Hungarian real estate boom: Surge in prices, population explosion and hotspot shifts revealed!
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The median price per square metre for detached houses in the metropolitan agglomeration has surged by 10% over the past six months, as reported by Otthon Centrum to MTI on Monday. Let’s look at the latest figures of the Hungarian real estate scene.
This uptrend in Hungarian real estate prices is attributed to heightened demand, fueled by the enduring popularity of settlements surrounding Budapest. GĂ¡bor SoĂ³ki-TĂ³th, Head of Analysis at Otthon Centrum, highlighted a notable population surge of 70% of the settlements within Pest County. Over the past two decades, certain locales like DĂ©legyhĂ¡za, Telki and PĂ³csmegyer have witnessed a doubling in population, attributing this growth to migration surpluses, which significantly influence Hungarian real estate prices, according to Telex.
The average Hungarian real estate price per square metre for second-hand houses in the vicinity of Budapest currently stands at HUF 502,000 (EUR 1,287), reflecting a significant 10.2% increase compared to six months prior. At the district level, VĂ¡c emerges as the top performer with an average price of HUF 798,000 per square metre (EUR 2,046), closely followed by Budakeszi at HUF 745,000 (EUR 1,910) and Szentendre at HUF 651,000 (EUR 1,669).
Dunakeszi and Érd districts fall in the middle range with an average price of HUF 620,000 (EUR 1,589), while PilisvörösvĂ¡r and GödöllÅ‘ districts maintain an average price of HUF 600,000 (EUR 1,538). Notably, prices tend to decrease as the distance from Budapest increases, evidenced by the average price of HUF 291,000 (EUR 746) in the CeglĂ©d district and HUF 255,000 (EUR 654) in the NagykÅ‘rös district.
Hungarian real estate figures
After experiencing a sharp decline in 2023, the Hungarian real estate market within the metropolitan agglomeration is now showing signs of recovery in the current year. Particularly noteworthy is the surge in housing prices south of Budapest, displacing the northwest from its previous position atop the price hierarchy.