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Chinese interest on the rise for Hungarian homes

Sustainability

Real estate prices are rising Europe-wide and this trend is expected to continue for several years in Hungary, too. But there is also a new development: a growing number of Chinese are looking to invest in homes in Hungary, show online statistics of Hungarian real estate database ingatlan.com.

There has been a 40% increase in searches from Chinese IP addresses, László Balogh, lead economic specialist at ingatlan.com, told daily newspaper Magyar Nemzet. These searches are not simple browsings, as visitors have also viewed the contacts of sellers, and so are most probably deciding whether to buy, he added.

The searches show that visitors focus on private rather than commercial real estate, and the most popular area is District III of Budapest, in the price range of HUF 44-75 million. Second ranked is District II, with an even higher price range of HUF 54-80 mln. Districts XII and XI in Buda are fifth and seventh in Chinese searches, with price ranges of HUF 41-98 mln and HUF 75-99 mln, respectively.

In Pest, the most popular areas are Districts XVI and XIV, where searches are directed towards cheaper homes, in the HUF 50-65 mln price range, but many searches also target Districts XVII, IV and XV. As for outer Budapest, Nagykovácsi is frequently searched for available homes, probably due to the American International School of Budapest operating there, Balogh noted.

In most cases, Chinese buyers pay in cash and often bring money in bags. It is also typical that they bargain heavily and have specific preferences regarding areas. Those who already live in Hungary look for two types of homes: cheaper flats in Pest or villas in Buda.

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