Cross-border housing trend: Romanians look to Hungary for cheaper property

Following Romania’s entry into the Schengen Zone in January, Hungarian real estate near the border has seen a surge in interest from Romanian buyers. The removal of border controls has made it easier for Romanians to consider property purchases in Hungary, leading to renewed demand in a previously stagnant segment of the housing market.

According to ingatlan.com, inquiries from Romania about properties in Hungary’s border counties increased by 90% in the first three weeks of the year compared to the same period in 2023. The demand is largely driven by Romanians seeking more affordable housing options, as property prices in western Romania have risen significantly in recent years, Portfolio writes.

Romania’s high property prices drive interest in Hungary

In January, data from Romanian real estate site imobiliare.ro showed that property prices in Cluj-Napoca (Kolozsvár) averaged EUR 3,000 per square meter, while in Timișoara (Temesvár), the price stood at EUR 1,700 and in Oradea at EUR 1,600. Additionally, many Romanians receive their salaries in the local currency (leu) but must purchase properties in euros, making price fluctuations even more challenging. As a result, many homebuyers from cities like Cluj-Napoca (Kolozsvár), Oradea (Nagyvárad), Arad, and Carei (Nagykároly) are turning to Hungary, where they can find much lower prices while still commuting to Romania.