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Are you wondering if you should be selling property in Hungary as soon as possible? Is this a good time to be selling overseas property? Read on!
As far as Hungary is concerned, the trends are positive. Hungary has emerged as one of the top overseas property destinations in Central Europe. Things are very good in Hungary, much better than they were in the immediate aftermath of the global housing crisis of 2008.
Hungary wasn’t affected as much as other countries by the 2008 global recession. But the property market was hit badly. That’s because for many years, foreign investors simply stopped buying properties abroad.
Indeed, the number of property transactions in Hungary was down by 50 percent. There was a certain uncertainty in the economy because of which people preferred to put their money into gold and other traditional assets.
Things changed about 4 years ago. In 2014, people started buying property in Hungary again. 2015 was the year of recovery and suddenly there was a huge demand for homes and apartments in Hungary. Home sales went up by as much as 40 percent.
As of this year, the data shows that there has been a remarkable improvement in the situation in Hungary’s property market. Home sales have gone up by 13.7 percent. As many as 13,000 residential properties have been sold this year already.
Real estate prices have gone up by 31 percent in Hungary since 2015, according to the data from Eurostat. There is a huge demand for properties in Hungary from Russians, Americans, Australians, Chinese, Scandinavians, Brits, Irish, and other European investors.
Remember, these are highly sophisticated, high net worth individuals who know who to smell a bargain, and they see that in Hungary. Hungary is one of the fastest growing economies in Central Europe and all economic indicators show that we are headed for the property boom in that country.
Global rating agency Fitch Ratings gave a healthy BBB- rating to Hungary. Fitch said in an official statement: "Hungary’s ratings balance strong structural indicators compared with ’BBB’ peers against higher public and net external debt, and risks from policy unpredictability and pro-cyclical fiscal policies. The positive outlook indicates the improving trend on net external and government debt."
The ING Group said they agreed with the Hungarian government’s 4.3% GDP forecast to be achieved in 2018. They say that the target is realistic given the current data on Hungary.
So where are foreign investors buying property in Hungary? Most Chinese, Russian and American investors buy properties in the high-end neighbourhoods of Budapest, the capital of Hungary.
Budapest has its attractions. It is one of the quietest capital cities in the world. It has an old worldly charm to it and does not have the rush hour traffic or the noise as some of the other cities in Europe. Also, incidents of crime in Budapest are very low.
Other foreign investors such as those from the UK, Ireland, Scandinavia and other European countries prefer to buy large houses in the Hungarian countryside.
Regardless, there is every chance that you will get good money for selling property in Hungary.