Budapest Property Market and Real Estate Guide
Budapest is one of Central Europe's most vibrant cities, and it is a beautiful place to live. With stoic architecture, upmarket shopping districts and a lively night scene, this city is a satisfying place for a base.
Budapest is divided into 23 numbered districts, most of which hold a set of smaller, more descriptively named neighbourhoods. District II has Rose Hill, with its collection of staunch villas where embassy officials live. Watertown is also in District II and has a selection of upscale condominiums and apartments. Opposite this, District III's Obuda has a more working-class atmosphere.
Budapest is a relatively expensive city compared to the rest of Central Europe, but property prices are still well below those in the west. It is also worth mentioning that Budapest sprawls over a territory roughly five times the size of Paris
and that prices vary considerably between neighbourhoods.
Renting Serviced Apartments
A varied selection of serviced and furnished apartments can be found in downtown Budapest, as well as in the outlying Buda Hills. These units appeal to long-term holiday visitors, together with anyone spending time in Budapest on business.
Expect a serviced apartment in Budapest to cost two to three times as much as a standard studio apartment. A luxury unit with two or three bedrooms and a spacious living area costs around 20 percent less than an upmarket five-star hotel room. As long as you are staying for a month or longer, a serviced luxury unit of this type will save you a considerable amount of money and deliver decidedly better value.
Buying Apartments and Houses
Affordable studio and one-bedroomed apartments can be rented in Pest, while similar units across the Danube in Buda are likely to cost quite a bit more. Foreigners are allowed to buy property in Budapest, but there are several restrictions in place, making it wise to team with a local agency who can offer advice on legalities and assist with the paperwork.
To begin with, a foreign national can only own one private residence in Budapest, while no such restriction governs established companies in the city, even if the company is held by a foreign national. Foreigners have to acquire a permit, although this law expected to be relaxed for EU citizens during the next few years. In either event, investors may be better served forming a company in order to legally own more than one property.
Real Estate Agents
Given the complexity of Budapest's property laws, buyers will find an excellent selection of real estate agents in the city. The ideal agent will speak English and have an intimate understanding of the city's many districts. Take time to consult with a few agencies before settling on one.
Check out the following Budapest real estate agents:
Capital Real Estate
Address: 1065 Bajcsy-Zsilinszky Utca 5, Budapest, Hungary, HU
Tel: +36 01 219 5505
Capital Real Estate has a commanding selection of property available in the city centre. The firm specialises in commercial, investment and upscale residential properties.
Prime Location Property Management and Consultancy
Address: 1075 Károly Korút 3A, Budapest, Hungary, HU
Tel: +36 01 966 0619
This one-stop property consultant offers a comprehensive set of real-estate services in Budapest.
Address: 1015 Battyhany Utca 18, Budapest, Hungary, HU
Tel: +36 01 473 8128
SRS Budapest mainly serves students looking for affordable property for rent in the city, although also offers some popular holiday rental holdings.