Every twentieth property in Hungary is bought by a foreigner, according to the Central Statistics Office.
When it come to buying Hungarian properties the most popular regions are Central Hungary (Budapest & Suburbs) and the West Country (Lake Balaton and West Transdanubia). Not far behind is however, and getting more and more popular the Eastern region of Lake Tisza.
Last year foreign nationals purchased 7371 properties in Hungary. This is technically 4.8 per cent of the whole Hungarian property market turnover (2017 data). Two third of the buyers come from EU member countries.
Who is buying Hungarian properties?
The buyers come from various age groups. Older buyers, mainly from Western Europe, tend to buy properties in the countryside for retirement purposes.
The younger generation, mainly from China and other Asian countries, buying apartments in the centre of Budapest for business purposes.
The most popular areas of Budapest are the V, VI, VII, and VIII District. Foreign purchases were over 10 per cent in other areas like the I, II, and IX districts too.
In the country side Central, Western Transdanubia and the Lake Balaton is leading the way by 9-10 per cent of all purchases completed by foreign nationals.
Growing interest in Hungarian properties
On the inquiries side, the leading country is Germany. They made almost 19,000 inquiries about Hungarian properties in the second quarter of 2018 alone.
Not far behind with 12,000 inquiries the second largest interest arrived from the UK.
The third country with just over 10,000 inquiries is Hungary’s western neighbour, Austria.
How much they spend?
There is quite a big difference in money spent on Hungarian properties.
The Chinese, Russian, French, and Vietnamese buyers generally spend between 32 – 41 million HUF for a property. These properties are mostly apartments located in downtown Budapest.
German, Romanian, and other foreign property buyers who prefer the countryside life are spending between 11 – 18 million HUF for a property on average.
All in all the foreign interest in Hungarian properties is growing faster than ever, most importantly thanks to Hungary’s ideal position within Europe, its pleasant climate, the cost of living, and at last but not least the safety and relatively low crime level.