5 large Hungarian rural cities exceeded the HUF 1 million per square meter mark
There was a significant price increase in the real estate market of the larger rural towns. Apartment prices in larger rural cities have increased by 25 percent in the past year, according to Otthon Centrum’s calculations.
Huge price increase in Hungarian rural cities
Real estate prices reached their peak in the big cities in the countryside, writes hvg.hu. Only in the capital and in the settlements on the Lake Balaton are prices this high. In the national aggregate, one square meter costs HUF 900,000 (EUR 2,246) on average in cities with county rights. This is almost 25 percent more than a year ago.
5 rural cities exceeded the HUF 1 million per square meter mark
Real estate in Debrecen, Érd, Győr, Sopron and Szeged is sold for around HUF 1 million (EUR 2,496) per square meter. In fact, Sopron was the first of the larger rural towns to break the one million mark. The price level there now is HUF 1.1 million (EUR 2,745). Hódmezővásárhely is currently the cheapest city with county rights in terms of the average price of new properties. There, the price per square meter is under HUF 500,000 (EUR 1,248). The Csongrád-Csanád county settlement is followed by Békéscsaba with a price level of HUF 580,000 (EUR 1,447).
The real estate market in Budapest is undergoing a change, too
According to Duna House’s analysis, demand for downtown apartments has increased in Budapest. Meanwhile, Angyalföld has fallen back to third place. In addition, demand in other districts in Budapest has changed, too. The 17th district is now among the most popular areas. Since August 2022, 3.7 percent of buyers are looking for real estate there, writes haszon.hu.
Energy efficiency is a key factor now
In the Hungarian capital, the downtown districts, the 7th district, Erzsébetváros, and the 6th district, Terézváros are the most popular areas. In the inner-city areas favored by investors, the range consists mainly of civilian apartments in old apartment buildings. However, the detached small apartments created from them can be rented out very well due to their low maintenance costs.
Furthermore, as energy efficiency has become a key factor when buying apartments, some areas became more, some less favourable. For example, Budapest’s largest district, Rákosmente used to be very popular due to its peace and quiet. However, with the increase in the energy efficiency of real estate, the area lost more and more of its attractiveness.
The change can be felt in rural towns, too
This October, Csepel, Soroksár and Rákosmente finished at the bottom of the interest ranking list. According to sales statistics, in 2021, buyers spent an average of HUF 50 million (EUR 124,774) on real estate here, which is approximately HUF 610,000 (EUR 1,522) per square meter for brick-built homes.
However, due to the decrease in solvent demand and more expensive loans, the momentum of the real estate market is noticeably decreasing everywhere. At the same time, the desire to build has also declined, the number of new projects is 31 percent less than a year ago.
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Source: haszon.hu, hvg.hu