Hungary Property Market
At best, Hungary is a paradox and
hard to understand from the investment point of view! This landlocked country has
some of the best tourist spots, yet tourism has not attained the peak it should
have.
Hungary is one of the fastest growing economies in the EU, yet the property
stock in real estate has yet to expolde. We’ll try to understand the country
a little better and hopefully, after reading this article, you will appreciate why
property investment in Hungary is one of the best options in the EU.
Attractions of Investing in Hungary
Hungary is a multi-cultural destination,
with a tinge of many cultures left behind from its former rulers. At different eras
throughout history, the country was ruled by the Magyars (a Finno-Ugric tribe that
arrived via Russia in the 9th Century), Arpad Dynasty, and Mongols. The multiculturalism
is also attributed to the shared borders with countries like Ukraine,
Slovakia, Romania,
Croatia, Austria, Slovenia,
and Serbia.
Since Hungary is a landlocked country, the Ocean tourism is a non-starter. However,
this doesn’t mean that the country has dearth of tourism potential. In fact,
one of the highlights of Hungary is the water-features dotting the country.
Lake Balaton is known for its hot medicinal springs. The River Danube runs
in the middle of the capital
city of Budapest, and divides it into two parts – ‘Buda’
and ‘Pest’. The River Tisza is regarded as one of the finest rivers
in Europe for fishing.
Hungarian vineyards, orchards and National Parks offer a special treat for
the visitors in this country. Hungary is also known for being home to internationally
acclaimed writers, artists and musicians due to its rich history and culture that
promoted intelligentsia to the hilt. The modern Hungary, including the capital city
of Budapest, will welcome you with trendy nightclubs, bars and discotheques.
The Börzsöny, Pilis and Mátra ranges north of Budapest are famous
for hiking and skiing.
Property Investment in Hungary
As we can see that the country has lots of tourism potential. Therefore, any kind
of investment in vacation property around the country should yield rich dividends.
Though the country became a member of European Union in 2004, the residential property
market has not peaked as yet. In fact the recent years have witnessed a fall in
property prices. However, commercial and industrial property in Hungary has shown
remarkable strength, growing in leaps and bounds, and it’s just a matter of
time before the residential property sector also catches up with other properties
types in Hungary.
At current prices, you can hope to land yourself a decent
apartment in Budapest for as little as £26K.
Villas in Budapest command a higher price. But if you compare the size
and location of property, then a Villa for £70K is not a bad choice in Budapest.
The overseas property investor, particularly from Ireland and the UK are flocking
to Hungary purely on speculative instincts. The fundamentals of Hungary are too
strong to ignore in the wake of the sluggish residential property market. Moreover,
the government is doing its bit by relaxing the property owning laws of the country
to bring them in consonance with the changing global order.
Why investment in Hungary makes sense?
The prime reasons that compel you to invest in Hungary include –
1. One of the fastest growing and stable economies of Europe.
2. Property appreciation averages 16% annually.
3. Rental yields in Budapest averaging 6% annually.
4. Any foreigner can buy real estate in Hungary.
5. Capital Gains taxes are declining.
6. Proactive government promoting the investment scenario in the country.
7. Several multinationals have already set up their shops in the country in the
hope of capitalizing on Hungary’s economic might.
8. Excellent cultural environment on offer that encourages overall development of
personality.
9. Low property prices.
10. Stable democratic government enjoying the full support of Hungarians.
11. Inviting climate with fertile plains offering ample opportunities for nature
lovers.
12. Very well connected with budget airlines taking off regularly for major European
and global destinations.
13. Historic roots of the country are always attracting researchers and historians
from around the world and thus, make the country a richly deserving one from the
investment point of view.
Buying a property in Hungary
The legal formalities of buying a property in Hungary should be best left to an expert
real estate agent or an astute lawyer who understands the technicalities of property
deals in the country. Though the government is trying its best to streamline the
process but still there are lots of formalities before the property actually changes
hands.
There may be some routes, like establishing a Limited Liability Company, which make
things easier for the property transfer. But for an expert opinion, you need to
rely on a good local lawyer or real estate agent. For further details on buying
a property in Hungary check out our
Buyers Guide to Hungary.
Most Recently Added Hungary
5 bed
House for sale in Tass
Hungary -
Bacs Kiskun -
Tass
A very nice Holiday House in good condition is for sale on Tass, Hungary by the River Danube. The living surface is : 120 m2 on two levels. The land area is 515 m2 The house was nicely built in 20
...
Property Locations in Hungary
In addition to offering property for sale in different
locations in Hungary we also have at your disposal a list of other useful
tools to help in your decision making when considering buying a property in Hungary
:
- Buyers Guide to Hungary
- A useful article on the buying process when buying a property in Hungary
- German Country Guide
- A detailed guide to Hungary including information on health, economy, business,
travel, things to do, excursions and much more
- Locations in Hungary -
A current list of locations that have property for sale in Hungary
- Airports in Hungary - A
guide to the main airports in Hungary, where they are and how to get there
- Attractions in Hungary
- A list of popular tourist attractions in Hungary
- Estate Agents
in Hungary - a directory of estate agents in Hungary and a list of real estate
agents selling property in Hungary
- News Articles on Hungary
- A useful resource for learning about the country, what's happening and useful
information on Hungary
- Hungary Shopping - A directory of useful resources to assist in your purchase or
travel to Hungary including; Flights,
Accommodations,
Car Hire, Mortgages in Hungary
, Holidays,
Lawyers and much more.