Budapest Hungary real estate
Photo: www.facebook.com/ZoltanGaborPhotography

Foreign buyers and investors have virtually disappeared from Hungary’s housing market this year due to the coronavirus pandemic, according to Wednesday’s Magyar Nemzet.

Citing ingatlan.com data, foreign participation in Hungary’s real estate market dropped by an annual 80 percent between January and October.

Foreign buyers purchased more than half of properties in Budapest, mainly the inner districts, and it is inevitable that sooner or later their absence will be reflected in lower prices, the paper said.

Central Statistical Office (KSH) data show that foreigners bought around 7,000 apartments last year. Most were German and Chinese nationals.

Austrians and Germans were interested in holiday homes around Lake Balaton and they typically sought expensive houses with a view.

In the capital, the main interest was in buying apartments in the city center to rent out, while preferring a larger family house on the leafy Buda side of the capital for themselves.

Budapest, Hungary, sightseeing, capital
Read alsoThe Chinese and Vietnamese bought apartments in Budapest by the dozen

Source: MTI

1 comment
  1. “You ain’t seen nothing jet.”
    They are waiting like Pigeons often referred to as the “Rats of the Sky” waiting to swoop, with their BIG fat cheque books, when the property real estate market bottoms out, in 9 to 12 months time – at the earliest.
    Who will these that swoop be ?
    Little insight – if you could not have guessed the answer without any assistance – Chinese , Vietnamese and the Germans.
    What an opportunity for greater economic creativity – that creates greater opportunity to the younger Hungarian born and breed to assist them get into the property market – purchasing property, for their future.

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