Located in Budapest, a terraced property (6)
I believe the answer is:
estate
'property' is the definition.
(I know that estate is a type of real property)
'located in budapest a terraced' is the wordplay.
'located in' says the answer is hidden in the clue.
'ESTATE' is hidden in the letters of 'budapest a terraced'.
(Other definitions for estate that I've seen before include "Piece of land with a large house or many small ones" , "Lands" , "Property left at death" , "The whole of a deceased person's assets" , "Property - tea set (anag)" .)