Chinese obsession around flats in Budapest
The demand for Hungarian flats in China was increased by 40% compared to last year, according to the newest analysis by Ingatlan.com, reports 444.hu. Potential Chinese buyers search for flats in Districts II and III for 54-80 million HUF, and in Districts XIV, XVI, XVII for 47-69 million HUF.
According to László Balogh, the potential buyers mostly focus on Districts II and III, where Chinese besides the aforementioned districts, V and VI Districts are also popular because of their investments. He added: for investment purposes the V and VI Districts are the most popular. Here mostly 78 and 42 million HUF worth real estate attract Chinese investors. László Balogh added that the study examined searches done abroad, for which the demand from Chinese people living in Hungary is added.
Foreign demand for Hungarian flats increased by 18% this year, mostly from Germany, Austria, and the United Kingdom.
László Balogh said that part of the demand from European countries is for investment purposes, because, despite the increase of prices which started in 2014, Hungarian real estate is still relatively cheap in an international and regional comparison. He quoted the analysis of ingatlan.com from the beginning of 2017, which states that the business share of foreigners in the Hungarian real estate market is about 6-7%, based on actual purchases. This year foreigners were mostly interested in flats in Budapest, especially in District XIII. Besides the capital, cities around Lake Balaton and economically important cities, such as Debrecen, Győr, Kecskemét, and university towns such as Miskolc, Pécs, Szeged were popular among foreigners.
Photo: MTI (illustration)