Two months after it's introduction the program is attracting a surge of foreign investors, particularly impacting residential properties valued at more than EUR 500,000. The catalyst for this surge lies in a profound shift in regulations, signaling a significant transformation in Hungary's real estate investment landscape.
The Golden Visa Program makes provision for the following investment options::
· investing at least €250,000 in real estate investment funds registered with the central bank
· minimum of €500,000 real estate acquisition
· at least €1 million of non-refundable public trust donations.
Based on the current version of the program, the visa will be valid for 10 years, won’t require any minimum annual in-country stays and holders of the visa and their family members will also be able to work in Hungary without needing a work permit. And in addition, the program will be THE cheapest property based Golden Visa option in the EU.
A recent analysis conducted by ingatlan.com (the Hungarian real estate platform) reveals compelling insights into the potential transformation awaiting Hungary's real estate market in 2024. The market experienced a notable 27% decrease in real estate investment transactions in 2023 compared to the preceding year, primarily attributed to inflation and escalating raw material prices in the construction sector. The cost of capital has risen, contributing to a considerable gap between buyers' and sellers' expectations. Portfolio forecasts a gradual recovery in the real estate market from the second half of 2024 to 2025, suggesting that the government's introduction about the foreign residency permit are strategically timed to align with this projected revival.
Throughout the EU countries have been and will remain a significant source of foreign home buyers, with notable interest from non-EU locations such as the US, the UK, Turkey, Indonesia, and Switzerland. As Hungary positions itself as a beacon for global investors seeking a strategic entry point into European residency, the Golden Visa program emerges as a pivotal player in shaping the real estate landscape. With a forecasted market recovery and a regulatory framework designed to attract a diverse pool of investors, Hungary's Golden Visa program sets the stage for a dynamic and prosperous era in the realm of Residency By Investment. The opportunity is ripe for investors to explore Hungary's rich real estate market and secure their stake in a rapidly evolving global landscape.
OUR FEATURED SALES FOR FOREIGN CITIZENS APPLYING FOR THE GOLDEN VISA IN HUNGARY
