It now takes longer to buy a home in Budapest than in London
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According to a recent European study, Budapest now ranks among the ten most expensive major cities in terms of housing costs: on average, a person would need 11.4 years’ worth of the average salary to purchase a new 70-square-metre home in the Hungarian capital. Based on Deloitte’s 2024 Property Index, Budapest surpasses cities such as London, Milan and Copenhagen in this regard. Among regional cities, Debrecen also ranks higher than Turin and Odense.
According to the data, Amsterdam, Athens, and Prague are the most difficult cities in which to afford such properties, requiring up to 15 years of average income. By contrast, the most affordable cities on the list (Turin and Odense in Denmark) offer the possibility of securing a 70-square-metre flat after just five years of work.
The study is based on data from 2024 and does not factor in the impact of the government’s Home Start Programme. According to analysts, the introduction of a 3% fixed-rate mortgage could drive up housing prices by as much as 18–20% this year, significantly more than the previously forecast 15%.
Rental market: Slowing growth, but rents remain high
According to the joint rental index from Ingatlan.com and the Hungarian Central Statistical Office, rental price increases have slowed: nationally, rents rose by just 1.1% in August compared to July, and by 0.7% in Budapest. However, compared to the same month last year, rents in the capital are still up by 7.2%.
If you can’t afford something, you don’t buy it, or you look at alternatives. You don’t HAVE to live in Budapest. These days most types of education can be gotten online and increasingly many jobs, especially in the services sector, allow at least a hybrid work pattern. Try the ‘burbs or, better still, go out into the country: Quality of life is far higher there.
I agree. Keep moving further from Budapest in a westerly direction. It’ll get cheaper and cheaper the further you move, eventually, you’ll end up moving over the border and then can go get a job for 3x local salary, then you’re really laughing.