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Real Estate in Budapest, Hungary | Expat Exchange
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Liberty Bridge in Budapest

Real Estate in Budapest

By Betsy Burlingame

Last updated on Jul 16, 2024

Summary: The average cost of a nice 2 bedroom home in Budapest, Hungary is around $200,000 USD. A nice 3 bedroom home in Budapest is around $250,000 USD. These properties typically include modern amenities such as central heating, air conditioning, and updated appliances. There are no restrictions on foreign ownership for properties in Budapest. An expat should search for a home to buy in Budapest by researching the different neighborhoods and areas of the city. They should also consider their budget and lifestyle when looking for a home. The most desirable neighborhoods in Budapest include the 5th district, the 6th district, and the 7th district. These areas are known for their vibrant culture, excellent restaurants, and close proximity to the city center.

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How do I find a place to live in Budapest?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"One of the best ways to find a place to live in Budapest is to use online rental websites such as Airbnb, HomeAway, and Booking.com. These websites allow you to search for rental properties in Budapest and filter your search by price, location, and amenities. Additionally, you can also search for rental properties on local classifieds websites such as Craigslist and OLX. These websites are a great way to find apartments and other rental properties in Budapest. You can also contact local real estate agents who specialize in rental properties in Budapest. They can help you find the perfect place to live in Budapest," explained one person living in Budapest, Hungary.

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What is a typical expat home or apartment like in Budapest?

"Expat homes and apartments in Budapest are typically modern and spacious, with high ceilings and large windows that let in plenty of natural light. Many of the apartments have balconies or terraces, offering stunning views of the city. The interiors are often decorated with contemporary furnishings and feature modern amenities such as air conditioning, dishwashers, and washing machines. Expat homes and apartments in Budapest are typically located in the city center, close to public transportation, shops, restaurants, and other amenities," remarked one foreigner who made the move to Budapest.

"I live in an old apartment with a typical, Budapest courtyard that I love. It is a typical young-person's and there are many foreign students, but it's not a typical expat neighborhood. Expat neigbhorhoods are 5th and 6th district (around the embassies and businesses downtown) or residential Buda side districts like 1, 2, 2A and 12," explained one person living in Budapest, Hungary.

"We live in an apartment and is quite common for expats. But, expect them to be small at the lower prices. Better deals can be found outside the city like a house for example but the drive into the city can be terrible at times," said one expat in Budapest.

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What is the average cost of housing in Budapest?

If you are thinking about moving to Budapest, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The cost of housing in Budapest can vary greatly depending on the area and type of accommodation. Generally, the average cost of renting an apartment in Budapest is around €500-€700 per month, while the average cost of buying a property is around €1,500-€2,000 per square meter," said one expat in Budapest.

"I would say outside the city lower but inside the city normal for most US cities and lower for cities like NYC and DC. The average cost for a 1200 square ft. apartment is around the same price usds. If you get a good deal that would include utilities. We pay 720. usds on the average for a 1 bedroom apartment including utilities. We were lucky," remarked one member in Budapest.

Should I buy or rent a home in Budapest?

If you have not spent a lot of time in Budapest, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Yes my husband and I very quickly purchased a unrenovated apartment. I am a real estate consultant, so I believe in renovation adding value . I did not want to pay for someone else's poor renovation. The process is not difficult. You may contact me for help," said one person in Budapest.

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What do I need to know when buying property in Budapest?

When we asked expats what advice they would give a foreigner before buying a property in Budapest, they said:

"1. It is important to research the area you are interested in buying property in, to ensure it is a safe and desirable location. 2. It is also important to research the local market to ensure you are getting a fair price for the property. 3. You should also consider the cost of living in the area, as well as any additional costs associated with owning a property in Hungary. 4. You should also be aware of any taxes or fees associated with buying property in Hungary, such as transfer taxes and registration fees. 5. It is also important to ensure that the property is legally registered and that all necessary paperwork is in order. 6. It is also advisable to seek legal advice when purchasing property in Hungary, to ensure that all of your rights and obligations are fully understood," explained one person living in Budapest, Hungary.

Are foreigners allowed to own property in Budapest?

When we asked expats what advice they would give a foreigner before buying a property in Budapest, they said...

"Yes, foreigners are allowed to own property in Budapest. However, there are certain restrictions and requirements that need to be met. Non-European Union (EU) citizens must obtain a permit from the local authorities before purchasing property. This process can take several months, but once the permit is granted, the foreigner can proceed with the property purchase. EU citizens, on the other hand, do not need a permit and can buy property in Budapest just like Hungarian citizens. It is important to note that all property transactions must be registered with the Hungarian Land Registry, and it is advisable to work with a local lawyer to ensure a smooth process," explained one person living in Budapest, Hungary.

What appliances are typically included in a rental?

We asked foreigners in Budapest what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Budapest typically include a refrigerator, stove, oven, and washing machine. Some properties may also include a dishwasher, microwave, and other small kitchen appliances. Additionally, some properties may include furniture such as beds, couches, and tables," said one foreigner living in Budapest, Hungary.

Additional Information about Searching for a Home in Budapest:

We asked foreigners in Budapest what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats searching for homes in Budapest often start by browsing online property portals and websites that cater specifically to the expat community. They may also join expat forums and social media groups to seek advice and recommendations from fellow expats who have already gone through the process. Additionally, they might reach out to local real estate agents who are experienced in working with foreigners and can help navigate the local housing market. Some expats may also explore local newspapers and classified ads for rental or sale listings. Finally, word of mouth and networking with friends, colleagues, and acquaintances can also be a valuable resource in finding a suitable home in Budapest," said one foreigner living in Budapest, Hungary.

About the Author

Betsy Burlingame Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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