Real estate market: Average price of newly built apartments in Budapest shockingly high
Housing prices in Hungary rose by 4.5 percent compared to May last year, experts say. Szeged and Debrecen saw the biggest rises, while in the Budapest real estate market, a new-build apartment costs more than HUF one million (EUR 2520).
In May, house prices rose by more than 1 percent in a month, according to the housing price index of ingatlan.com, which predicts changes in the housing market analyses of the Central Statistical Office and the Hungarian National Bank to be published later. Throughout the month, the year-on-year increase in house prices was 4.5 percent, while in Budapest, prices rose by 5.8 percent in the past 12 months.
Source: depositphotos.com
According to the portal’s economic expert László Balogh, housing prices are on the rise mainly due to the high demand. However, the increase in prices is still moderate, only a third to a quarter of the pace of the housing price explosion seen between 2015 and 2022, according to the expert, Telex reports.
Real estate in Budapest is too costly for most Hungarians
In Budapest, the average price per square metre for second-hand properties is HUF 954 thousand (EUR 2412), while new properties are valued at HUF 1.28 million (EUR 3237). Most new-build flats are advertised for sale in the XIII district with an average price per square metre of HUF 1.35 million (EUR 3415), while in the XI and III districts, with the second and third largest supply of new flats, the average price per square metre is close to HUF 1.6 million (EUR 4046) and almost HUF 1.5 million (EUR 3790) respectively.
Photo: depositphotos.com
The property prices in Pest County, which covers the Budapest agglomeration, have stagnated over the past month, partly due to a slowdown in the pace of people moving out of the city and back to the capital, László Balogh commented on the latest data.
Szeged and Debrecen real estate market had the biggest rise in house prices
House prices continued to rise the most in the Southern and Northern Great Plain regions, including Szeged and Debrecen, where property prices increased by 7-8 percent in a year. Debrecen has the highest number of newly built homes for sale out of all the county seats, with prices approaching HUF 1.1 million (EUR 2780) per square metre, while second-hand properties are advertised at HUF 825,000 (EUR 2086).
Pécs and NyÃregyháza’s real estate market also has a significant offer of new homes, with average prices of HUF 972,000 (EUR 2460) in the former and HUF 655,000 (EUR 1660) in the latter. Second-hand homes in Pécs are on offer for 653,000 (EUR 1652), and in the capital of Szabolcs county for 572,000 (EUR 1447), which shows that there are big differences in the country in this respect.
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1 Comment
STOP, you shouldn’t have to in reality, just look, be OBSERVANT what’s happening around you, that throughout and within the 23 Districts of Budapest, the subject of this article CONTINUES on.
It will WORSEN.
– Economy.
– Forint de-valuation.
– Highest Interest Rates in the European Union.
– Ageing Society.
– Population number Decline.
The on-going building of apartments – it’s SATURATED sellers market at this time, that buyers, are in thousands PRICED out of – can’t afford the PRICE asked, this FACTOR alone, will WORSEN in Hungary, sooner than later.
We BUILD on – and On, apartments, houses, renovated property’s, Hotels – who are going to be the Buyers, the Tenants, the Hotel Guests ???
It’s compounded by the FACT that buyers are just NOT available nor interested in the apartment(s) sector of the Real Estate Property Market.
THEY have been Priced out of the Market.
This is NOT excluding Housing that ALSO is SICKLY, dominated by the HIGH number of Sellers as opposed to Buyers, and as further property’s come into the “For Sale” Market, those already PRICED Out, through High un-realistic values, they the BUYERS – there AFFORDABILITY to make an INVESTMENT into Property – won’t exist.
It’s a “VEILED” deep rooted blood bath, what factually is HAPPENING in the Real Estate Property Market(s) in Hungary – that the scene will WORSEN, and is being RETARDED in facts being disclosed to the citizens of Hungary, by the Orban _ Fidesz Government.
We know the Economy of Hungary is SMASHED, and to add to the growing list of Economic &Financial DISASTERS, the SICKLY state of the Real Estate Property Market, inclusive of Rental Property’s, would BLACKEN the picture DEEPER.