Real Estate Bargains and Residency Options in Hungary

Posted on 08/11/2014 ~ Categorized as Invest
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Laszlo is Vice President of International Marketing at Discus Holdings in Budapest.

Real Estate Bargains and Residency Options in Hungary

So many people are dreaming about living in Europe, but they just don't know how cheap it is. In the middle of Europe, there is a small country where the real estate prices are so cheap that sometimes the foreign buyers can't believe it's true. There are beautiful condos built ten years ago which you can buy for the half of their original price.

While Hungary was always a cheap country compared to the neighboring Austria, the new residency permit program allows for citizens from third countries (non-EU countries) to reside easily in Hungary. Of course, they must maintain an official address. It can be a rented room for US$100 per month, but why not invest in an EU member state and buy the house of your dreams in the famous center of Budapest or in the lovely countryside? Everything is possible on the Hungarian real estate market. Buyers or tenants with euros or dollars in their pockets are more than welcome in Hungary.

The real estate market in this Central European country offers great benefits. Hungary is not only a stable democracy and member state of the EU, but it has a famous education system with inexpensive fees compared to the other EU countries), and the healthcare system is excellent and also inexpensive.

It is so easy to move into a European country nowadays. To invest in the Hungarian Residency Bond Program, one must have a Hungarian address. The global financial crisis had a terrible effect on the Hungarian real estate market. Prices fell by almost 50% in the last 7 years, not only in the capital city but also in the most frequented holiday areas. This is one of the main reasons why Hungary has so much to offer.

At Lake Balaton, the largest freshwater lake in Central Europe, one can find a friendly three-room house with garden for less than US$14,000! On the high end, a luxurious, high-quality estate (180-degree panoramic views of the lake, 12 rooms, pool, huge garden with fruit trees and grapes) costs less than US$400,000.

Budapest, the capital of Hungary, is also one of the cheapest financial centers in the European Union. (Only Sofia, the capital of Bulgaria, is cheaper.) Currently, one of the cheapest properties in the city is a 45-square-meter flat (3 rooms) for US$15,000. On the other hand, there are expensive properties, like a beautiful historic house on Buda's hillside in the most elegant district where the very rich people and the foreign diplomats live. This palace has 7 rooms, a 5-car garage, a wellness room, a sauna, a swimming pool, and a full panoramic view of the city, the Danube, and the Castle Hill. This is one of the highest-priced houses in the district and costs US$770,000. So, in Budapest it is very easy to find the perfect home for an expat family of four. A beautiful, modern, fully-equipped apartment in an elegant part of the city with four rooms (70 square meterse) can cost as little as US$130,000.

The Hungarian capital is beloved worldwide for its security, for the beautiful historical sights, and for the fabulous nightlife. Meanwhile, the countryside of Hungary is calm and very relaxing. There are plenty of cheap properties in the mountains, on the Great Plain, and along big and clean rivers of Danube and Tisza. Little farms can be bought for less than US$10,000.

The Hungarian Residency Bond Program creates an inexpensive and fast solution for moving to the EU. In exchange for an EUR250,000 investment of five years, the Hungarian government offers a permanent residency permit for a family without extra fees for its members. Through this program, it is now possible to invest in a inexpensive residency plan and buy an inexpensive piece of property in the middle of Europe. The renting market is also quite inexpensive, compared to its western counterparts. If someone wants only to have an address in Budapest, he or she can rent a comfortable and furnished room in a very elegant neighbourhood for less than US$100 per month.

Of course, these favorable conditions have made the Hungarian Residency Bond Program quite successful. After launching in 2013, the program's office granted 723 permanent residency permits in its first year.

To request more information about the Hungarian Residency Bond Program and the real estate market in Hungary, please complete the form below.


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