Foreign demand for Hungarian residential real estate surged in 2024, marking a return to pre-Covid activity levels. According to government statistics, non-EU nationals submitted 3,647 applications to purchase property in Hungary last year — a 23% increase compared to 2023. Of these, 3,485 were approved, according to the reports of brokerage firm Duna House.
While these purchases accounted for just 2.8% of all estimated real estate transactions in 2024, the growth highlights renewed interest from international buyers, especially those outside the EU. The last time similar levels of activity were recorded was in 2019.
Ferenc Máté, Deputy CEO of Duna House, noted that despite the increase in applications, non-EU nationals’ share in the housing market remains relatively modest.
It’s important to note that only non-EU/EEA/Swiss citizens need a special permit from regional government offices to purchase property. EU citizens are exempt, and their purchases are not included in these figures. Rising prices have reportedly cooled interest from neighbouring EU countries, especially in Western Hungary and around Lake Balaton.
Residential properties made up 84% of permitted purchases, with 76% of those located in Budapest. The 7th district was the most popular, followed by the 6th, 8th, and 13th districts.
Outside the capital, Pest County, Győr-Moson-Sopron, Debrecen, Sopron, Mosonmagyaróvár, Pécs, and Szeged were top choices among foreign buyers.
Chinese nationals were by far the most active, acquiring 1,106 properties — a 71% jump from 2023, making up 31% of all non-EU purchases. Vietnamese buyers followed, involved in 16% of transactions.
