Properties in Hungary are sold on a freehold basis. When buying a property within a condominium or estate, purchaser will own the property plus a percentage of the communal areas, which will be shown on the Title Deed. According to Hungarian law, foreign investors are obliged to get a permission to enable them purchasing properties in Hungary, although this is a mere formality, which solicitors will deal with.
Properties can be purchased through a Hungarian company or as a private investor. Tower Property Group will provide you with a tailor-made advice, depending on your preferred property investment, as well as an independent mortgage and finance advice, leading you through the whole investment process.

These are the main steps to invest in Budapest properties:

Reservation

It is highly recommended to reserve your unit before travelling to Budapest. There is a shortage of new built properties in the city and demand is increasing on a daily basis, so it is much advisable to secure your property. Reservation fees are around 3.000 Euros (may vary, depending on project/developer) and are refundable within a period of 21 days.

Once a property is reserved, an inspection visit is booked through Tower Property Group. Our professional staff will meet you at the airport or at your hotel reception and will introduce you to the company and Budapest. Tower Property Group prides itself of a multilingual sales team, who will build a personalized property portfolio and will show you the properties you have selected.

Solicitor

You will meet an English speaking solicitor, who will guide you on the legal side of the property purchase process. The solicitor will arrange a Power of Attorney for you to authorize him/her to act on your behalf. This PoA can be signed before a Public Notary during your stay in Budapest or in any Hungarian Consulate, once you are back to your home country.

The appointed solicitor will naturally ask for your approval before signing any documents on your behalf.

Financial advisor

You will meet a mortgage and financial advisor who will provide you with the best financing solution, depending on your financial status and the property investment you are purchasing. Hungarian banks are now open to foreign investors, although the mortgage market is not as developed as in other European countries.

For this reason, it is highly recommended to get professional advice from an independent and experienced advisor.

Private purchase contract

Your appointed solicitor will draft the private purchase contract with the developer, which will be bilingual: in Hungarian, with an English translation. You will be required to pay between 20% to 30% of the purchase price (less the reservation fees). Please, note that payment terms may vary, depending on the project/developer. Our staff at Tower Property Group will provide you with a more accurate payment schedule for each particular property.

Unlike in some other countries, Private Purchase Contracts are registered in the corresponding Land Registry. This will provide purchaser with a more secure transaction, since the acquired property will be registered on the purchaser name as soon as the private contract is signed.

Completion

In the private purchase contract an approximated date will be set for the property purchase completion. Tower Property Group will send a written notification to purchasers in due course, to enable them to transfer the pending amount to the appointed solicitor or let the mortgage advisor arrange the property financing.

Purchaser may instruct his solicitor or a property management company to check the property before it is handed over by the developer. Your modification requirements will be incorporated into a snag list.

Solicitor will complete the purchase on your behalf and, on your request, will deliver a set of keys to the property management company of your choice, to start renting your investment property in Budapest.

Are you ready to discover the property market with us?

Many of our clients decided that it would be a wise idea to visit our offices and the city they are looking to invest in before purchasing. We couldn't agree more.

An inspection trip is a perfect opportunity for you to go and see where you are considering buying. We at Tower Property Group deem it of the utmost importance that an investor is fully aware of, and comfortable with the place and the property he is looking to invest in. Hence, it is essential to come to the city you are looking to invest in and let us guide and assist you. A property inspection trip is usually a two to three day event to view developments and properties and to become familiar with the area you are looking to invest in. It will give you a chance to get in-depth information on the developments of interest, meet the developers, sit down with legal and financial advisors, talk to specialists on property management and explore the area and the potential for your investment. This will help take away any worries about purchasing in a region you are not familiar with and make it a less stressful process. On a Tower Property Group inspection trip each of our clients get their very own personal property consultant assigned to them, who, prior to the clients arrival, have done their research and groundwork to create a portfolio of properties and developments to view within your previously expressed budget, and meeting your specific criteria. Your property consultant on the ground is professional and experienced in the property market of your city of choice, and often a local although he or she will be fluent in English. They can advice you on the best areas, and tell you all about the city, its people, what type of tenants and rental income you can expect, capital appreciation and all the other things a wise investor would want to know before buying. In addition, they will set up meetings for you with legal advisors, mortgage brokers and rental management consultants.

You will be toured through the different areas of the city, and obviously they can make suggestions or help arranging reservations for tourist activities or restaurants in the evening. Because of the attention to detail and the personalized character of the Tower Property Group Inspection Visits, their availability is limited. We therefore ask you to book your viewing with us in advance so we can make the necessary arrangements and make sure we can pencil you in to our busy schedule. The property consultants in our call centre are able to assist you with the reservations for flights and hotels or make recommendations if you would require so, and they will take down your exact requirements and talk you through the different options as they are experienced consultants for all our property investment markets.

To book an inspection trip just simply send us an enquiry.