Luxury developers flocked to the 'Hamptons of Hungary' — but some projects are stalling

When Anikó Woods and her husband were looking to buy a vacation home close to Lake Balaton in central Hungary, finding even a modest, rural place within their budget was difficult. It was 2022, during what Woods described as the "height of the pandemic-era property boom." Hungarians flocked to the shores and uplands around Lake Balaton — central Europe's largest freshwater lake — sending prices rocketing. The couple widened their search area and eventually bought a former winehouse where grapes had been stored and pressed, close to the town of Sümeg in the Balaton Highlands about 20 kilometers (12.4 miles) north of the lake.