Can I buy a house in Hungary? (2024)

Is it easy to buy property in Hungary?

You can buy by contract what is made by a lawyer. You sign, (ex)owner signs and the lawyer will take of the rest. You can start the buying procedure in Hungary and even from home. Buying as a foreigner is no problem as long as you have a nationality for one of the EU-countries.

In general yes, foreigners may own and occupy real estate and can hold shares in property owning companies, but acquisition of real property in Hungary by foreign (non-EU) legal and private persons is subject to the approval of the competent government agency, which is more of a formal administrative procedure.

How long does it take to buy a house in Hungary? The process of applying for a permit, applying to purchase, and getting your applications approved and finalised takes an average of 12-63 days, but we are here to help.

In Northern Hungary, the average house price stood at HUF 9.52 million (€ 27,079) during 2020 while it was about HUF 11.62 million (€ 33,052) in the Northern Great Plain and HUF 12.04 million (€ 34,247) in the Southern Great Plain.

Moving to Hungary Will Require Learning Some Hungarian, Which Can Be Tricky. When it comes to learning a language abroad, keep in mind that Hungarian is one of the more difficult ones out there. Many Americans point out that they have had a hard time learning even the basic expressions.

Personal income tax (PIT)

Hungary has a personal income tax rate of 15% of the tax base. For resident taxpayers, the tax base is their whole income, while in the case of non-resident taxpayers it represents their locally taxable incomes.

Farmland prices in Hungary rose 7.3% last year and averaged HUF 1,727,000 per hectare, state news wire MTI reports citing an analysis by Agrotax. Farmland was dearest in Hajdú-Bihar County at HUF 2,351,000 per hectare and cheapest in Zala County, at HUF 1,194,000 per hectare.

Dual citizenship is permitted under Hungarian Law.

The property market has performed well over recent years. It offers strong investment yields and considerable value for money. Read on to find out why more people are flocking to Budapest. And, if you're thinking of investing in real estate, how to navigate the property market as a foreign homeowner.

Can I get a mortgage in Hungary?

If you are purchasing property in Hungary, you will have the option of taking out a loan or mortgage in Euros, Swiss Francs, or Hungarian Forints. Generally speaking, loans and mortgages are mostly available in Hungarian Forints.

Anyone can buy a residential property in Hungary, but a foreigner needs to get a permit first to buy any property, which costs around 200€ and takes one month to get. Hungarian law requires that real estate purchases shall be concluded through private contract (purchase agreement) countersigned by a lawyer.

Pensioners can get permanent residence in Hungary for a solid investment. Their amount is 300 thousand euros + 50 thousand one-time commission allows a foreigner to automatically obtain permanent residence in Hungary for the whole family and the opportunity to obtain citizenship on preferential terms.

On the back of economic reforms and (free) money from European Union cohesion funds, Hungary boomed between 2014 and 2019, and became one of the top performing economies in Europe. Its real GDP growth was almost 5% in both 2018 and 2019, which is reminiscent of booming South East Asian economies.

Normally, the requirement for getting citizenship is 8 years of continuous residency in Hungary but a preferential procedure is available for applicants with Hungarian parents or heritage, or for those with Hungarian spouses or children.

To sum up, moving to Hungary is a good combination of a high level of life and low prices. Here, there are good conditions for the purchase of real estate, and living costs are lower than in other EU countries. Moreover, life in Hungary can give good ecology, a quiet pace of life, and recreation at the best resorts.

How's Life? Hungary performs well in a limited number of well-being dimensions relative to other countries in the Better Life Index. Hungary outperforms the average in work-life balance and social connections. It underperforms average in income, education, health, environmental quality and life satisfaction.

The average hourly wage (pay per hour) in Hungary is 2,840 HUF. This means that the average person in Hungary earns approximately 2,840 HUF for every worked hour.

Which job is best in Hungary?

The average salary in Budapest, Hungary is currently around 300,000 HUF (or €817 euros) after taxes in 2022. Salaries in Budapest are considerably higher than in the rest of Hungary. Despite its apparently low average salary in Budapest, there are many opportunities for expats.

Tax revenue in Hungary stood at 38.4% of GDP in 2017. The most important revenue sources include the income tax, Social security, corporate tax and the value added tax, which are all applied at the national level. Among the total tax income the ratio of local taxes is solely 5% while the EU average is 30%.

Hungary is not officially seen as a tax haven, but its low corporate tax rates, easy incorporation laws, and prime location as a European Union nation make the Hungarian company an advantageous corporate vehicle for foreign investors.

Etymology and pronunciation. The previously separate towns of Buda, Óbuda, and Pest were officially unified in 1873 and given the new name Budapest. Before this, the towns together had sometimes been referred to colloquially as "Pest-Buda".

The Hungarian passport currently ranks on the 10th place according to the Guide Passport Ranking Index. It provides visa-free access to 187 countries. With a high mobility score it is one of the best ranking passports in the world.

Hungarian: One of the Most Difficult Language for Foreigners to Learn. Hungarian may be the most difficult language in the world for an English speaker to learn, for a variety of grammar, spelling, and pronunciation reasons. Ah, language learning.

Language testing and preparation: everyone applying for Hungarian citizenship needs to prove that they speak at least some Hungarian. In the regular procedure, this means you have to take a basic exam about Hungarian history and culture – in Hungarian.

Case in point: renting in Budapest. The common price range for a one-bedroom flat in this city is from 140,000.00 Ft to 200,000.00 Ft.

The average cost of an apartment is between 120.000 HUF (~400 USD) to 190.000 HUF (~650 USD) in rent per month for a flat between 35-55 m2.

Is Hungary a good place to retire?

Hungary is sometimes overlooked as a retirement destination. Expats who retire in Hungary appreciate the low cost of living; rich history; friendly people; and beautiful cities, towns and countryside. Real estate listings in popular cities and towns in Hungary.

Can foreigners buy property in Hungary? -Yes. Foreigners who do not plan on living in their Budapest property are obliged to apply for permission to buy but this is merely a formality, costs approximately £140 and takes between 4 and 6 weeks.

Can a foreigner buy a house in Hungary? There is no restriction on home or any real estate buyers who are European Union citizens. However, Non-Eu Member's Citizens must obtain a permit.

Buy property in Hungary

In Hungary, you can buy property regardless of nationality: it does not matter whether you are from the EU or from South Africa.

In general, a single person can live reasonably in Budapest for around 175,000 HUF per month, not including rent. A two-bedroom apartment in a central location and good condition starts around 240,000 HUF. The better the location, the newer the appliances and the larger space, the more you can expect to pay.

Your money needs to be well-documented and an international treaty must permit the purchase. However, EU citizens can make purchases without restrictions. For anyone buying an investment property, you could benefit from a government program that covers renovation costs to improve energy efficiency.

The general rule is that foreigners require a permit from the Minister of Internal Affairs to buy real estate. A permit is required in each case of real estate purchase, i.e. acquisition of ownership title or perpetual usufruct right to real estate on the basis of a legal transaction.

While having five to six million HUF (one million is 3000 EUR) is enough to make someone a part of the top ten percent, qualifying as a member of the economic elite requires an annual income of 15 million.

What am I entitled to and how can I claim? The law provides for the job-seeker benefit to be paid for a maximum of 90 days, and the allowance equals 60% of the previous average pay, but the amount cannot be higher than 100% of the minimum wage (i.e. HUF 167,400 in 2021).

The best and biggest investment area in Hungary is real estate. Other prospective investment opportunities include establishing a company and investing in government bonds.

Why is Hungary attractive to foreign investors?

Hungary's central location and high-quality infrastructure have made it an attractive destination for Foreign Direct Investment (FDI). Between 1989 and 2018, Hungary received approximately USD 92 billion in FDI, mainly in the banking, automotive, software development, and life sciences sectors.

Hungary is well-known for its highly-skilled workforce and its long education traditions in technical universities. The relatively cheap and educated labour force guarantees investors receive the best value for money. The multilingual workforce makes communication easier for foreign investors.

If you are purchasing property in Hungary, you will have the option of taking out a loan or mortgage in Euros, Swiss Francs, or Hungarian Forints. Generally speaking, loans and mortgages are mostly available in Hungarian Forints.

Are foreigners allowed to purchase property in Hungary? There is no restriction on buyers who are European Union citizens. However, Non-Eu Member's Citizens must obtain a permit.

Can foreigners buy property in Hungary? -Yes. Foreigners who do not plan on living in their Budapest property are obliged to apply for permission to buy but this is merely a formality, costs approximately £140 and takes between 4 and 6 weeks.

Your money needs to be well-documented and an international treaty must permit the purchase. However, EU citizens can make purchases without restrictions. For anyone buying an investment property, you could benefit from a government program that covers renovation costs to improve energy efficiency.