Balaton region to become the most popular residential area?

While costs of real estate are skyrocketing in certain localities in Hungary, other regions have also started to attract buyers. Recently, Lake Balaton and its region have become more popular. Prices, however, are nor cheap.

Budapest has recently become notoriously expensive in term of buying real estate. The average price per square meter is EUR 2,765. The gap between the cheapest and the most expensive property can be as much as EUR 2.5 million. To read further details about the real estate market in Budapest, click HERE. Similarly, real estate prices have increased in most cities with county rights. Prices in Debrecen, Tatabánya, Veszprém, or Érd have risen, while prices in Salgótarján, Nagykanizsa, and Dunaújváros remained low.

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In the last year Balaton region has become a very attractive region for buyers. Real estate prices, however, are not low.

The number of residents grew with one fifth in 2020. 5,000 people have moved there within just a year, writes G7. Based on official data, Balatonszepezd, for example, did not use to be a popular place for buying real estate. In 2010, it had as few as 406 residents. By 2019, the numberof residents have descreased to 357. In 2020, however, 80 new residents have moved to Balatonszepezd.

Örvényes, Balatonőszöd, Balatonfenyves, and Balatonfüred are also similar in this aspect. Both Balatonfenyves and Balatonfüred have welcomed 200 new residents. The number of locals is the highest in Siófok.

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In the past year 5,500 people have moved to the region in total. Only three out of the 53 cities and localities in Balaton area reported a decrease in the number of residents.

Demand has risen to record numbers this spring. It is comparable to the housing market boom in 2014 when downtown Budapest had become a popular area. G7 writes that prices near Lake Balaton were high in the spring. On the northern coast, the price was 635,000 forints (EUR 1,761) per square meter. On the southern coast, the average real estate price was around 675,000 forints (EUR 1,872) per square meter. Zamárdi and Szántód were the most expensive regions with an average price as high as 1 million forints (EUR 2,774) per square meter.

Source: DNH, G7