Renting an apartment in Budapest still incredibly expensive
Long term apartment rentals in Budapest are still extremely expensive. New studio apartments are around 125,000 Ft (380 Euro) per month, a two-bedroom apartment is 168,000 Ft (515 Euro), while a three-bedroom apartment is usually more than 200,000 Ft (615 Euro) per month. These prices vary according to district, reports portfolio.hu
As we have reported before, average rental prices have doubled in Budapest in the last 5-6 years. The biggest problem is the decrease in the number of flats offered for 50-99 thousand Ft (160-290 Euros): it has plummeted from 40 percent to 17 percent in two years’ time.
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Tibor Földi, CEO of Cordia Zrt. says that the highest rents are characteristic of the districts with higher purchase prices, aka highest prices per square meter. Still, these real estates might not be the fastest to generate the purchase prize from the income. In other districts, more in the periphery, the same risk may come from the smaller number of renters.
The highest incomes are from two-bedroom apartments on Nagykörút. This is about 190,000 Ft (583 Euros), but these apartments are also the most expensive to buy.
New flats in this area would cost more than 1,100,000 Ft (3370 Euros) per square meter. In the 13th district, on the Marina, two-bedroom apartments are rented for more than 190,000 Ft (583 Euros). Their price per square meter is around 890,000 Ft (2730 Euros). The lowest rents in this district are in Angyalföld, generally around 145,000 Ft (445 Euros), with a price per square meter of 620,000 Ft (1900 Euros).
In Buda, newly built apartments cost around 784,000 Ft (2400 Euros) per square meter earlier this year. In Pest, these prices were only 709,000 Ft (2176 Euros). The 5th district is still the most expensive, one square meter costing almost 2 million Ft (6140 Euros), while in the 6th and 7th districts the average price is above 900,000 (2763 Euros). In the 8th and 9th districts one square meter costs around 700,000 Ft (2150 Euros), while in the 4th and 10th districts it is just above 600,000 Ft (1842 Euros).
Featured image: Photo by Zoltan Tasi on Unsplash
Source: portfolio.hu