Declining interest, but extremely high prices for Balaton real estate

Demand in the holiday market has decreased compared to previous levels in Hungary at Lake Balaton. However, there are still places where the price per square metre is above 2 million (EUR 5180).

Reduced demand

In the first five months of the year, the volume of sales in the Balaton real estate market was 40 percent lower than in the same period last year, napi.hu reports.

One reason for this is that there has been a decline in investment buying. In addition, the majority do not want to invest work, time and money in a back-up home that needs renovation. Meanwhile, a holiday home in good condition and not in need of renovation is still not cheap to buy.

Falling demand, rising prices

Despite falling demand, the average price of second-hand holiday homes has risen by 25 percent. It increased from HUF 21.7 million last year to HUF 28 million this year.

However, even higher price increases can be seen when looking at prices per square metre. Here, the average price has increased by 39.5 percent, from HUF 385,000 in 2022 to HUF 537,000 this year.

Where is the most expensive?

The average price per square metre in the settlements along Lake Balaton is HUF 744,000, 22 percent higher than in the first five months of 2022.

The most expensive were, of course, in Siófok and Zamárdi. Here, the average price per square metre exceeded HUF 1 million (EUR 2590). New-build properties are even more expensive, with average prices approaching HUF 2 million (EUR 5180) per square metre.

The most expensive settlement is Balatonakarattya, where the average price for a newly-built apartment is HUF 3 million (EUR 7700) per square metre, while the other extreme is Zánka, where the average unit price is HUF 733,000 (EUR 1899).

The average price around Lake Velence is HUF 700-800,000, while at Lake Tisza, you can get a holiday home for HUF 300-400,000 per square meter.