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Home buyers from outside EU down 40% from 2019

Residential

Photo by Fabio Balbi/Shutterstock.com

Homebuyers from outside the European Union applied for a license to purchase real estate in Hungary in 2,200 cases last year, down 40% from 2019, listed real estate broker Duna House said yesterday, according to profitline.hu.

The decline was mainly due to the international travel restrictions related to the pandemic, Duna House said.

The broker noted that special permission from a government office is necessary if the buyer is not a citizen of a member state of the European Union, the European Economic Area, or Switzerland. Chinese citizens were the biggest group of non-EU buyers on the housing market, making up 39% of the total, Duna House said, citing data from the Prime Minister's Office.

They also purchased the most expensive properties, Duna House added. Israelis and Russians each accounted for 8% of foreign buyers, followed by Ukrainians with 5%. U.S., Turkish, and Serbian citizens also acquired larger numbers of properties in Hungary.

Some 74% of non-EU buyers purchased homes in Budapest.

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