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Hungary: Spanish developer comes to Balaton

Spanish construction company Iberalta Group plans to build 120-150 room five star hotels, golf courses and apartment houses on both coasts of Lake Balaton.

The investments will be completed by 2012 and cost over Ft 50 billion (€196 million, $266 million). Inspired by several Spanish property development companies, Iberalta Group decided on a CEE expansion in the spring. The improving infrastructure and the growing number of visitors made Balaton and its neighborhood a coveted investment target. At present Iberalta is negotiating with the municipalities of five townships: Siófok, Balatonlelle, Balatonfüred, Badacsony and Balatonalmádi. (Napi Gazdaság)