I am a Hungarian-English dual citizen and have lived in the UK for the past six years. I run a UK-based investment company and a Hungarian-based development construction company.
Lake Balaton and its surrounding area is the outstanding value of Hungary. Lake Balaton is a freshwater rift lake in the Transdanubia region of Hungary. It is the largest lake in Central Europe and one of the region's foremost tourist destinations. It has an area of 231 square miles (598 square km) and extends for 48 miles (77 km). At its widest point, Lake Balaton measures about 9 miles (14 km) across. Its maximum depth is 37 feet (11 meters). The area has had significant investment in infrastructure year on year for the past decade. There is a 260 km long bicycle and railway line around the lake, and road transport by car is also well developed.
For me, these were the big draw when I decided to start real estate development in the Balaton area. An important point is that Budapest airport can be reached in one and a half hours by highway and there are 8-10 daily flights to London. The cost of living in Hungary is approximately 40% less than that of the UK. If you are considering property for sale in Hungary, this region offers exceptional opportunities.
Our project started in Balaton, Máriafürdő in the summer of 2023, and is scheduled to be completed in autumn 2025. Our purchase process is very simple and safe. The Developer "Balaton Coast Ltd." of the project provides the solicitor; the entire purchase procedure takes approximately 1 hour, and the brokerage fee and stamp duties will be between £6500-£15,000 (depending on the size of the apartment). There are no other hidden costs of the purchase. In Hungary, a notary is not required for the purchase. In Hungary, a foreign citizen cannot apply for a loan; however, a full freehold apartment can be purchased here with the down payment of a home loan taken out in England. The property tax is very low, £50 per year for a 40 sqm property.
From January 1, 2025, if an individual buys a property in Hungary for HUF 200 million (£500,000) or more, they will automatically receive a 10-year residence permit in Hungary. This means that you are entitled to full EU membership for 10 years, allowing you to build a business or access employment if required. http://www.bmbah.hu/index.php?option=com_k2&view=item&layout=item&id=2232&Itemid=2457&lang=en. It is also possible that if someone wants to use the property only periodically or buys only with the intention of investing, the Developer "Balaton Coast Ltd." can provide a fully managed service, which can achieve an outstanding return on your investment.
According to this year's sales data, while buying a home in Budapest costs HUF 60.4 million (£130,000), those buying a house or apartment around Lake Balaton, including both second-hand and new properties, spent an average of HUF 64.3 million (£140,000). According to the Hungarian Central Statistical Office (KSH), in 2023, the gross value added of the accommodation services increased by 12 percent at constant prices, which pace of growth exceeded that of the country’s overall GDP.
