Renting an apartment in Budapest is almost a luxury: prices approach those in Madrid

In 2023, rents for centrally-located, newly built or recently renovated apartments in Budapest rose by 17% compared to the previous year, marking the third-highest increase in the entire European Union. The Hungarian capital now ranks mid-range in Europe in terms of prices, with renting an apartment in Budapest almost as expensive as in Madrid and Zagreb.

Eurostat conducted a study comparing the relative cost of living in EU capitals, with the data for Hungary provided by the expert team at Duna House. The findings were presented on Monday by Károly Benedikt, Duna House’s head of public relations and analysis, ATV reports.

Photo: depositphotos.com

Renting an apartment in Budapest costs an arm and a leg

.Eurostat surveyed the prices of rental apartments used by international officials. Therefore, the prices do not represent the average rental market but instead show the monthly tariffs of apartments in good or excellent condition, in well-equipped city centre locations, built or significantly modernised in the last 10 years at the latest.

For Budapest, the survey included sublets of 1-3 rooms, ranging between sizes 110-130m², 60-80m², and 40-60m², located in central districts (districts I, II, III, XI and XII in Buda and V, VI, VII, VIII, IX, XIII in Pest).

Budapest inner city. Photo: Pixabay

According to the data from Duna House, the average rents in2023 for apartments in Budapest were as follows:

• One-bedroom apartments: EUR 890 per month
• Two-bedroom apartments: EUR 1,300 per month
• Three-bedroom apartments: EUR 1,700 per month

The EU-wide survey found that between 2022 and 2023, rents in Zagreb and Sofia increased the most, by 20% in both cases. The Hungarian capital saw the third-highest increase, with rents for central, well-maintained apartments rising by 17% last year compared to 2022.

Overall, Dublin is the most expensive capital city in the European Union in terms of rent, with tenants also paying high prices in Luxembourg and Paris. Stockholm and Copenhagen are the fourth and fifth most expensive cities for average monthly rent.

.In two cases, Eurostat researchers found a decrease in rents in 2023: a slight 1% drop in Helsinki and a more significant 13% downturn in Vilnius.

Budapest ranks midfield in the Central European region

Among the capitals of neighbouring countries, the cost of renting a property increased by 13% last year in Ljubljana, 11% in Vienna, 10% in Bucharest, and 7% in Bratislava compared to 2022, while rents in other cities increased by between 2% and 15%.

Vienna at night. Photo: Pixabay

Overall, modern rentals in the city centres of Berlin, Prague, Vienna and Ljubljana are the most expensive, with prices as follows:

• One-bedroom apartments: EUR 1,150-1,250 per month
• Two-bedroom apartments: EUR 1,550-1,600 per month
• Three-bedroom apartments: EUR 2,050-2,150 per month

The cost of renting an apartment in Budapest follows directly after, in fourth place, with the aforementioned monthly prices. By comparison, it is cheaper to rent an apartment in cities such as Bratislava, Warsaw, and Bucharest, where average monthly rents are:

• One-bedroom flats: EUR 580
• Two-bedroom flats: EUR 900
• Three-bedroom flats: EUR 1,200

Read also:

• The biggest increase in real estate prices happened in these Hungarian towns – HERE
• Real estate market: Average price of newly built apartments in Budapest shockingly high – Read HERE

Source: ATV