Budapest is the capital of Hungary. As the largest city of Hungary, Budapest serves as the country's principal political, cultural, commercial, industrial, and transportation centre and is considered an important hub in Central Europe. Hungary is in Central Europe, northwest of Romania. The climate is temperate with cold, cloudy and humid winters and warm summers. The official language is Hungarian. English or German are widely spoken in business circles. Employees of smaller and rural companies often do not speak English, in which case an interpreting service needs to be arranged. It is not expected that foreigners know any Hungarian words. The main religion is Christianity. The economy of Hungary is a medium-sized, structurally, politically and institutionally open economy in Central Europe and is part of the European Union's (EU) single market. Like most Eastern European economies, the economy of Hungary experienced market liberalisation in the early 1990s as part of the transition from socialist economy to market economy. In Hungary people tend to use their professional titles as well as with Mr, Mrs or Ms. Hungarians refer to themselves by their surnames followed by their given/first names. Expatriate business dress is formal and smart. The security risk for expatriates in Hungary is low. Risks include street crime (mainly in Budapest) such as pickpockets and scam artists, vehicle theft and burglary as well as Xenophobic behaviour mostly directed at the Roma community. The currency of Hungary is the Hungarian Forint (HUF). Medical facilities are adequate however the cost of treatment for expatriates from outside the EU can be high. The population of Budapest is 3.3 Million (2016 est.), while the inflation rate is 2.5% (Sept 2017).
Cost Of Living
The cost of living for expatriates / professional migrants in In Budapest, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Budapest as at 1 October 2017 is very low in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very Low 2) Clothing: High 3) Communication: Very Low 4) Education: Low 5) Furniture & Appliances: Low 6) Groceries: Very Low 7) Healthcare: Very Low 8) Household Accommodation: Very Low 9) Miscellaneous: Average 10) Personal Care: Very Low 11) Recreation & Culture: Average 12) Restaurants Meals Out and Hotels: Average 13) Transport: Low Budapest is for example -12.3% cheaper than Houston TX for groceries, -11.2% cheaper for household costs than Kuala Lumpur, and 6.3% more expensive for transport costs than Dubai. The hardship premium for Budapest for an expat from Perth, is for example 10%, i.e. host location (Budapest) premium of 20% minus home (Perth) location premium of 10%. Budapest is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Budapest? Register subscribe to your home location and Budapest and run your personalised reports.