House price growth eased in July, with the gap between average prices per square metre reaching as much as tenfold across the country, property website ingatlan.com told Hungary’s MTI news agency on Tuesday.
House price growth eased in Hungary
Monthly price growth slowed to 0.1 per cent, while the annual increase fell to 11.9 per cent. In Budapest, prices rose by 0.9 per cent compared with the previous month, although ingatlan.com said this may have represented a correction following June’s 0.1 per cent decline, MTI wrote.
According to the company’s house price index, Budapest property prices were 8.3 per cent higher than a year earlier, despite a substantial increase in supply.
The number of newly built homes listed for sale in the capital rose from 3,742 a year ago to 5,381 this year, ingatlan.com said. The median price per square metre for second-hand homes in Budapest ranges from HUF 942,000 to HUF 2 million, while prices for newly built properties in the most expensive districts are approaching HUF 3 million per square metre.
Regional differences
The housing market presented a mixed picture nationwide. Pest County stood out with a monthly price increase of 1.2 per cent in July, while the Southern Great Plain recorded a 2.9 per cent decline.
Debrecen had the country’s highest median price for second-hand homes among regional centres, at HUF 1.04 million per square metre. Szeged and Székesfehérvár were also approaching the HUF 1 million mark. Salgótarján was the cheapest county seat, with a median price of HUF 312,000 per square metre.
If you missed – Good news for homebuyers and students: vast student city and residential district could rise on Budapest’s derelict waterfront
Debrecen also led the expansion in the supply of newly built homes, with listings nearly doubling. Across the main provincial cities, supply increased by an average of close to 50 per cent.
The estate agency said current trends pointed to annual house price growth of less than 10 per cent this year. The last time prices rose at such a modest rate was in 2016.
Looking beyond price per square metre: how Budapest, Warsaw and Bucharest’s new-build home markets differ
Featured image: depositphotos.com
