As written by The New York Times, real estate prices in Budapest were not so sensitive to the global financial crisis has passed, as in other countries. The newspaper quotes the managing director of the Budapest office of international agency At Home Zoltan Mezo, who argues that "the owners of luxury urban real estate (300 thousand dollars more expensive) do not go to any discounts and can afford to keep high prices indefinitely."
Related article: The volume of new homes in the U.S. fell to 628 thousand homesAverage prices for luxury properties in downtown, in the V or on Andrassy Avenue - the ceremonial avenue of the Hungarian capital - ranging from 3.9 to 6 thousand dollars per 1 m?.
Before the crisis, and after the country joined the European Union (Hungary joined the EU in 2004) on the real estate market could be seen by foreigners. During the crisis, the share of foreign investors in real estate in Budapest, came to naught. Luxury housing in the capital of Hungary is now becoming mostly residents of the country. After the crisis is still difficult to obtain debt financing, all transactions are made in cash.
At the same time in Budapest, as well as in Moscow, home to many expatriates - employees of foreign firms, which form the rental market of elite housing. Rent popular among expats lofts and flats with evrootdelkoy can reach 5 thousand dollars a month.
There is no any serious restrictions on foreigners buying property. Foreign property buyers must obtain formal permission for the purchase, which is issued within a month and costs 50 thousand forints ($ 270). Parties involved in the transaction have to hire lawyers, whose services make up about 1% of transaction value. Responsibility of the buyer is also a lump sum payment of tax amounting to 4% of the cost. Selling real estate is not taxable income, if after the acquisition has been more than five years.