If you are considering buying some property in Hungary, and Budapest in particular, you will be pleased to know that the buying process might be easier than you might have anticipated. In this article, we will explore the process to buy a property in Budapest for foreign investors.
The rights of foreigners, and especially those from EU nations, and those of the Hungarian citizens are almost the same. All that you need as an expat is to have a permit, which will cost around 200 pounds and can be obtained from the district council. Obtaining this permit is considered to be a formality and will take a maximum of 6 weeks to be finalized. When talking about foreigners, we are referring to both EU nationals as well as non-EU citizens. However, it is important to note that this particular permit is required more from the non-EU nationals as compared to EU nationals. Reason being, since Hungary joined the EU, that is, back in 2004, it made it easier for the citizens from the fellow EU nations to invest in its property markets. This allowed EU nationals to own property wherever they want in Budapest since the country’s presence in the EU did put EU citizens on an equal footing and are treated equally as the Hungarian citizens. However, for the properties in rural areas, they are only available to Hungarians only at present. Below you will find the requirements for both EU and non-EU citizens for them to invest in the country’s real estate market.
For the EU nationals, once you’ve decided that you want to buy a property in the Hungarian capital, Budapest, there will a series of straightforward events that will have to take place so as to make you the rightful and legal owner. It is also important to note that in most of these process, you will definitely require a lawyer and a realtor company who will help you in every stage in the transactions. The realtors should preferably come from Budapest, as they are the ones to help you locate the ideal place to buy some property, considering that they know the city better.
This entire process takes a maximum of 60 days to finalize, that is, from the contract signing day all the way to the closing process.
Now, with regards to the non-EU nationals, the process is a little bit different and may take a longer period to be finalized. It may take a few more weeks, but the good thing is, the entire process is bureaucratic, and hence you won’t need to stay here, in Budapest, or be present during this period. The Hungarian market is quite favorable towards foreign property investors, which makes the entire process swift and easy to execute, even though it takes time. So basically, the process is as follows:
All in all, whether you are an EU or non-EU national and you are interested in investing in the property markets in Budapest, Hungary, you are more than welcome to seize the opportunities. Budapest, just like its neighbouring cities in the EU, is one of the best destinations for property investors.