There is demand from Germany and the Netherlands, but the number of foreigners buying real estate dramatically decreased. In 2019, foreigners made up 5 per cent of buyers. The decrease might be the result of the virus and Brexit.
Blikk writes that in 2020, fewer buyers came from every country, except for Slovakia. In our former article, we wrote that Borsod County was getting popular among Slovak citizens. Real estate costs less in Hungary than in Slovakia. In Kassa, for example, the average cost per square metre was 1,325 euros. In comparison, one square metre in Borsod cost only 372.94 euros.
The number of people interested in Hungarian real estate from Germany, the Netherlands, Poland, and China increased. The number of people wanting to buy real estate in Hungary dropped by 24 per cent among residents of the United Kingdom. This might be due to Brexit, as well as taking caution in the middle of the pandemic. Demand from Russia and Israel dropped as well. In total, 40 per cent fewer foreigners bought real estate in Hungary last year.
When buying real estate, you must consider the price and the location. Real estate prices in Hungary can vary based on the region. Budapest is notoriously expensive. The average price per square metre is 2,765 euros. The gap between the cheapest and the most expensive property can be as much as 2.5 million euros. Salgótarján, Nagykanizsa, and Dunaújváros are less expensive in terms of real estate prices. Read about the cheapest options HERE.
If someone would like a more traditional home, Ormánság seems to be the location. Many houses in the area are protected real estate, which means that owners can apply for funds to restore the houses. Home Renovation Support (Otthonfelújítási támogatás) can be another option, and the sum can be up to 3 million forints (€ 8,227).
Even in famous wine regions, prices differ. In some locations of the Tokaj region, cheaper houses that should be renovated are priced 13,800-19,300 euros. Real estate in other areas may cost 22,100-41,400 euros. In Kunság, real estate can be bought for 11,050–13,800 euros. In the Pécs area, properties can be bought for 55,250 euros.
Source: Blikk, DNH