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23rd August, 2018

Chinese prefer expensive real estate

Chinese buyers are active on Hungary’s real estate market, and tend to buy the most expensive real estate, according to property franchise chain Duna House.

Customers from Asia are typically in their 40s when they come to Hungary to buy property and come with their spouse and children.

The vast majority, 90%, choose Budapest. They prefer Buda’s hilly Second District and on the Pest side the 16th District offers plenty of choice for spacious family houses, said László Hegedűs, head of a Duna House office in Buda.

Chinese buyers opt for apartments in central Budapest only for investment purposes.

“They rely on their intuition and are relatively quick to make their choice and decide on a property,” he said.

The Chinese spend more money on their new home than other nationalities, according to Statistics Office data.

Chinese purchasers spent an average of Ft 41.4 million per acquisition on Budapest real estate in 2017. French buyers were runners up at Ft 33.1 million.

Property agencies like Chinese customers, as they expect a full-scale service, from selection of the property to help with related administrative tasks.

German buyers are also actively involved on the market but generally prefer properties outside Budapest.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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