Property prices are fixed in local currency. Per property you will find an indication on the actual rate.
Q: Why should I buy a cottage in Hungary?
- Hungary is a safe and hospitable country!
- Property markets predict a substantial rise in rural prices. Presently, when compared to their city equivalents, they are undervalued by anything from 200 to 300%. Therefore - a Hungarian house in the country is a solid investment.
- Outstanding weather. Here the seasons are what they are supposed to be: the fairy-tale winter is cold - you can expect a white Christmas; spring is glorious; summers are hot (mediterranean-hot in the south); and the autumn is unbelievable.
- The cost of living in Hungary is still relatively low when compared to western and northern Europe. For example, if you decide to retire here, your hard-earned pension and savings will go a long way.
Q: What are the market trends in Hungary?
In general, you could say that the countryside is a different development than in the larger cities and in Budapest in particular. Often there are already significant differences in prices, but where in the countryside the price hardly increase, Prices in Budapest city still raise.
Other aspect is the speed of the market. In rural areas it is quite common for a house to be for sale for years and years, where this is in Budapest a matter of weeks. It is therefore good, don’t take too long in the decision-making process.
Since the offerings in Budapest also changes rapidly, it is not to say which apartments are still available and therefore we see it more as a way to help you orient and from there start looking. In practice, it often works well to combine a visit to the city to look for an apartment. Obviously, we are preparing the visit as well as possible and all information goes to the agent/mediator. He meets you, discusses all details and if it is possible he will show you some examples immediately. If that is not possible, you can enjoy a day in the city and the agent/mediatorwill look for the database, the market, at colleagues, etc. The next day you meet each other again to see apartments.
Q: Does the buying process take a long time?
- The entire buying process from selecting a suitable property to finishing so you will be the owner will take 1 to 2 months. Also finishing documentation at the land-registry and tax office usually takes about 3 or 5 months. As a rule it takes just one consultation with us to set the ball rolling, you do not have to travel back and forth ad-infinitum.
- On all of this there is one exception and that is for property outside the village borders. Since May 2014 as a foreigner you can buy bigger plots (up to10.000 m2), but the time for the buying procedure is much longer. First it was 60 days for the first buying right of Hungarians, but now there is another 60 days in which a government committee (mostly land registry) is going to look whether all procedures are okay and a foreigner can buy, so 60 + 60 + some days for posting etc. will turn out to be about 4, maybe 5 month before you know whether you can buy the property. This is all outside village borders. Inside no problem.
Q: What do your prices include?
- The price of the property included the deposit of 20% of the property price. This is a confirmation that you will buy and naturally this means we reserve the place for you.
- Legal costs.
- Our commission.
- Costs land registry.
- Contract translation.
- Our help to put utilities (water and electricity) in your name, open a bank-account, and, if necessary, arrange your insurance with a local insurance broker
Q: What is not included in the price ?
The only thing not included in the price is your stamp duty / property sales tax. You will get a bill for this roughly 6 months after you purchase your property, from a company called "Sygma”, who collect the stamp duties from foreigners purchasing in Hungary. You will receive this bill direct to your home address, and you will need to make a bank transfer to the account on the invoice. This property tax is a once off payment when you purchase a house.
For non EU citizens arranging permissions from the local mayor and the county authorities is not included. Costs will be around 70.000 HUF.
Q: Will a Brexit have effect on buying property in Hungary?
At the moment UK-citizens are able to buy in Hungary and live and work there. Having a UK-citizenship you and are free to come and go as you wish.
It is not yet possible to say what will change if the UK would leave the EU, but looking at the way you can buy in Hungary there are two possibilities. One is the simple way. Is for EU citizens and will be handled by selecting your property, sign an contract and move in. The other one is for "friendly" countries and then you first need to ask for a permission. in the past this was the "normal" procedure. Most likely the UK will be such a "friendly country”, so you need to ask this permission. Will only take a little longer in the process, but can hardly be a problem, unless you are looked for by the police, tax authorities etc. :-). By the way, this was the procedure before Hungary joint the EU.
Q: Do you charge costs for a visit?
We love to show you houses or lands during your visit. Also our agents/mediators will be happy to tell more about the village and its surroundings, because you can buy a house but not your surroundings. Hardly anything is for free nowadays and also our agents/mediators need to be careful on the costs. There are agents who have to charge you some costs. When making an appointment, I will obviously tell you that. The costs for day house hunting can be 5,000 - 10,000 forints per (part of the) day. Should you decide to buy a property through this agent/mediator of course you get a refund on the costs.
Wiith our agents/mediators the visits are up to a maximum of one day. It is not very common, but iif it is neccessary to spent more time the agents/mediators can charge for subsequent days. You have to think of 10,000 forints per day and of course you will get a refund if you buy.