Russians flock to the Hungarian housing market -- recent report

Friday, May 9, 2014

An increasing number of non-EU nationals are flocking to the Hungarian housing market according to recent government data. Russians are far the largest buyers followed by the Chinese and the Ukrainians. Russian buyers acquire property mostly in Zala county where the world's second largest thermal bath is located. But Egyptian and Seychelles buyers are also getting more active in the Hungarian property market.

In 2011, 374 in 2012, 445 and in 2013, 510 Russian nationals received permission to purchase real estate in our country. According to data by the Ministry of Public Administration and Justice, for many years Russian buyers prefer Zala county (presumably, because of the closeness of Hévíz lake, which is the world’s second-largest thermal lake); last year, 283 Russian nationals bought property in Zala county, while only 132 in Budapest says the ministry report.

It is remarkable that Egyptian nationals are also increasingly interested in buying Hungarian property; last year, 53 Egyptian nationals bought property in Hungary; this is a huge increase comparing to 2011 when only three individuals acquired property in the country.

According to official data, last year, a total of 1,365 non-EU citizens received permission to purchase 1267 properties, which is a robust increase comparing to the previous years; in 2011, 1069 and in 2012, 1110 properties were sold to non-EU citizens.

In terms of property types, apartments/houses attract most foreign buyers (77 percent), 10 percent of sold property were undeveloped land, 2.5 percent house/cottage and 0.5 percent farm.

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