probably only a matter of time before Irish agents began marketing Budapest apartments to Irish investors. Mullingar agent Pat Davitt of Sherry FitzGerald Davitt & Davitt is first into the fray with a range of flats priced even lower than some of those available in Spain. At an overseas property exhibition in Mullingar the weekend afer this, he will be offering large one and two-bedroom apartments at £50,000 (€63,486) and £65,000 (€82,532) with the prospect of getting a return of between 10 and 12 per cent.