It is not easy to find the perfect match, if you wish to buy a property for yourself or as an investment in Budapest. Even if you decide to rent a flat, you must choose carefully. During the last years many local and international development companies invested in Budapest and built quality residential buildings. There are classic apartments available mainly in the downtown or on the Buda side areas. Prices are still lower than in most other European capitals.
First you need to find a reliable real estate agency. It can help you to find the suitable apartment, house or office space. The selection is wide. There are numerous international companies and reputable local ones as well. Most of them are prepared to serve foreign clients and they can assist you in English or in other foreign languages. The Hungarian law allows foreign citizens to buy a property. Corporate and larger scale investors (i.e. those buying more than 2 properties) need to establish a Hungarian-based company with the help of an agency or a law firm.
It is advisable to arrange an inspection trip to view developments and properties to become familiar with the area in which you are looking to purchase. During your search you may want to rent an apartment for short term until you find the property you are looking for. Making an investment in a foreign country is a bold step, which is why it’s always wise to be as well informed as possible.
Most popular areas for buying a Budapest property
With thorough research and some local knowledge, you should be able to find the best deals and avoid pitfalls. The most popular areas are the 5th district and Váci utca area, 6th 7th and 13th district in Pest. While on the Buda side the Castle area, the hilly part of Buda 2nd and 12th districts attract more investors.
Once you found the flat of your dreams, the agency can help you with legal and if necessary mortgage advise. Some companies specialised for property management, they can assist you with renovation, furnishing and letting as well.