Budapest Home Prices Skyrocket Year-On-Year

  • 24 Aug 2018 7:44 AM
  • Budapest Business Journal
Budapest Home Prices Skyrocket Year-On-Year
Compared to August last year, home prices per square meter in Budapest have risen on average 20%, but there is wide variation in prices and growth depending on the zone of the city, a study by real estate database ingatlan.com shows.

The highest growth was registered in Hűvösvölgy in Budaʼs District 2. Prices here currently stand at a whopping HUF 1.1 million per sqm, which represents a 66% growth over one year. Lipótmező and Rézmál, also in District 2, registered respective 54% and 45% growth in prices, ingatlan.com reported, cited by news portal index.hu.

Average prices in the Hungarian capital stood at HUF 600,000 per sqm in August. Apart from the high-value areas in Buda (Districts 2, 11 and 12), high price growth was also registered in the outer districts of Budapest.

Apartments in prefabricated buildings (so-called "panel" housing) fetch HUF 470,000/sqm, with the highest growth rates seen in Pesterzsébet, Budatétény and Kőbánya.

László Balogh, an expert at ingatlan.com, said that one reason for the price growth is the announced tightening of home lending rules from October, which makes potential buyers speed up their acquisitions.

As for the panel price growth, he said that some home buyers are only able to buy in such areas as they cannot cope with the price increases in higher-value districts.

  • How does this content make you feel?

XpatLoop Media Partner

Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

Explore More Reports

  • Housing Prices In Hungary Skyrocket Further

    Housing Prices In Hungary Skyrocket Further

    • 7 Sep 2018 12:51 PM

    Housing was 15% more expensive, on average, in the first half of the year than in the same period of 2017, estate agents OTP Ingatlanpont said, based on home sales figures from the tax authority NAV.

  • Holiday Home Prices Rising Fast

    Holiday Home Prices Rising Fast

    • 20 Aug 2018 10:30 AM

    Lake Balaton continues to lead in terms of the most expensive waterfront holiday homes in Hungary, with an average price per square meter above HUF 270,000 in 2017, a recent study shows.

  • Pre-Fab Home Prices Continue To Rise

    Pre-Fab Home Prices Continue To Rise

    • 14 Aug 2018 10:35 AM

    The average per square meter price of pre-fabricated flats rose in every area in Hungary in July compared to the same month a year earlier, according to transactional data compiled by real estate broker Duna House.

  • Housing Market Expands In 2017

    Housing Market Expands In 2017

    • 28 Jul 2018 6:44 AM

    New home prices in Hungary climbed 12.2% year-on-year in the first quarter and were up 4% from the previous quarter, according to a market survey by the Central Statistics Office.