Hungarian real estate prices have skyrocketed over the past year

Hungarian real estate prices got significantly higher over the past year. On average, buyers spent 3%, HUF 1 million (EUR 2,600), more on home purchases. Meanwhile, in Budapest, the average cost of buying a home has increased by more than HUF 2 million (EUR 5,200).

24.hu writes that according to Duna House’s data, the price per square metre of properties in the Hungarian real estate market ranges from HUF 30,000 (EUR 79) to HUF 3 million (EUR 7,800). The price per square metre was above HUF 1 million (EUR 2,600) for almost half of the properties in the capital sold in the first half of the year. We also know from Duna House’s transaction data that nearly half of the properties sold in Hungary this year, 49 percent, were detached houses. 37 percent of the buyers opted for a brick-built dwelling. Panel houses were chosen by only 15 percent of buyers.

The real estate prices

Károly Benedikt, Head of Marketing and PR at Duna House, said that looking at Hungary as a whole, properties sold for HUF 1 million (EUR 2,600) more compared to last year. The average price was HUF 39.7 million (EUR 104,000), while the average price per square metre was above HUF 550,000 (EUR 1,440). Based only on sales in the Hungarian capital, the average price of apartments has risen. It went from HUF 55 million (EUR 144,080) in 2022 to HUF 57.2 million (EUR 149,319) in 2023. The average price per square metre in Budapest is just over HUF 900,000 (EUR 2,560).

The price is significantly influenced by the condition of the property and whether it needs to be renovated. The size of the useful floor area is also a key factor for potential buyers. Surprisingly, there is a high demand for both large properties of up to 450 square metres and much smaller flatlets of less than 20 square metres.

The most expensive properties

According to Duna House’s data, the highest-priced property sold this year in Budapest is located on Andrássy Avenue. The panoramic house is 274 square metres, built in the 1800s. The house is in very good condition and represents luxury and high quality. The new owner paid HUF 420 million (EUR 1,1 million).

Among the homes sold in the countryside, the fourth most expensive is an apartment in Balatonfüred. The apartment is in an outstanding condition and was renovated during the COVID-19 pandemic, so it is almost new. The 172-square-metre penthouse has a large terrace and a panoramic view. The buyer paid HUF 319 million (EUR 835,500), over HUF 1.8 million (EUR 4,715) per square metre. The most expensive home in the agglomeration of Budapest is a house located in Nagykovácsi. The 230-square-metre family house with a panoramic view and outstanding condition was advertised for HUF 310 million (EUR 812,090).