6 surprising facts about the Hungarian real estate market

The name matters: a way is more expensive than a street

It may seem hilarious and unbelievable but in the US, street names alluding to the proximity of water (ocean, or lakeshore) can increase the prices greatly. Properties in streets with ‘way’ or ‘place’ in their name also sell at much higher prices since these suggest a more sophisticated environment. In Hungary, real estate in a ‘fasor’ (referring to a street lined with trees) is 46pc more expensive, while ‘sétány’ (walkway) in the name can increase prices by 14pc.

[button link=”https://dailynewshungary.com/unbelievable-hungarys-house-price-growth-double-pace-eu-average/” type=”big” color=”red” newwindow=”yes”] Hungary’s house price growth more than double the pace of EU average[/button]

Millions per square metres in the most expensive streets of Hungary

According to the 2015 data, the most expensive street of Hungary is Orom street in the Castle where property costs 1.22 million forints (3900 euros) per square metre. Another street, the Ormodi street in District 12 was also above a million; here a square metres of property costs 1.09 million (3400 euros). As for Lake Balaton, properties in Gyógy square in Balatonfüred go for 789 thousand forints per square metre (2500 euros).

The bathroom is worth renovating, the kitchen not so much

Renovation before selling a property is not always worth it. The American data shows that renovating the bathroom increases the value of the property by 71pc of the invested money. However, installing new furniture in the kitchen only increases the value by half of the investment. There’s no available Hungarian data, but the general rule of thumb is that the worse condition a property is in, the less profitable it is to start extensive renovations, especially since the new owner will most likely prefer to do it themselves instead of paying extra for a partial renovation.

Ce: bm

Source: forbes.hu