Prices fall in one of the most popular house-buying destinations in Budapest

The greener label has driven up demand for the already popular panel homes by an average of 32 percent last year in Budapest. Now, the average prices per square metre have fallen in 8 out of 12 of the Hungarian capital’s residential districts.

What property prices to expect in Budapest now?

In the first half of 2023, the average price per square metre of flats in Budapest’s residential districts eased by 3 percent, Duna House (DH) wrote in a statement. 8 out of the 12 residential estates in their study show a price decrease of between 3 and 22 percent, Forbes reports.

Based on the statistics of all the apartments sold in Budapest, the average price per square metre is over HUF 704,000 (EUR 1,863) and the average purchase price is over HUF 38 million (EUR 100,583).

The Havanna residential area seems particularly attractive this year

After the increase in the previous year, prices have corrected significantly, by 14-15 percent, in Vizafogó (District 13) and Fehérvári út (District 11). Compared to 2021 prices, in 2022, the price increase was most significant for the flats on Bécsi Street. As for the District III housing estate, this year saw the most significant decrease of 22 percent.

The properties in the Havanna residential area (Havanna lakótelep) in District 18 are looking particularly attractive this year. Thanks to the affordable prices seen in 2022, the popularity of the estate has soared, with the highest number of clients contracted by the real estate agency DH in 2023.

Places with price per square metre below EUR 1,588

Prices per square metre increased by a further 9 percent for flats in Újpest (District 4). In 2023, only Gazdagrét (in District 11) was more expensive: despite a 4 percent decrease, buyers paid HUF 865,000 (EUR 2,289) per square metre, Forbes writes.

Based on the data of flats sold this year, Óhegy (in District 10) is currently the best choice in terms of price. There, it is possible to purchase property for under HUF 600,000 (EUR 1,588) per square metre.