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Hungary has the reputation of being one of the most stable countries in the world. Nothing happens in Hungary quickly, so if you are looking for tips to sell property in Hungary fast, here’s the first tip – be patient.
Property prices in Hungary have been rising gradually over the last few years. Much of the increase in interest in the property market in Hungary can be attributed to the country’s entry into the European Union. This has led to Hungary to become noticed as an overseas property destination.
Much of the property in Hungary is privately owned. The government stays away from the property market here and follows a policy of strict non-interference. The housing market in Hungary has grown unhindered by any restrictions and has continued on this trajectory, even today.
Everywhere you go in Hungary, you will see a boom in construction. There is a huge demand for property in Budapest, the capital of Hungary. Also very popular is Balaton, which is the most famous holiday resort in Hungary and a hit with both foreigners and the locals.
Indeed, over the last few years apartments in Budapest have risen in value by 10 to 15 percent each year. Yes, there is no question that Hungary, like other countries in Europe was affected by the economic recession of 2009. But the effects of the recession were much less pronounced in Hungary compared to other overseas property hotspots such as Spain, Greece and Portugal.
Hungary holds a plenty of attraction for foreign investors because of its excellent economic growth rate. Hungary has averaged an economic growth rate of 4 to 5 percent over the last 15 years. This is very high when you consider that the average growth rate for the EU in the same period was only 1.6 percent.
Overseas investors are attracted by the low property taxes in Hungary as well as a low industrial tax (just 2%) and relatively low corporate income tax (18%).
For sure, the property market in Hungary is not a perfectly safe investment, there is no such market in the world. However, international property hunters from emerging nations such as China and Russia realize that Hungary is one of the most stable countries in the world, economically and politically and where everything is done by the rule book.
If you are looking to sell your property in Hungary quickly, you should know that the Hungarian real estate market is not very liquid. It takes many months before a property can get sold. It is also possible that you may not get the price that you expected for the property. Hungary is still not as hot an overseas destination as Spain and Portugal, but it is developing fast.
Also, any sale of a Hungarian property by a foreign national would require you to get a permit from the Administrative Authority Office (Közigazgatási Hivatal). This is not difficult to get, but it does make you harder to get what you want. Only foreigners who have been living in Hungary as residents for several years don’t have to get permission to buy or sell property here.
Property transactions are ruled by the principle of reciprocity, which means foreign buyers have the same rights in Hungary as Hungarians have in their respective countries.
Still, since Hungary joined the European Union in 2004, a number of rules and regulations related to the transfer of the property have been simplified. The capital gains tax in Hungary is charged at a flat rate of 16%.
Finally, there is a lot of interest coming from Chinese and Russian investors in Hungary, but it is important to hire an experienced overseas property estate agent if you are to have any chance of connected such high value buyers. Marketing is the key to selling an overseas property and when done well, it ensures that you get an all-cash deal for it at the earliest. Contact the experts for more adivce UK & Irish Estate Agents Selling Property in Hungary.