Number of Russian buyers in the Hungarian real estate market increases
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The presence of foreign nationals in the Hungarian real estate market increased in 2023, with further growth expected in 2024.
Compared to 2020, which was the weakest year for foreigners to acquire real estate in Hungary, the number of applications submitted in 2023 shows a 36% increase. While Chinese investors are still most likely to buy a property in the country, Russian property buyers have seen the largest increase, Portfolio reports.
Non-EU citizens submitted 2,981 property purchase applications in last year’s real estate market, according to the Central Statistical Office (KSH) and Duna House data, which is an increase of 18% compared to 2022. Non-EU citizens were represented in 3% of Hungarian property sales, which is 2,981 cases, according to statistics published by the Prime Minister’s Office. The most active non-Hungarian purchasers were Chinese, with a total of 647 properties, the majority of which were located in Budapest with the XIII and X districts being the preferred areas.
The legislation requires a special government permit for foreigners to buy property in Hungary. However, it is possible for some without a permit from the relevant government office in the capital or county, but only citizens of the European Union, the European Economic Area and Switzerland can do so in Hungary this way. Of the nationalities within the EU, German, Dutch and Austrian citizens remain the most active in the domestic property market according to Duna House surveys, says Károly Benedikt, head of PR and analysis.
Positive incentive for the Russian/Hungarian “trading” partnership and relationship.
Free Schengen visa, anyone?
This “stop migration” spiel clearly does not apply to the Elites / Moneyed Set. Hobnobbing with our “men-of-the-People” Politicians…