Hungary is becoming increasingly popular for Brits looking to buy property abroad. The allure of the country is attributed to several factors: The cost of living is significantly cheaper than in the UK, property prices are lower, and the country offers a rich culture and beautiful landscapes.

The choice of location for buying a home in Hungary depends on individual preferences. Budapest, the capital, attracts many buyers who appreciate the vibrant city life. In cities like Pécs, Szeged, and Debrecen, one can find rich history and a vibrant art scene. However, those who prefer the tranquility of rural areas will find attractive offers in the wine regions of Balaton or Eger.

Property prices in Hungary are significantly below those in the UK. While the average price for a house in the UK is around £290,000, similar properties in Hungary can often be found for less than £85,000. Rental prices in Hungary are also substantially lower, making it attractive for investors.

For Brits, buying a house in Hungary is generally straightforward. There are few restrictions, mainly concerning agricultural land, which prohibits foreign nationals from purchasing. However, for all other properties, there are typically no barriers.

Additional costs are incurred on top of the property's purchase price in Hungary. These include the property transfer tax, which is typically 4% of the purchase price, as well as brokerage fees ranging between 1% and 3% of the purchase price. There are also legal fees associated with processing the sales agreement.

Financing a property purchase in Hungary can be simpler when carried out by Hungarian credit institutions. UK banks are often hesitant to grant loans for buying properties abroad. In contrast, Hungarian banks are more familiar with local conditions and can often facilitate the process.

The property buying process in Hungary typically begins with selecting the property and negotiating the purchase price. Following this, a sales contract is drawn up and reviewed by a lawyer. After the contract is signed, the purchase price is paid, and the property is registered in the land registry.

Since property purchases in Hungary must be paid in Forint, currency exchange is a crucial aspect of the buying process. It's essential to be informed about the exchange rates and fees. Service providers like Wise can help in getting the best exchange rate and saving on fees.

In summary, buying a house in Hungary for Brits is relatively straightforward and can be financially advantageous due to the substantially lower property prices. However, it's essential to thoroughly research the local conditions before purchasing and, if necessary, seek professional assistance.