SHOCKING: Budapest property prices exceeded psychological barrier
The average sqm price of a Budapest brick apartment reached HUF 1 million (EUR 2,516), which means it exceeded a psychological barrier.
According to 444.hu, 2024 began with a property price rise in Budapest. In the first two months, the average sqm price of the brick apartments in the capital grew above HUF 1 million (EUR 2,516), Duna House told MTI, the Hungarian News Agency.
Of course, price differences between the districts are significant. Sqm prices vary between HUF 558 thousand (EUR 1,403) and HUF 1.3 million (EUR 3,270) based on the purchases of the first two months.
On existing apartments, buyers spent HUF 56.5 million (EUR 142,156) in Budapest. In most districts, HUF 40 million (EUR 100,000) was enough to buy a 40 sqm property.
Budapest property prices exceed psychological barrier
Duna House highlighted that prices went up despite the low demand and number of transactions in 2023, both on the market of existing and newly-built apartments.
According to their data, the most affordable district of Budapest in January-February was the 19th, considering brick apartments (EUR 1,403). The most expensive (EUR 3,270) was the 1st district (where the Buda Castle and many other popular tourist hotspots are located).
A newly-built apartment’s price is above HUF 3 million in the 1st district (EUR 7,548).
Read also:
- Shocking housing market trends: foreign renters drive up prices in Budapest? – Read more HERE
- Helpful initiative: Budapest launches Home Agency to match renters with homeowners – Details in THIS article
Featured image: depositphotos.com
The over-all environment of the Property / Rental Market still resembles an environment that is an on-going one of Carnage.
WHY, and this platform has been used NUMEROUS times post February 2020, the arrival of the Corona Virus Pandemic in Hungary, that REMAINS – that SELLERS over Buyers in the Real Estate / Property Market, absolutely SMOTHER the market.
The statistical disproportion – the weight of Sellers over Buyers – is HORRENDOUS.
NOTHING has changed, nor any Economic, confidence in the “Fledgling” Hungarian Economy, that witnesses no Foreign Investment arriving, due to MASSIVE doubts and questions of the GRAVE future un-certainty of the Hungarian Economy.
Interest Rates can’t be LOWERED without causing massive destabilization that already exists across the entire broadsheet landscape of the Hungarian Economy.
These FACTS but what builds a Bigger or Deeper picture of GLOOM, on the Real Estate / Property Market “scene’ – is WE continue to Build on – renovate on.
This just adds FURTHER “hell fire” to the industry gargantuan problems the CARNAGE it already is in – through SELLERS over Buyers – making the DISPROPORTION of in-balance EXPLOSIVE.
Could the author kindly explain what is a psychological barrier? A number of times on DNH this terminology is used vis-Ã -vis rental prices, real estate and or the foreign exchange rates. I have searched reliable sources on the internet and have not found a meaningful definition and so I turn to the author: what is meant by psychological barrier? I speak English for some 33 years and have not come across this curious turn of phrase. Thank you for the clarification.