Property Purchases by Foreigers Rise to Pre-Pandemic Levels

Last year, 3,647 applications for the purchase of real estate in Hungary were submitted by foreign nationals from outside the European Union, 23 percent more than a year earlier. The last time similar activity was seen was before 2019, Duna House revealed.

According to Duna House’s analysis, 3,485 of the submitted applications received a positive decision (95.5 percent), covering 2.8 percent of the estimated annual real estate transactions, up from 2.7 percent in 2023.

Last year, Chinese property buyers were the most active in the domestic property market, accounting for around a third of purchases outside EU member states with 1,106 transactions, an increase of 71 percent compared to 2023.

Vietnamese buyers accounted for 16 percent of sales.

Based on statistics, 84 percent of real estate transactions subject to permits involved residential property, and 76 percent of homes purchased were in the metropolitan area in 2024. Within Budapest, the 7th district had the highest number of deals, accounting for 15 percent of sales, followed by the 6th, the 8th and the 13th districts with 12-12 percent.

Outside the capital, Pest county was the most popular destination for foreigners (5%), but Győr-Moson-Sopron county (western Hungary) was also a popular choice (3%).

In the list of rural cities, Sopron, Mosonmagyaróvár, Pécs and Szeged were also popular, along with Debrecen.

In Hungary, Swiss citizens can buy property without a permit in addition to European Union and European Economic Area (EEA) member states, Duna House added.

Via MTI, Featured image: Pexels