Budapest real estate prices are sky-high!

In Budapest, new housing prices have significantly risen within only a year. There are districts where the annual price increase is close to 50 percent! Continue reading this article to find out more.

Eltinga Budapest Housing Market Report has published its latest survey of the new housing market in Budapest. It shows that the price dynamics for new apartments have never been as intense as last year. Three months ago, the average price per square metre of new apartments in Budapest was 1,200,000 HUF (3,000 EUR). Now the average price per square metre is approaching 1,270,000 HUF (3,175 EUR), says Portfólió.

That is almost 6 percent higher than in March. The average real estate prices in Budapest are 28 percent higher than in last year’s May.

Just like in the previous quarter, prices have risen faster in Buda than in the rest of the city. The average price per square metre in Buda exceeds 1,500,000 HUF (3,750 EUR), reflecting a 10 percent increase there.

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Budapest’s biggest price increases

On average, prices in the capital have risen by 28 percent in a year, but in some districts, the increase was significantly higher. In district I – presumably due to the lack of supply – new apartments are nearly 50 percent more expensive than this time last year. Moreover, in district XI, the price increase was over 40 percent.

In the inner city districts, however, prices seem to have stagnated for the time being. There are no measurable price increases in districts VI and VII. A 5 percent drop in price is noticeable in district V.

Budapest real estate prices by district

Compared to the previous quarter, districts I and XII are also ahead of district II. The average price per square metre in the former two districts is 2,240,000 and 2,150,000 HUF (5,600 and 5,370 EUR) respectively, and 2,130,000 HUF (5,320 EUR) in the latter.

As in the case of second-hand and new apartments, the inner city districts are the least expensive. District V fell off the podium with a price per square metre of 1,940,000 HUF (4,850 EUR). District VI followed with 1,630,000 HUF (4,075 EUR), followed by district XI with an average price of 1,430,000 HUF (3,575 EUR) per square metre of new real estate. There are now only nine districts where the average price per square metre of new homes is less than 1,000,000 HUF (2,500 EUR). Only one district where the average price is below 900,000 HUF (2,250 EUR): in district XXIII, the average is 860,000 HUF (2,150 EUR).

It is important to note that in some districts, supply has been very much reduced. Only seven in District V and between ten and twenty new apartments were built in Districts I, XX and XXII.