The pandemic changed housing preferences in Budapest, here is how!
Budapest citizens have been longing for apartments with balconies ever since the pandemic. Read below for details on people’s living preferences, the price of housing, and how these have been shaped by the pandemic.
Ingatlan.com conducted a survey with over 130 thousand advertisements for Budapest apartments. It reveals that the post-pandemic world has a much higher need for condominiums with apartments that have balconies, Blikk reports.
Senior economic expert László Balogh from Ingatlan.com adds: Though the pandemic is nearing its end, during the COVID-19 outbreak, interest in housing with balconies increased. Compared to the times preceding the pandemic, the popularity of this type of housing is now through the roof.”
From 2016 to 2019, out of 1,000 advertisements, people showed more interest in housing without balconies. This is contrasted by the lack of interest in the same number of housing options that were presented with a balcony. In 2020, a 7 per cent increase could be noticed, and in 2021, there was a 5 per cent increase in the interest for apartments with balconies.
In layman’s terms, balconies were only a minor necessity (or simply something extra) for pre-pandemic living. Now, buyers prioritise the options with balconies, regardless of layout, size, price, and location.
The data from Pénzcentrum also suggests that the interest in condominiums around the capital city of Budapest is now at its highest. Our article on the subject of city development delves further into the topic.
Pricing in Budapest and rural cities
Further information reveals that the interest in apartments with balconies is closely related to their price. In a year’s time, the price of an apartment with a balcony increased by 15.3 per cent, while the price of apartments without one only increased by 12 per cent. In 2022, the average price per square metre of the former is around €2,300, while it is around €2,280 for the latter.
The average price per square metre of apartments situated outside the capital is about €1,400. Experts say that the big difference in price can be attributed to one fact: people who wish to live in a greener environment find a higher proportion of suitable family houses outside Budapest.
Source: Blikk, Pénzcentrum
