What’s happening? Foreigners are buying up Hungarian property for large sums of money
Few foreigners buy property in Hungary, according to Otthon Centrum’s data from last year. Barely three percent of buyers are not Hungarian citizens. However, if foreigners do become owners, they spend HUF 10 million more than the average Hungarian buyer.
Only 2.7 percent of buyers are foreigners, but they spend a lot
According to Otthon Centrum, Hungarians are still the main buyers, Pénzcentrum reports. “After aggregating last year’s data, we found out that 97.3 percent of our customers are our compatriots,” said Gábor Soóki-Tóth, summarising the previous year’s sales data by nationality.
According to the head of analysis, one third of the foreign customers of the network are German nationals, reaching 35 percent. Somewhat surprisingly, the second most active were French and Romanians with the same percentage (12.5 percent), while Slovak customers were slightly fewer (10 percent), followed by Chinese and Russians.
Buyers from all around the world
There were also buyers from many European countries, and even from outside the continent. Mr. Soóki-Tóth said that there were even buyers from the US and Iran. At the same time, despite the prolonged war in our neighbouring country, there is no sign of a greater number of Ukrainian buyers entering the Hungarian property market.
In terms of age, expats covered all age groups. The 40-49 age group was the most represented, with 29 percent, followed by the 50-59 age group with 22.6 percent. The under-30s accounted for 19.4 percent, the 30-39s for 16.1 percent, while the least frequent buyers were the over-60s, at 12.9 percent, Pénzcentrum writes.
What property types do foreigners choose and where?
Among the property types, the favourite choice of foreigners is the second-hand apartment. 50 percent of buyers opted for this type of property, while 27.8 percent bought a second-hand house. 13.9 percent bought a new-build property and only 8.3 percent chose a flat. Compared to the buying habits of Hungarians, foreigners tend to favour new and second-hand homes, and fewer are considering a detached house or a flat.
The majority of non-Hungarians, 62.5 percent, bought property in Budapest. District XIII performed particularly well, with 29 percent of all purchases. Beyond the capital, there were occasional purchases. However, there are always foreign buyers in the south-western border region and on the shores of Lake Balaton.
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Source: penzcentrum.hu
1 Comment
In Canada there had to be special laws put into place regarding non Canadian buyers. This is due to real-estate being used to hide wealth, launder ill gotten money, and holding empty homes causing shortages in housing near people’s jobs, which drove prices up beyond affordable for the upper middle classes. So your gov’t should be thinking of these factors.
Then there are the people who decided that certain countries would be good places to live, and almost immediately started being pushy about their demands for that country to change it’s basic culture to suit them. it is supposed to be the other way around. When new people move to a community or country, it is them who needs to adjust and adapt and accept what has been built and loved for generations. Imagine insisting that pork not be served in restraunts and schools in a country that SURVIVES on pork raising, pork eating! Lots of similar behaviors, mostly by specific groups so BE CAREFUL when allowing outsiders to buy land!