Climate change appears to have a direct effect on apartment prices: more and more buyers move away from South-facing flats, citing “summer heat” as their reason.
There is a common saying within apartment owners’ circles:
“The three most important things in the housing market are location, location, and location.”
An important part of the location is the view, hence the difference in value when you compare the same quality flat on the first and the fifth floor.
However, as Napi reported, there is a change in mentality: South-facing flats, which have been dominating the market until now, are less and less popular.
The sole reason for this is the scorching summer heat that more and more flats facing South experience in Hungary.
North-facing apartments have long been associated with darkness and dampness (not really positive attributes in the housing market) but have recently become more accepted. They cannot yet compete with South-facing flats, but the difference is steadily decreasing. The trend is most evident in specific areas like summer vacation houses/apartments.