Luxury castles in Hungary: extravagant buildings for the richest of the country

For those to whom money is no obstacle, the Hungarian property market offers some splendid luxury castles and mansions for sale. From historical gems to fully renovated properties worth billions of forints, here are the most striking trends in the Hungarian premium property market.

Pénzcentrum reviewed the luxury castles and mansions on offer in the country and found that there is a sizeable market for extravagant buildings, often valued in the billions. Most ads, they say, are for properties to be renovated, but often refurbished estates are also for sale.

According to László Balogh, chief economist at ingatlan.com, the market for luxury castles and mansions in Hungary is relatively small, with around 150-200 properties listed for sale each year. Most of the castles (roughly 70-90 per year) are advertised in towns, with only a few (around 20) in Budapest.

Likewise, Duna House Prime’s head of PR and analysis, Károly Benedikt, said that castles and mansions account for 2-2.5 percent of the company’s portfolio. The market, therefore, is modest, but the prices are not so much.

One luxurious mansion in the country is Hotel Sasvár.
Photo: facebook.com/kastelyhotelsasvar

You have to dig deep into your pockets to buy a luxury castle

“In the first 5 months of 2024, 62 mansions were advertised for sale on ingatlan.com for an average of HUF 472 million (EUR 1,194,220),” said László Balogh, and there are considerable differences between regions of the country in terms of prices. The most expensive properties are located in the capital, where the average price of a luxury mansion is HUF 1.6 billion (EUR 4 million). The median price in county towns is only a third of that, at HUF 568 million (EUR 1.4 million). In smaller towns and villages, average prices range from HUF 330-331 million (EUR 835,000).

The “cheapest” mansion in Duna House’s offer is in Komárom-Esztergom County, with a price of HUF 265 million (EUR 670,000). In contrast, the highest price is for a renovated villa in Budapest, built in the early 1990s, valued at HUF 1.3 billion (EUR 3.3 million).

Investments of this value, Károly Benedikt points out, usually involve a lengthier decision-making process. “Most of the properties in our database worth over a billion or more have been looking for a suitable buyer for years. Of course, the time it takes to sell such properties is also affected by the current economic situation, as when there is less activity from clients looking for investment, there are also fewer serious buyers for the really high-value properties,” he said.

László Balogh shared a similar view, saying that luxury mansions worth billions of forints can remain on the market for 1-2 years in many cases at their agency, too.

Another iconic luxury castle of the country, albeit not for sale: the Nádasdy-castle. / Photo: FB Nádasdladány, Nádasdy-kastély – hivatalos

As Pénzcentrum points out, in addition to the purchase price, these properties often require extensive renovation, too, which must be taken into account. Although Balogh pointed out that the proportion of renovated luxury castles in good condition is now 53 percent and only 22 percent of the advertisements posted are for mansions in need of renovation.

However, Benedikt says that there are currently listed mansions in need of renovation in several areas of the country, which could be ideal for tourism purposes after modernisation. At the same time, “castles and mansions also have considerable prestige value, with wealthier buyers, mostly foreign, often choosing them for private use, for a quiet, secluded, special country estate.”

The record holders: these are the most expensive luxury castles in the country

Pénzcentrum also compiled a list of the most expensive renovated mansions in Hungary. The absolute winner is a castle in Szombathely, which has been on the market since 2023 for HUF 11.76 billion (EUR 29.7 million). The property is a fully renovated, 3,600-square-metre, 41-room building with antique furnishings, awaiting its new owner on a 65,000-square-metre plot, with Japanese, French, and English gardens.

Moreover, according to its advertisement, a bed made for the wedding night of the last emperor of the Ming dynasty can be found in one of the bedrooms, and Count István Széchenyi’s bookcase is also located among the walls of the luxury castle.

In second place is a 3,133-square-metre castle in Acsa, built in 1910 and available for HUF 5 billion (EUR 12.6 million). 13 bedrooms, 2 drawing-rooms, 7 bathrooms, and a wooded park await the new residents of this Versailles-style chateau.

Third in line is a property located in Budapest, which can be bought for “only” HUF 2.2 billion (EUR 5.56 million). However, you get not one, but two luxury villas for that price, as well as a garage and two outdoor pools.

Read also:

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Source: Pénzcentrum