A new residential development in Budapest is set to go ahead after a major land acquisition deal was announced.

Property development firm Nanette Real Estate Group has revealed that it has bought a 324 acre freehold site in the Hungarian capital for €115 million (£92.6 million)

The firm is planning to construct 1,800 apartments with a net saleable area of 90,000 sq metres.

Announcing the deal, the company stated: "It highlights the Group’s commitment to Hungary and its belief that the Hungarian economy will continue to grow, sustaining the demand for new high quality housing for the urban middle classes."

This vote of confidence in the prospects for the Budapest property market may encourage others considering an investment there.

Last month, Homesgofast.com reported that the city was in line for a major potential tourist boost, with plans for a large Las Vegas-style entertainment complex in the city – including a casino – receiving planning permission.

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