What's Up 23%? Latest Data on Non-EU Home Buyers in Hungary Revealed
- 30 Aug 2022 10:26 AM
- Hungary Around the Clock
Home buyers from outside the EU submitted 2,716 requests for permits to purchase real estate in Hungary last year, up 23% from 2020, according to data from real estate broker Duna House.
This is less than 2% of the total transaction volume of 151,000.
Over the past four years, applications from non-EU citizens bottomed out in 2020, dropping to 2,200, while the highest number of applications were submitted in 2019, at more than 3,500.
Third-country citizens must obtain special permits from a government office to buy property in Hungary. EU, EEA and Swiss citizens are exempt from these procedures.
Rising property prices and the weak forint are fuelling demand.
Home prices rose faster in Hungary than in any other EU country in the first quarter except Estonia.
The majority of non-EU buyers (76%) bought homes in Budapest and 36% of transactions came from Chinese buyers. The most popular areas include the 10th, 11th and 13th districts.
Israeli investors accounted for 5.2% of foreign buyers, UK citizens made up 5% and US buyers close to 4% in the first half.
Russian investors may disappear entirely from the property market in 2022 due to the war in Ukraine, Duna House noted.
XpatLoop Media Partner
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