Here are the biggest extremes in Budapest’s new property market!
Based on this year’s data, a significant price increase can be observed in Budapest’s new housing market. Now, we reveal the biggest extremes, as well as the cheapest and most expensive districts of new properties in the Hungarian capital.
In Budapest’s new housing market, the average price per square meter has already reached EUR 2,765. However, the difference between the extremes is astonishing. Considering the most expensive and cheapest new flats, the difference between the two extremes is more than EUR 2.5 million.
Based on the database of the Budapest Housing Market Report containing 24,000 properties, the majority of new flats are offered for EUR 119,000 – 144,000 in the Hungarian capital, as well as many of them are available between the range of EUR 144,000 – 169,000.
Read also: Property prices have doubled in Hungary!
In Budapest’s new housing market, the lowest property prices can be observed in the 19th and 22nd districts of the Hungarian capital, where numerically 29 new flats are offered below EUR 69,000.
Besides these, the cheapest newly built condominium (16,83 m2) – offered for EUR 45,000 – can be found in the 13th district along Váci road. However, this still means a price of more than EUR 2,765 per square meter. In terms of prices per square meter, we can make the best deal in the Mély-tó residential park in the 10th district, where a 138 square meter flat is offered for EUR 1,390 per square meter, which also includes a 265 square meter terrace.
As the Hungarian news portal Portfolio reports, in the case of luxury housing projects, usually not all apartments are included in the database, or even if they are included, the price is often kept a big secret by the developers.
Accordingly, the highest prices in the new housing market could be observed in the case of those new apartments that are included in the database and provided with a price.
According to the figures of the Budapest Housing Market Report, there are currently 132 new flats in Budapest offered for sale in the „expensive” category for EUR 552,000 or above. This is 2.36% of the total number of flats in the database. Among these 132 flats, there are 26 new condominiums whose sales price exceeds EUR 1.1 million.
The most expensive new apartment in Budapest can be found in Kodály Körönd, Hübner Udvar. The 258 square meter apartment costs EUR 2.6 million, including a 14 square meter terrace which means nearly EUR 9,665 per square meter.
The significant price increase in the new housing market can be observed based on two facts.
Firstly, last summer, only 79 apartments were offered at a price of over EUR 552,000, and only 3 of them exceeded the EUR 1.1 million limit. Secondly, among these, the most expensive apartment cost EUR 1.4 million last summer, showing a significant price difference compared to this year’s figures.
According to some experts, the fourth wave will not cause any decline in the real estate market, thanks in part to the government’s family-friendly measures. As the Hungarian news portal Üzlet és Utazás reports, based on the first three waves, those who can afford it are still keen on investing in real estates due to which the more prominent, highly demanded areas are becoming more valuable.
Read alsoBudapest among the TOP5 in the world with the highest increase in luxury property prices
Source: portfolio.hu, uzletesutazas.hu
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1 Comment
Rubbish.
The property market in Budapest, Hungary will have substantial drop in its present over inflated pricing.
ALL the economic and finacial indicators – HIGHLIGHT – an Economy in Dark and Challenging Times.
– Interest Rates – Rise/Increase again 19th November 2021.
– continueing decline of our currency.
– rising inflation.
– the growing daily numbers of new cases and deaths through this novel virus.
– Government Borrowing – in past (6) six weeks – efforts to Stablize the “flagging” economy.
– Foreign Investors – “exited” from Budapest, Hungary Property Market – Thankfully.
– new and renovated propertys – continue to come on the market – with numbers of OTHERS near or under Construction.
– Property Market – new and renovated propertys – Market is – SATURATED- with Sellers outweighing Buyers – Disproportionally – dangerously wrongly balanced.
– New Hotels – completed or under construction – who is going to sleep in there beds ?
Testing times, that SUSTAINABILITY – of present Property Market Values – will TUMBLE – possible 8% to12% – possible stretching to 15% – from present over inflated values.