Budapest has highest rent prices in the region?

It costs more to rent a three-bedroom apartment in Budapest than it does in Brussels, according to new statistics.

The prices increased the most in Budapest in Europe compared to 2018, as apartments were rented out at a cost last year that is 15 per cent higher than the year before, according to new Eurostat data, reported Index.

The new statistics do not cover all rental apartments, Eurostat examined the prices of homes rented by international officials, so these prices reflect well-equipped flats in good condition. However, the prices of these homes affect the whole market. The apartments in Budapest which were included in the survey are located in the 1st. 2nd, 3rd, 5th, 6th, 7th and 12th districts, and put into three categories based on size, 40-60, 60-80 and 110-130 square meters.

Budapest has the third more expensive city centre to rent in, in our region, after Prague and Vienna. Bratislava, Bucharest and Warsaw follow them.

While it is less expensive to rent a three-bedroom apartment in Brussels, – which would cost around €1300 – than in Budapest – which would cost €1550 –, one and two-bedroom apartments cost slightly less in Budapest – €800 and €1050 respectively –, than in Brussels – €850 and €1060 respectively.

The prices in Budapest are still relatively low compared to international rates despite increasing by 15 per cent –, one of the most massive increases in Europe – last year. Vienna is just ahead of Budapest in terms of maintenance and equipment of the apartments.

London, Paris and Dublin are the three most expensive European cities, while the cheapest three are Bucharest, Warsaw and Sofia. The prices in London are roughly twice as much as of the Hungarian capital.

Rent only decreased in two places according to the statistics. The prices decreased by three per cent in Vienna and by two per cent in Bucharest last year compared to 2018. The rates increased by two-eight per cent in other cities.

This year’s rental situation was significantly affected by the coronavirus outbreak. It changed the prices and constructions of rentals in favour of the tenants, as the prices started decreasing considerably due to the pandemic.

Read alsoLooking for a good place of investment? – Real estate prices started to decrease in Budapest

Source: https://index.hu/