Here are the most popular Hungarian settlements where foreigners buy property
There are three main areas where foreign citizens purchase real estate in Hungary. First and foremost, Budapest, the astonishing capital of the country. Secondly, settlements close to the border also tend to be popular. Thirdly, holiday areas attract interest too. However, overall, the number of foreigners buying property in Hungary is relatively low.
According to index.hu, the moderate influx of foreign buyers don’t provide solutions to the ailing Hungarian real estate market in 2023. Based on Otthon Centrum’s register, only 2.6% of their customers are foreigners. Germans are the most active, with a market share reaching 30%. Romanian citizens are in the second, while Slovakians are in the third place. But, of course, goals are different and probably many of the Romanian and Slovakian citizens buying property in Hungary are of Hungarian ethnicity. They come to Hungary because property is cheaper here than back at home.
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From Slovakia, thanks to Schengen, they can travel to Hungary as if there were no borders. Because of Austria’s opposition, there is still a border control between Romania and Hungary, but usually the process is quick. Ukrainian citizens (they are also mostly Hungarians living in Transcarpathia) come to Hungary and buy property in East Hungary because of the Russian invasion and the ongoing war. There were some examples for American, Vietnamese and Egyptian buyers as well.
The number one target of foreigners is Budapest. However, settlements close to the border are also popular. Furthermore, holiday areas such as Lake Balaton or Lake Velence, Siófok, Zamárdi and Gárdony attract interest too. Foreigners are mostly interested in family houses or brick flats. But only 13% of them invest in newly-built properties while buying a panel flat is out of option for them. The rental market shows slightly different trends. 61% of the foreign tenants decide on brick, and 13% go for panel flats.
Well, the words forigners, migrant and immigrant are todys swear words 🙄 but people here in Hungary say to me when I say I am an immigrant they say you arenot back or dark brown in skin tone.. well I am English and white and agnostic. Re. Houses in this country yes it is a buisness and the political elite know this.. good luck trying to live and work in this beautiful difficult country..
The continual weakness of the Forint attracts foreign buyers. For instance, in 1992 one Pound Sterling was 120 Ft and now 450 Ft.
These huge imbalance is regrettable for the travelling Hungarians abroad, while it is fortunate for the foreigners to come to Hungary.
It looks as if the bank of Hungary, as well as the finance Ministry, is working against Hungarian interest.
It’s a great shame.