Estate prices doubled in the inner districts of Budapest
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According to magyaridok.hu, estate prices in the inner districts of Budapest rose by more than 30% since 2015, which indicates that the total increase could even reach 80% compared to the start of the flourishing of the market. Currently the price growth of new apartments is the most significant factor, which results in a demand for small, but newly built estates.
Hungarian estates cost 17% more in 2016 than the year before. As a consequence of the uprise that started in the second quarter of 2014 – three years after the tipping point – apartments cost one and a half times more. The biggest increase characterises the Central Hungarian region, where prices grew by 20%, while this rate is 10% in the southern part of the Great Hungarian Plain and in North Hungary.
The growth exceeded 22% in Budapest, but the differences are quite big in the capital city. Estate prices grew by 1/3 in the 7th district, and by 25-30% in the 6th, 9th, 1st and 5th districts. The outer districts are characterised by a growth rate of 10-15%. Compared to the hollow point of 2013, apartments cost 80% more in the 7th and 5th districts, while they cost 70% more in the 6th district. According to FHB’s apartment price index analysis, the handover of 4,600 apartments is expected in condominiums of at least four apartments this year, while this number could even exceed 8,000 in 2018. However, there are many postponements, so certain projects will only be finished by the next year.