Why Should You Buy An Apartment In Budapest?

Budapest, a vibrant European metropolis with its unique cultural heritage and fascinating history, is well-known for having top-notch universities, excellent transportation systems, reasonable living costs, and a fast-growing real estate market. The number of international real estate investors who choose to purchase property in Hungary’s capital city keeps increasing. Learn more about the top reasons why you should buy an apartment in Budapest!

Why should you buy an apartment in Budapest?

Are you considering purchasing property in Budapest? Are you planning to immigrate to Hungary? Do you currently live in Budapest and plan to switch from renting to owning your own place?  We have listed some of the most compelling reasons to buy an apartment in Budapest.

1. Potential for residency

The guest investor residence permit, also known as the golden visa, allows third-country nationals to stay in Hungary for investment purposes as guest investors.

One way to obtain the guest investor residence permit is by acquiring residential property in Hungary valued at least EUR 500,000, which is deemed of national economic interest, among other methods.

Real estate laws can vary greatly between countries. Our guide on real estate investment in Hungary provides detailed steps for the process in that country. Be sure to read it to understand the ins and outs of the procedure.

2. Affordable real estate prices

While there has been a significant increase in real estate prices in Hungary, Budapest remains among the most affordable European capital cities.

According to the Hungarian Central Statistical Office (KSH), in 2023,

• new Budapest apartments averaged EUR 178,600, while
• secondhand apartments averaged EUR 119,500.

Based on a 2021 report from Eurostat, Hungarian price levels for housing are among the lowest in the EU. Please note that in the case of the Hungarian Golden Visa, the minimum investment amount is EUR 500,000.

Source: Eurostat

3. Reasonable living costs

Not only are real estate prices affordable in Budapest, but the cost of living is also low compared to many other European capitals. Educational fees, transportation, entertainment, education, healthcare, and grocery costs are temptingly low compared to other European metropolises.

4. Booming real estate market

Looking for a European real estate investment opportunity? Hungary’s market has boomed in the last decade.

As KSH data suggests, in 2023,

• the price of new apartments has increased by 310%, while
• the price of secondhand apartments increased by 259% compared to 2015.

Source: KSH

Hungarian real estate prices have increased significantly faster than the EU average.

Source: Eurostat

The rise in average rental prices in the Hungarian market has increased significantly more than the European average as well. This means that the rental yield can be higher compared to other markets.

5. Diverse property options

In Budapest, there is a wide variety of properties to choose from that cater to tastes and budgets. Whether you are in the market for villas and penthouses or modest studio apartments, Hungary’s capital city offers a diverse range.

Real estate investment in Hungary as a foreigner can be a time-consuming and complex process. However, our dedicated team at Crystal Worldwide Group is here to support you at every stage from inquiries to finalizing the transaction. We are committed to offering you assistance and guidance for a successful investment journey in Hungary.

Crystal Worldwide Group: professional assistance to buy an apartment in Budapest

Most foreign investors prefer seeking professional assistance for real estate investments in Hungary. Crystal Worldwide’s team of real estate experts will help you with real estate investments in Hungary, as well as with related tax, financial and legal information. Through our office in Budapest, we will prepare a personalized offer for you and assist you in arranging real estate investment and obtaining a guest investor residence permit. Contact us using the form below!

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