The Covid-19 pandemic hit hard every sector of the economy all over the world, and the Hungarian real estate sector is no different. However, real estate is still among the most solid forms of investment, and you can even get Hungarian residency and a Schengen visa with it.
The most visible effect of the pandemic that reached Europe around March 2020 is seen in short terms rentals. Many investors buy and renovate homes with the intention of accommodating tourists who prefer homes to hotels. With tourism around the world coming to a halt, income generated by short time rentals dwindled to almost nothing. Many short term rentals were then converted to long term rentals – however, with the expansion of home office and remote learning, even that market has suffered with workers and students no longer in need of homes closer to the work place or the university.
While the trends are fairly obvious, statistics are somewhat confusing. Analysis of data from the Hungarian Central Statistical Office shows a significant drop on the property market, while data from Ingatlannet.hu suggest a slight increase in property prices (which is still a major setback compared to the steady and steep increase in prices before the years preceding the pandemic).
Whichever scenario is closer to the truth, a revival of the Hungarian real estate market is expected post covid. This means that if you are planning to invest in property in Hungary, now is the time to do so while prices are depressed.
Beside the expected ROI, Hungarian real estate investment offers another benefit: an option for getting a residence permit for yourself and your immediate family, which also doubles as a Schengen visa. If you do not buy property as an individual but set up a company for property management, you can apply for Hungarian residency based on your need to stay in the country for the sake of company operation. Once you receive the permit, your family members (spouse and minor children) can also apply based on family unification.
Even if the coronavirus pandemic hit the Hungarian real estate market hard, real estate investment remains a relatively safe bet, with the added benefit of granting you eligibility for residency. Learn more here about real estate residency in Hungary, or contact us for further details through the form below.
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If your Hungarian residence permit is lost, damaged, or destroyed, you must notify the Immigration Office and ask for a replacement. If you are not in Hungary, the local Hungarian consulate can assist you.
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