According to the National Bank of Hungary’s house price index, prices increased annually at a nominal rate of 15.7 percent and by 11.7 percent in real terms in the third quarter of 2018 compared with the same period last year.
A gauge of the market by the National Bank of Hungary (NBH) shows that
in Budapest prices rose by 23.5 percent nominally and by 19.2 percent in real terms, above the national average in both cases.
The pace of price increases picked up in every quarter from the end of 2017.
In Q3 in cities prices rose by 17.3 percent nominally and by 13.2 percent in real terms while the rate for smaller settlements was 5 percent and 1.3 percent, respectively.
As the NBH report says, house prices grew most strongly cities in Southern Transdanubia in the period under review (7.6 per cent). This was followed by cities in the Southern Great Plains (6.4 per cent) and the Northern Great Plains (5.4 per cent). House prices also rose in cities in Northern Hungary, Central Transdanubia and Western Transdanubia on a quarterly basis; however, the rate of growth in these regions slowed relative to the previous quarter.
In annual terms, cities in the Southern Great Plains (outside Budapest) registered the fastest increase in house prices (19.9 per cent), followed by cities in Central Transdanubia (19 per cent) and Southern Transdanubia (18.5 per cent).
Overall, growth rates in cities across every region of the country, except in Western Transdanubia, exceeded the national average annual rate of growth in house prices.
Knight Frank revealed its Global Residential Cities Index of 2018 to represent the price increase of flats and estates in major cities. The statistics revealed that the Hungarian capital has the highest rate of annual growth, read details HERE.
Photo: Alpár Kató – Daily News Hungary ©