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Foreign nationals are entitled to buy property in Hungary, but must apply to the nearest Metropolitan or County Administrative Office for authorization (a fee of Ft. 50,000 is payable).
Individual buyers are limited to the purchase of one property, unless they first register as a Hungarian company. The advantage of forming a limited company, which might just be between a husband and wife, is that a lower tax rate of 16% is payable on selling the property, compared with the 20% payable by a private individual.
Hungarian property is likely to be a good investment, as real estate prices are rising rapidly. The vast majority of property in Hungary is privately owned. All properties are freehold.
There are major variations in property prices between different parts of the country. The most expensive areas are Budapest and the surrounding region, and Western Transdanubia. Cheaper properties can be found in the eastern region, and in small towns and villages.
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