Brutal increase: here is how much an average Hungarian property costs now

Inflation continues to hit home buyers, real estate investors and tenants. One of the most well-known real estate agencies, Duna House has conducted a survey that shows how much an average Hungarian property cost in 2022. Their findings also include the most expensive offers.

This year, almost 8 percent of property sales cost over HUF 1 million (EUR 2,490) per square metre. However, in Budapest, it was 24 percent. New owners paid more than HUF 100 million (EUR 249,000) for nearly 4 percent of the total number of properties. The real estate agency sold 26 percent of properties for less than HUF 20 million (EUR 50,000), according to the annual summary of Duna House.

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According to Duna House’s transaction data, a rural property was this year’s record holder in terms of the final purchase price, with a value of over HUF 860 million (EUR 2,140,820). With a 600-square-meter living space, the 14-room property – 7 of which come with their own bathroom – is a 90-minute drive from both Vienna and Budapest. At the opposite end of the spectrum were properties in small villages, priced between HUF 1 to 3 million (EUR 2,490 to 7,470) and waiting to be renovated, wrote 24.hu.

Photo: Wikimedia Commons (CC BY-SA 4.0)

Hungarian property sales and purchases

Looking at the country as a whole, properties sold for an average of HUF 38.7 million (EUR 96,365) this year, a 25 percent increase compared to 2021.

Based on national sales data, the average price of panel buildings was HUF 543,000 (EUR 1,351), brick apartments HUF 708,000 (EUR 1,762) and houses 337,000 (EUR 839) per square metre this year. New-build properties sold for an average of HUF 740,000 (EUR 1,842) per square metre.

A fifth of the sellers sold their previous property investment. 18 percent sold their home to move to a larger property, nearly 17 percent expected to make a profit from selling their inheritance and 13 percent preferred to buy a smaller home.

Photo: Facebook – Rizsavi Tamás

Properties in Budapest

In Budapest, however, the average price of apartments was HUF 55 million (EUR 136,956), but it is becoming increasingly common to find new-builds and second-hand apartments with a price per square metre of HUF 2 million (EUR 4,980).

The majority of buyers aimed to purchase a property for investment purposes or for the need to swap their homes for larger places, but first-time homebuyers also represented themselves in big numbers in the survey.

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Among the Budapest properties for sale, it is not uncommon to find apartments in residential buildings that date back more than 100 years. The oldest of the 2022 transactions with Duna House’s involvement was a renovated, charming apartment in a late Baroque building from the 1750s in a listed condominium on Main Square (Fő tér) in Óbuda, which sold for almost HUF 120 million (EUR 298,832).

Photo: www.facebook.com/Rizsavi Tamás

Source: 24.hu