Budapest – growing number of foreigners in the real estate market
#Budapest - Growing number of #Chinese and #Vietnamese property buyers #real estate #city centre
Even though – at a national level – the proportion of foreign real estate buyers is very low, only 2%, a different situation can be experienced in the Hungarian capital. In case of Budapest, especially in the inner districts, 3 out of 10 purchasers are foreigners; which phenomenon has a significant impact on prices – reported by növekedes.hu.
According to the news portal, it would be an exaggeration to say that the Hungarian capital is conquered by Chinese or Russian home buyers; however, it can be confirmed that their significance is continuously growing – based on the data of the Hungarian Central Statistical Office (KSH) from 2018.
As 24.hu reports –
Accordingly, in the downtown districts of Budapest, the proportion of foreign customers reaches 26%; while considering the whole capital, 12% of property purchases are realised by foreigners.
The highest demand is experienced in the 5th, 6th and 7th districts; however, in case of Chinese customers the vicinity of the Hungarian “Chinatown” is also popular in the 8th district.
It has been also added that despite several market closures in the region, 8th district still enjoys high popularity among Chinese, Vietnamese, Russian, Ukrainian and Turkish traders; just like around Kőbánya Bazaar in the 10th district which is mostly preferred by Chinese purchasers.
Upper-class traders and the Chinese elite mainly target Buda Hills region, along with Zugló, Angyalföld and the prestigious city centre – 91% of Chinese purchases are realised in the capital.
It must also be mentioned that certain data might be deficient as companies purchase several properties; however, statistics do not analyse the nationality of the business owners.
According to Csaba Laczi – Region Manager of OTP Ingatlanpont –
In addition to Chinese property buyers, the number of Vietnamese purchasers is also significant – “nearly 95% of properties bought by Vietnamese customers are also located in Budapest; however, they are mainly interested in the 11th district.”
Source: novekedes.hu; 24.hu
