Hungarian property prices continue to surge

The analysis of ingatlan.com has revealed that the price increase on the Hungarian property market continues, as the price of new properties has increased by 14 % since last October, while the supply has extended by 30 % in the same period. The price of pre-owned properties has increased by 33 %, and that of building lands by 5 % on average, index.hu writes.

Budapest is the most expensive

The supply in Budapest was 30 % higher in October than a year before. The average price per square metre increased by 16 %, to HUF 492 000 (EUR 1 613) in a year. Budapest, where the supply of properties extended by 40 %, is the most expensive as far as the new property market is concerned.

The average price per square metre in Budapest has increased to HUF 582 000 (EUR 1 909), which means a 15 % rise compared to last year.

The price of new apartments in other bigger cities around the country also grew significantly. The average price per square metre was HUF 367 000 (EUR 1 204) in Debrecen, HUF 399 000 (EUR 1 309) in Kecskemét, and 376 000 (EUR 1 233) in Győr at the beginning of this October.

Furthermore, according to Eurostat, the prices of Hungarian and Latvian apartments increased at the greatest extent among all the European countries in the second quarter of 2016.

The price increase does not slow down

Although it seemed this spring that the pace of the price increase might slow down on the pre-owned property market, it grew at a consistent level. The average price per square metre of pre-owned apartments located in cities having more than 10 thousand residents grew to HUF 364 000 (EUR 1 194), which means a 33% increase.