As of the beginning of 2023, Hungary's real estate landscape presents interesting dynamics, with the average price of a new building standing at €149 thousand and secondary housing at 26.2 million forints (€68.6 thousand). Notably, there's a discernible deceleration in demand from local residents, prompting a closer look at where to buy for maximum benefits.
Budapest:
Resale options starting from €140 thousand and above.
Home to the most expensive real estate in the country.
Northern Hungary (Miskolc, Eger, Salgotarjan):
Resale opportunities starting from €35 thousand.
Represents the most budget-friendly regions.
Understanding Nuances:
While Budapest is a focal point, it's crucial to note that property prices can significantly vary depending on streets and areas. For instance, Költő Street sees an average square meter selling for €6.5 thousand, while Hős Street, despite being in the capital, commands €580.
Foreigner-Friendly Benefits:
Real estate in Hungary's capital and resort towns holds particular allure for foreigners for two key reasons:
Permanent Residence: Property purchase can lead to obtaining permanent residence status.
Rental Opportunities: Renting out properties, especially in demand in Budapest, offers potential yields ranging from 4% to 8%.
Opportune Time for Homebuyers:
While sales are slow, awaiting a new housing subsidy program for locals, this presents a strategic advantage for foreigners. Those without the need for bank financing can negotiate favorable conditions and discounts with sellers amidst the sluggish market conditions.
