Hungarian real estate might seem extraordinarily cheap for a foreign wallet, but for Hungarians, the prices seem to be skyrocketing. Based on the region, location, neighbourhood, and even the street, the price of real estate varies. But where is it cheap and where is it horribly expensive to buy one’s own home? And what about renting a home instead of buying one? How much would it cost to pay rent in Hungary? We give you all the answers in this article.
We at Daily News Hungary wrote many articles to keep our readers informed about the prices and changes regarding real estate. We informed readers about the property prices of Hungary’s most popular wine regions, for instance. We also wrote about cheap housing near Budapest. Then we collected some information about how many foreigners buy real estate in Hungary.
One of the most shocking pieces of information was the one regarding the cheapest and most expensive streets in Hungary. It turned out that real estate in certain streets can be 100 times cheaper than in others.
In Budapest, one square metre costs EUR 2,765 on average. In some of the inexpensive streets, real estate for 10,000 forints (EUR 27.44) per square metre was available. One square metre cost as little as 21,000 forints (EUR 57.62) in the cheapest streets.
But what about paying rent in Budapest? How affordable is it?
Piacesprofit.hu looked into the case and consulted the data of Otthon Centrum. The data represents three quarters of a year and shows that a one-room apartment made of brick was available for 108,000 forints (EUR 296.32 ).
The portal writes that in Buda and downtown Budapest, prices are 15% lower than they were in 2019 before the pandemic shook the market.
There is a difference, however, when it comes to two-room apartments. Based on the location within the city, prices can vary. Downtown Budapest is quite expensive as rent costs 169,000 forints (EUR 463.69) on average. In Buda, the price is 153,000 (EUR 419.79), and the outskirts of the Pest side are even more pocket-friendly. There, rent is 130,000 (EUR 356.68) for a two-room home.
For a three-room place, prices are a bit higher. In Buda, the price is about 200,000 forints (EUR 548.74 ). Living in downtown Budapest takes about 195,000 (EUR 535.02 ) out of tenants’ pockets. In the outer districts of the Pest side, rent is 165,000 (EUR 452.71) on average.
Interestingly, there has been a decrease in prices compared to 2019. Rent in downtown Budapest decreased by 25%, rent in Buda dropped by 18%, and the outer districts saw a 2% decrease in the cost of rent.
Source: DNH, penzesprofit.hu