Who can buy property in Hungary?
Anyone can buy a property in Hungary, they just have to go through an approval process from the land registry office, everyone gets approved if the process done correctly, the difference is either between a European citizen or a non-European citizen:
European citizen -
approval process up to 72 hours, ownership can be almost immediate.
Non-European citizen -
the approval process takes up to 60 days and after approval ownership of the property is granted.
How do you pay for the property?
Depends on the type of property and the type of citizenship.
European citizen- once the price has been agreed upon, lawyer needs to prepare a purchase contract, at the time of signing the contract, you should pay 20% in advance and 80% after receiving the approval from the authorities.
A Non-European citizen- after agreeing on the price, the lawyer prepares a purchase agreement, the buyer pays 20% in advance, immediately after the lawyer registers a warning note on the property in the Land Registry Office, which can be seen that the property is in the process of being sold, after receiving the approval, the buyer pays 80% and ownership is fully transferred on the buyer's name.