If you’re thinking about buying property in Budapest as a foreigner, you’re among a growing number of people to do so! Consider these essentials before entering into Budapest’s real estate market.
In this extended blog post, we really tell you all that is needed to know about renting an apartment in Budapest. We will walk you through on what factors you need to take into considerations before you even start searching. Where to search and what questions to ask the owner about the property. What documents you need to rent an apartment and how to register your residency in Hungary.
According to the latest real estate market reports*, the price increase of pre-owned homes in brick buildings is above 10 percent in all districts of Budapest, compared to property sales prices in the first half of last year.
Budapest is a truly vibrant European city, famous for its excellent universities. In a previous post, you can read about why this city is so popular among foreign students. If you are going to continue your higher education in the Hungarian capital, finding the perfect accommodation for you will soon become urgent.
According to the most recent data of Central Statistical Office (KSH), the pace of price increases of residential properties in Budapest, Hungary was exhilarated again in 2018. As reported by KSH, in the first half of the year, 59 000 homes were sold in the country, it means a 7% rise compared to last year.
In Budapest there are currently 20 000 apartments being built or planned to be built.
Over the last 3-5 years, the Hungarian real estate market has gone through tremendous changes. In 2013, there was a slow downturn in the pre-owned home market, followed by an accelerating rise in prices. This rise was moderated in 2017, but the real estate prices are still increasing.
Panoramic views can always make a property extraordinary, but this little gem in downtown Budapest is a real rarity - the carefully designed and crafted interior perfectly matches the incredible views this apartment has.
With the new academic year starting in September, this month is certainly the season to see and expect the apartment rental market boom in Budapest.
A new proposal for the year 2018 would lift the 14% tax on rental income.
2017 will be dominated by new home constructions, with an estimated total of 14,000-15,000 homes expected to be buitl this year.
The once office building that stands next to Astoria Hotel in downtown Budapest has been empty and abandoned for decades now. There's a group of people that are interested in giving the real estate a new life.
Hungary’s real estate market is in an upward spiral after years of decline due to the real estate market crisis in 2008. The expected growth is five-to-ten percent in the following two years. Beginning in 2014, property prices began to grow by over ten percent. Hungary’s low interest rate, a record low at 1.5%, and a stabilized banking system lured buyers and investors alike. The trust factor has returned to the real estate market in Hungary.
While Budapest, the capital of Hungary, may not be the first city that tourists heading to Europe put on their itineraries, it's becoming a new magnet for global real estate investors. Budapest is not as saturated with buyers and sellers as cities that are more on the beaten track. That's only part of its appeal, however. The "Pearl of the Danube" is a world class location with assets that outshine more high profile markets. The advantages to buying property there may never be as ideal.
Hungary’s capital city of Budapest continues to attract foreign investors seeking high-end apartments. Professional real estate investors see the boom in tourism and now seek to rent the properties they purchase. This boom has led to a rise in real estate purchase transactions and helped stabilize the housing market in Budapest. Many risk-averse foreign investors now consider Budapest as their preferred investment destination.
A new wave of foreign property investors has descended on Budapest, the capital city of Hungary. According to a study recently released by estate agency Otthon Centrum, the first half of 2015 saw an astonishing increase of property transactions in the city. In fact, the total figure was ultimately revealed to be 40 percent higher than the final figure that was reported for the previous year. In a word, the property market for foreign investors in Budapest is booming at a rate that was frankly inconceivable even a few short years ago.
A high 150 to 155 thousand residential property transactions are expected to happen this year alone within Hungary. This high number is almost parallel to the pre-crisis transaction stats of 2008. Most real estate experts concur that the trade will continue to grow within the coming years, and will most likely exceed the 170-180 thousand yearly transaction number, which was the case in the pre-crisis years.
As the number of tourists arriving in Hungary hits record highs and online rental websites become increasingly popular, a columnist calls for stricter tax inspection and better regulation of the privately rented appartments.
METROPOLITAN HOMES BUDAPEST
REAL ESTATE AGENCY
OFFICE ADDRESS: ZOLTÁN U. 13, DISTRICT V, BUDAPEST H-1054
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