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Foreigner home purchases in Hungary drop sharply in 2008

Foreign private individuals bought just 500 homes in Hungary in January-November, compared to almost 5,000 during all of 2007, property developer Forest Hill-Neo City Group sales director Balázs Szili told MTI, citing the company’s own figures as well as data from the Central Statistics Office (KSH).


The full-year figure for 2008 is unlikely to change much as few foreigners buy homes in December, Szili said. In Budapest, most foreign buyers of homes are either Irish or British. However, thanks to Hungary’s presence at a number of property fairs in Spain, Spanish buyers now also have a presence on the market. Germans prefer to buy in the area around lake Balaton bend or the city of Győr, near the Austrian border. Slovakians and Romanians tend to buy property near the borders with Hungary, Szili said. (MTI-Eco)