Buying Guide

The process of buying a property in Hungary is easy.

We recommend that you should aim to spend three full days in Budapest with at least one being a working day. Gateway Properties provide a complete property sales and after sales service for foreign investors in Hungary. You will find trust and local knowledge in all that we do.

1. Tell us about your requirements

Tell us what you want to achieve from your investment, the more information you share with us the better.
We have a diverse database consisting of hundreds of Classic resale apartments and new developments all situated in the best investment locations throughout Budapest. We have something for everyone wanting to invest in Budapest. With such breadth and depth we do not have to try to steer buyers towards certain locations or property types, e.g. new as opposed to Classic. Our objectives are to remain impartial and to help investors find the opportunities, which offer the best, match to their individual needs and are able to achieve their investment objectives.

We can prepare a list of properties and email details and photographs to you.
Give us your feedback, we can then finalise a short list of preferred properties.

2. Arrange a viewing trip

One of our agents will accompany you throughout the viewing schedule. There is no magic number of apartments that you should see. Sometimes if we have very specific instructions from a buyer we can help them identify the right property after viewing only two or three properties. To do this we need to make sure that we have a very clear understanding of the buyer’s needs and objectives. Often we will show 6 to 8 properties in one day.

3. Make an offer and sign a contract

Once you have found a property/properties, which you would like to buy, an offer should be made. We will make the offer to the buyer and negotiate on your behalf. If a price is agreed we will arrange a meeting at the office of an English-speaking lawyer. The seller will usually be present at this meeting.
We work with a number of reputable lawyers. However you can use your own lawyer if you already have one in Hungary. It is advisable that one of our agents attend this meeting to help guide you through the process and offer advice where needed.
A contract will be prepared by the lawyer and signed by both parties. It is then usual to put down a deposit. Typically the deposit is 10% of the purchase price. However if you do not have this amount with you a smaller amount can be put down, followed by transferring the remainder from your home country.

4. Open a bank account in Hungary

We advise buyers to open a Hungarian bank account. It takes approximately 30 minutes and you only need to show your passport to open an account. We suggest choosing a bank, which offers English language telephone and Internet banking facilities so that you can manage your account from your home country.

5. Return home and transfer the deposit monies if necessary

When you arrive home the next step is to transfer the remaining deposit. The total deposit is usually 10% of the purchase price. If you have already put down part of the deposit whilst in Hungary e.g. 2% you need only transfer the balance in this case 8%.

6. Let the process run its course

When buying as an individual your lawyer will apply to the local municipality for permission to buy as a foreigner. This is a formality and takes between 4-8 weeks. Rarely does it take longer than 6 weeks. If you are applying for a mortgage to fund the purchase this gives you time to make the necessary arrangements.
You may decide to establish a Hungarian company for the purpose of buying your property and there are good reasons for choosing this method. We are able to offer expert advice as to which option would be best suited to your needs. One reason is that when a Hungarian company buys a property there is no need to apply for permission, which makes the whole process much, much quicker.

7. Take possession

When permission to buy has been granted by the local Municipality the amount outstanding should be transferred to the lawyers escrow account. You can now take possession of the property.

VIEWING TRIPS  

To get the most from your viewing trip, we recommend that you should aim to spend three full days in Budapest, one of these being a working day.

One of our agents will be available to accompany you throughout the viewing schedule and guide you around Budapest's best investment areas and hot spots. Showing you properties, which match your individual criteria?

We can arrange for a taxi to pick you up from the airport, and help you find accommodation.

If you prefer to make your own arrangements we can recommend many hotels and short- term apartment rental agencies with high quality apartments. You will find links below for airlines flying to Budapest.

If you need any help or advice making your travel and accommodation arrangements just let us know and we will be happy to help.