These are the apartments that Hungarian billionaires buy in Budapest

Penzcentrum.hu collected the most expensive estate developments in Budapest. They averaged the square metre price of almost 11 thousand newly built apartments in the capital city to put together a top list.

News about Hungarian apartment market used to be about the lack of developments and low demand until a few years ago. But this has changed: developers are more and more active, the demand is huge and it seems like this tendency will continue in the upcoming years as well.

This is proved by the newest data from the Budapest Apartment Market Report. While the joined collection of Eltinga, Ecorys and FHB Index listed the data of 3400 apartments in the third quarter of 2016, this number has come near to 11 thousand now.

What do the numbers indicate?

Moreover, if we take a careful look at the data of the report, we realise that, with the increase of project numbers, the specific price of new apartments has also grown, while their ground-space has decreased. Currently the ground-space of an average newly built apartment in Budapest is 58 m² (it was 63 m² in the third quarter of 2016), and their square metre price is 776 thousand forints (it was 661 thousand in the third quarter of 2016).

However, things are much more complicated, which is perfectly shown by the extremities: the cheapest apartment costs 290 thousand forints/square metre in the 21^st district, while the most expensive apartment can cost 1.65 million forints/square metre.

But it seems like there’s a quite big demand for luxury estates. According to Pénzcentrum’s summary, the number of apartments that cost more than 50 million forints approaches 870, while the more than 100 million category counts 160 homes.

The most expensive estate in Budapest is currently a 200 m², four roomed luxury apartment, which costs more than 400 million forints.

The website also put together a top 10 list, where they averaged the square metre prices/ projects. It’s important to note that some of these estates might have been sold since the publishing of the list.

Top 10:

1. Vérhalom, ecohouse with five apartments

Location: 2^nd district, Vérhalom

Average square metre price: 2,037,037

2. Vörösmarty Luxury Palace

Location: 5^th district, Lipótváros

Average square metre price: 1,700,639

3. Völgy Házak

Location: 2^nd district

Average square metre price: 1,521,405

4. Németvölgy, condominium with five apartments

Location: 11^th district, Németvölgy

Average square metre price: 1,389,434

5. Rupphegy Park

Location: 11^th district, Pösingermajor

Average square metre price: 1,291,576

6. Luxus Vadász (Luxury Hunter)

Location: 5^th district, Lipótváros

Average square metre price: 1,270,045

7. Green Home

Location: 2^nd district, Mátyás Mountain

Average square metre price: 1,166,222

8. Boróka Mansion

Location: 2^nd district, Szemlőhegy

Average square metre price: 1,145,098

9. Opera Palace

Location: 6^th district, Terézváros

Average square metre price: 1,141,430

10. Zsigmondy Mansion

Location: 12^th district, Farkasvölgy

Average square metre price: 1,104,930

Photos: www.facebook.com/BorókaVilla, ZsigmondyVilla

Copy editor: bm

Source: http://www.penzcentrum.hu/