By Anna Grybel-Kloc

Undoubtedly, the Hungarian economy and property market have been underperformed when compared to other countries that joined the EU in 2004.

Sluggish economic growth and fiscal austerity have dampened housing demand and, consequently, the property market hasn't seen any real growth since 2004.

One perception is that Hungarian property, especially in Budapest, is hugely undervalued and the revival of the market is around the corner, creating an excellent buying opportunity for investors.

The fundamental question is: does Budapest have the potential to grow in the near future and is it now at the bottom of the cycle