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Hungary

Hungary is an ideal place for all those who imagine their lives in a calm, peaceful and natural environment or would like to invest their money and knowledge in an intensively developing economy. The country is hiding unlimited business, cultural and educational opportunities which mostly wait for utilization. Hungary is very popular among foreigners since it’s really cheap compared to the European average, however, it offers a very enjoyable environment.

The population of the country is around 10 million people, its area is approximately 93 thousand square meters. Its capitol Budapest, which is the 8. biggest city of the European Union, is famous of its developing economy, outstanding universities, cultural institutes and entertainment facilities. The biggest cities in the country are Debrecen, Szeged, Miskolc, Pécs and Sopron. This is the most developed state in the following Austria and Slovenia and gets closer to the European Union average year by year.

Hungary is the member of the European Union and OECD consisting of emerging countries. The average gross salary is around 1.000 EUR whilst the unemployment rate is only 4 percent which means full employment in an economic sense. The GDP per capita is approximately 28 thousand dollars. Its most important trade partners are Germany, Austria and Italy. The corporate tax rate is 9 percent which is the lowest in the EU. Being one of the most opened economies of the World, there are numerous multinational companies present. From employment perspective, it’s important to emphasise that Budapest hosts around 100 shared service centers (SSC) which makes finding a job even easier.

The conjuncture of the least years has caused price increase in all segments of living but mostly affected the property market. There has been an annual price increase of 10 percent in Budapest since 2013, meanwhile, the property prices have been stable or decreasing in the rural area. All in all, the property prices are still low on regional level compared to local average salaries. This is not only caused by the economic conjuncture but the favourable credit terms and social policy, as well. 

There are 2 Hungarian universities which are listed in the World Top 500, namely the Eötvös Loránd University and the University of Szeged. Approximately 200 thousand students study in one of the 65 advanced educational institutes, 30 thousand of whom are foreigners. Hungary’s developed education system especially welcomes foreign students who can learn in English language in any of the schools.

The current labor market environment is especially favourable for employees. The annual  salary increase has been 5-10 percent in the previous years which mainly comes from the critical lack of labor force. The Hungarian corporations look primarily for employees with diploma in IT, engineering, finance, accounting and legal studies. There is a huge demand on professionals with language knowledge which is currently an outstanding opportunity especially for foreigners.