This is how much an apartment costs on average in Budapest right now
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According to the latest data, the number of homes sold in the Hungarian capital, Budapest, fell by 30 percent. It is the second-lowest number of new homes sold in the last seven years. Despite falling demand, prices are still rising. Here are the latest Hungarian property trends.
Falling supply
In the last quarter, a large number of new homes have entered the housing market. 840 new homes have been put on the market. The only time there were fewer than this was during the beginning of the pandemic in 2020.
Low demand and few new projects have led to a stagnation in the number of vacant dwellings. There are currently 6200 new-build properties for sale in Budapest. More than half of the projects planned for delivery in the second half of 2024 or later are vacant. However, almost 70 percent of the properties completed this year already have owners.
At the same time, the supply of apartments that have been completed or at least started the occupancy permit procedure has increased compared to the previous period.
