Annually about 150,000 real estate purchase contracts are signed in Hungary. Of these, some 3,200 required permission from authorities last year, which is a 10% increase compared to 2016. Permission is required for non-EU citizens, vg.hu notes.
Within this group, purchases by Chinese buyers were 20% higher last year; however, the rise was not from a significant base, as the increase was from 1,213 to 1,573 homes purchased. Second-ranked are Russians, with real estate bought mainly in Hévíz, known as a thermal bath resort, and in parts of central Budapest, especially in Districts 6 and 7.
Foreigners buy mainly apartments for around EUR 200,000 in central Pest and villas worth EUR 300,000-400,000 in Buda, László Hegedűs, a partner at the Duna House real estate agency, told vg.hu.
A recent development is for expats who choose not to rent, but to buy apartments for EUR 200,000, which they can sell a few years later for significantly more, perhaps EUR 240,000-250,000, Hegedűs added.
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