Few foreigners purchase real estate in Hungary these days, but those who do, primarily favour Budapest, the bordering towns, and traditional holiday areas, real estate agents Otthon Centrum (OC) reported.
Head of Analysis at OC Gábor Soóki-Tóth pointed out that the Hungarian real estate market is not driven by foreign buyers. In the first seven months of the year, only 2.6 per cent of OC clients were foreign citizens.
Among buyers from abroad, Germans are the most active. Of transactions facilitated by OC, 30 per cent of foreign buyers came from Germany. On the transactions list grouped by the nationality of those acquiring property, are second placed, second, followed by Romanians. Foreigner from numerous European countries purchase real estate, with the occasional buyer also from the United States, Vietnam, Israel, and Egypt, according to the expert’s statement.
Foreign citizens typically favour the central Hungarian region, with Budapest being the primary target. Nearly every second foreigner bought or rented a flat in Budapest according to OC’s data. Towns near the borders are also popular among those arriving from abroad, such as Vízvár, Babócsa, Murakeresztúr, and Lenti. Gábor Soóki-Tóth highlighted in the statement that there is no concentration of foreigners buying properties in border towns; rather, sporadic purchases are typical. Holiday areas are also a favoured destination for foreigners, with Lake Balaton and Lake Velence being the highlights. Foreigners have made purchases in places like Siófok, Zamárdi, and Gárdony this year.
The statement further reveals that foreigners have different interests in the real estate market than Hungarian buyers: 52.2 per cent choose used houses for purchase, while 35 per cent opt for brick flats. Only 13 per cent invest in newly built properties, while prefabricated housing is not a popular option. When it comes to renting, used apartments are in demand, with 61 per cent of foreigners choosing brick houses and 13 per cent opting for flats in prefabs.
Read more:
