Buying House Hungary

Buying a property in Hungary is one of the wisest decisions you can make today if you want to get more interest for your money than the banks can offer and still enjoy the property. House prices in Hungary are generally around 1/4 of those in the Netherlands. Even in the capital (Budapest), prices are far below the average of the neighbouring countries ‘property prices. Besides the maintenance costs such as electricity, gas, water, and local taxes are very reasonable.

Hungary is a safe, quiet, country in the Carpathian basin, surrounded naturally by the Alps and the Carpathian mountains. It has a wonderful land climate and other unique natural features.

You can think of buying your farmhouse in a rural area with a huge land where you can enjoy the quietness of the country and turn your dream farm into a reality. In the rural areas, you will find friendly helpful Hungarians, who can provide you with all the necessary information and help to fulfil your plans. While enjoying your property let us not forget that it is also a great investment.

If you are thinking of only investment and looking for a property in the capital Budapest, or in any other bigger cities of Hungary (like Pécs, Győr, Debrecen, Szentendre) then probably you will come across tenement apartments.

Also, a possibility to find a great property at Lake Balaton, Lake Velence or Tisza which are touristy holiday areas even among Hungarians. Depending on your needs around these areas you will find several types of properties from weekend houses to newly build apartment houses.

In less popular rural areas, houses with large gardens in need of renovation could be bought for as little as 10,000 Euros, while in Budapest’s most popular areas, smaller tenement apartments in need of renovation can be found for under 100,000 Euros (2,000 Euros/m2).

If you are looking for luxurious properties, which are ready to use and have premium interior quality, the properties with a well-maintained garden, or even with a pool in general start at 390,000 Euros. Of course, the price depends on the region, whether the property is located in the hilly Buda (the more expensive part of Budapest) or in the northern part of Lake Balaton where the prices are generally higher. Luxurious tenement apartments in Budapest (located in the heart of the city) can be found at 5000 Euros/m2.

These are roughly starting prices, the purchase price is largely influenced by the region, condition, floor area, etc. Of course, prices in popular resorts are higher, but still far below the average Dutch property prices.

Why buying a property in Hungary is a unique opportunity

Demand for real estate in Hungary has fallen extremely among Hungarians, due to the global economic situation, inflation in Hungary (the currency in Hungary is the Hungarian forint) and unfavourable bank financing conditions, which are the result of the two above. The general uncertainty has dampened the buying impetus to such an extent that there is currently a significant oversupply in the real estate market. Those who can pay without a bank loan are in a strong bargaining position and can further reduce the otherwise low property prices.

Of course, this will not always be the case and property prices will not remain as low as in other neighbouring countries.

The current situation is certainly an advantage for property buyers. 

The property itself is the best investment because even if it is vacant and unused, it can double in value in a few years!

Of course, you can get even more out of it, if it is used regularly and for the pleasure of the owner. And when it is empty, out of use by the owner, there is still the possibility of renting it out during the year.

In the case of these properties, the countryside, proximity to a large town or resort, condition of the property, etc. are all factors that can have a major influence on the renting possibilities and price.

A real estate agent is not necessary, while a Hungarian lawyer is mandatory

In Hungary, you do not need to have a real estate agent to buy a property. Undoubtedly, generally on the internet, the advertisements are advertised by real estate agents, who have a huge database of properties for sale. Typically, the seller gives the mandate to the real estate agent to sell the property, so the seller has to bear the costs of the agent, which are included in the purchase price. Generally, the seller hires a real estate agent, whose fees are between 2 and 5% of the purchase price. In this way, the communication with the seller must be made exclusively through the estate agent, so the bargaining and in general the communication are less flexible.

What you do need is a Hungarian lawyer!

In Hungary, a lawyer is indispensable to obtaining ownership of real estate property. A sales contract countersigned by a lawyer is required for the registration of ownership in the Land Registry. In the Netherlands, this role is performed by notaries.

The lawyer is responsible for checking the legal status of the property and that the contract based on the will of the parties complies with Hungarian law. The lawyer is responsible for preparing a contract that is suitable for the registration of the buyer’s ownership in the Land Registry.

Help you to get started

If you are interested in any kind of property investment in Hungary do not hesitate to contact me.

As I spend part of the year in the Netherlands due to my personal life, I travel between Hungary and the Netherlands, so we can contact each other in person in the Netherlands, but also via any teams, skype or other means. My partner is Dutch, so language difficulties should not be a problem, he will help if needed.

I have 25 years of routine and working experience.

 You will get a fast answer and you get the necessary details on how and where to start.

In addition to legal assistance, I can give you general information about the regions of Hungary, depending on the property you are interested in.

If you do not have a definite idea, I can help you get an idea of the properties available. I can also help you to concretise your ideas and get you closer to your goal and find the property that meets all your needs.

Of course, I can also draw up the sales contract and do all the legal work involved.

aYou can be assured that I will provide you with up-to-date information quickly, both on the property search and on the sale and purchase procedure. I can help you communicate with the seller and clarify the essential elements of the contract (payment schedule, date of taking the property in possession).

Don’t miss your dream and investment opportunity, contact me for the free e-book ‘buying your dream home in Hungary’ or to discuss concrete opportunities.