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Can Anyone buy Property in Hungary
Yes, real estate in Hungary can be purchased by anyone, but there are certain exceptions For example, foreigners are currently not allowed to purchase agricultural property (See below). You can buy any property classified as residential, which generally means anything within city, town, or village boundaries. Some small farmhouses, which are classified as a smallholding, with a maximum land size of 6000 sq meters can be purchased too. Note that a foreigner needs to get a permit to buy ANY property in Hungary however this is almost automatic, but presently costs about €200 and takes about one month to obtain. Hunimex has the expertise and contacts to smooth this process, and can often reduce this time Note too, that the law changes frequently, contact us for any recent changes Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What properties cannot be purchased by a foreigner
Properties that are not in urban areas are restricted to Hungarian owners at the moment Many families here have small hillside allotments, with a building on it, that was designed to assist in cultivating the fruit & vegetables, press grapes, and store wine etc. Most had rudimentary living accommodation, to allow the owner to stay overnight. Many have now been upgraded to decent houses, but these are not registered as residential properties so a foreigner cannot be the registered owner Notwithstanding that, there are many that are very reasonable, and some are taking the risk to purchase these, even though they cannot register the ownership at present. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I'm a citizen of the EU - Does that make any difference ?
Yes, since Hungary joined the EU in May 2004, there have been several new laws ensuring that all EU citizens will be treated equally (i.e. in the same way as a Hungarian) However, agricultural properties are still only available to Hungarians at present. An EU Citizen can easily get a residence permit, giving you the right to vote, health coverage and improved mortgage conditions. Ask us for more details. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Do I have to come to Hungary to purchase a property ?
Yes, lawyers and banks have to deal with their clients in public the first time thus you will need to present your ID documentation personally to open a bank account, and to sign a purchase agreement. In practice, you can achieve this in half a (working) day, once you have decided which property you want to purchase. It is best that the buyer and seller all meet together in the lawyer's office to sign the initial documents. We also require that our clients leave us a notarised copy of their ID, which we can obtain here at around euro;50 in about 1 hour. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Can I open a Bank Account in Hungary ?
Yes, Hungarian banks are happy to have international clients, and there are few restrictions. You will need to be present to open the account. Several banks offer full internet access, so you can check and operate your account from anywhere in the world. At least one of our local banks has a clerk that is fluent in English, and is happy to take instructions by phone / fax Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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How much does it cost to purchase a property ?
Hunimex currently charges 2 - 5% of the selling price for our services. This includes the price of using our lawyer for the full purchase and registration process, and our translation of the Hungarian text into English. Email us on Real_Estate@hunimex.com For our current detailed price list In addition, a foreigner may have to obtain a 'Foreign Purchase Permit' from the Administration, which currently costs about €200 and takes about a month. This can be sidestepped by starting a Hungarian company which can immediately purchase a property (except agricultural land etc.), but this is more expensive, and needs monthly accounting too (Hunimex can arrange that as well !). For those wishing to move to Hungary, Hunimex may be able to eliminate this delay and cost too - ask us for details Furthermore, there is a property transfer tax (for all purchasers), which is related to the price of the property. Currently you will have to pay 4% on the purchase price, or the accepted value of the property, on a residential property or 10% on the purchase price of a building plot or a holiday home (as opposed to family accomodation, as per the land registration details). The tax bill will be sent to your registered address a few months following registration Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What about taxes and running costs ?
The property transfer tax is 4% on the property price, on a residential property or 10% on the purchase price of a building plot or a holiday home (as opposed to family accomodation, as per the land registration details). The tax bill will be sent to your registered address in a few months following registration There are local taxes on most properties, but these are generally small in this county, they vary from place to place. Expect to pay between 0 and 50,000 Ft (€~200) per year in local charges You must keep the land clean and tidy too, we can do that for you, or you can sometimes negotiate this with the local council. Costs range from about 5 - 10 Ft/month/sq meter of land upwards. Flats in a block often have a monthly maintenance charge too, this is specific to that property, and usually depends on the state of renovation, and the square meterage of the flat relative to the whole building size. Large blocks will have a local representative, sometimes one of the other flat owners, who upkeeps the property, and after a tennants meeting will decide on the monthly charge. As an example, the charge for a 2 bedroom flat in a modern property in Budapest may be around 20,000 Ft (€ ~65) per month. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What do you charge to assist me ?
Hunimex currently charges 2 - 5% of the selling price for our services. However, our information on properties are free, and we specialize in helping you find the property you are looking for (i.e. we will not press properties on you that a seller wants to get rid of). We will also take you round a selection of local properties personally, and include the cost of three days guided tour and assistance in our basic charge Email us on Real_Estate@hunimex.com For our current service charges These prices include ensuring that the property is being sold by the registered owner, and that there are no outstanding liens on the property etc. Our lawyer will check over all the details, and his costs are included in our charges. There are no hidden charges Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Will my purchase be Freehold ?
Yes, provided you purchase a family accomodation or a holiday home, and it is registered in your name you will be the fully registered freehold owner of the property Note you cannot be the registered owner of agricultural property except under very restrictive and particular conditions. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Can I get a Mortgage in Hungary ?
Yes, though this varies from bank to bank, and they are not always easy to arrange. Usually you need to have at least 40% down payment. Less if you are a resident in Hungary. Special conditions apply. Ask Hunimex for more details and assistance in finding the best deal. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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How do I get a lawyer and/or a Surveyor ?
Hunimex will provide a lawyer as part of our services. We include the cost of this in our charges, and will translate all important documents into English for your easy understanding. Additionally, we have an architect/surveyor as part of our team, so properties can be given a professional inspection before you commit to purchase Our staff are fluent in English (our Managing Director is English !), and we can also communicate in French, Italian, and German. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What about upgrade and enlargement ?
We have a maintenance department. Workmen include teams of builders, plumbers, carpenters, tilers, and painters, that work to international standards. We are experienced in supervising their work to ensure that it meets your requirements, and gets done on time and on budget. We can show you examples of houses that have been upgraded with our teams, and you can see the quality for yourself. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What's included with the house price, and what's not ?
Most houses here are sold almost empty. The kitchen furniture and light fittings are negotiable. It is normal for the lights to be removed except in the bathrooms. The heating systems are normally left in place. As are all electric switches and sockets. We can assist in negotiating for furniture and fittings, etc. Go to top | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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What is the cost of living in Hungary ?
Costs in Hungary are much cheaper than in Western Europe, here are some approximate prices taken from the circulars from Tesco, Lidl, Coop and Plus supermarkets and large Electrical retailers New trading laws restrict larger shops opening hours from 6AM to 10 PM Mondays through Saturdays closed on Sundays However small family run retailers are allowed to open 24 hours:
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CALL US NOW FOR MORE INFORMATION
Note: The information on this page is only a guide, we cannot be held liable for changes in current laws & regulations Hunimex kft, Sugar ut 44, H-8800 Nagykanizsa, Hungary
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