Hungarian sea in trouble, rising property prices and no labour force
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Since 2015, property prices have risen by 90 per cent everywhere, up to 200 per cent in some places. The average price per square metre, for both apartments and houses, has risen for both new and second-hand properties. The most popular settlement was Balatonfüred. A problem for this popular tourist destination is the lack of labour force. Many restaurants are unable to open.
Brutal property prices at Lake Balaton
Even during the economic crisis of 2008-2009, prices in Balaton municipalities did not decrease. Moreover, since 2014, prices for both apartments and houses have been rising steadily.
Prices have increased the most in Fonyód, Balatonfüred, Balatonalmádi, and Siófok.
In 2021, average house prices rose by 10.4 per cent compared to a year earlier, portfolio.hu reports. The price of second-hand homes per square metre was between 205 and 637 thousand forints in 2021. The most expensive properties were in and around Balatonfüred, while the cheapest were in Nagykanizsa.
In Csopak, Hévíz, Siófok, Balatonfüred, and Zamárdi, the price per square metre for new apartments was all above HUF 500,000. The trend is similar for second-hand properties. In 14 municipalities, the average price of second-hand properties was above HUF 30 million.
Housing prices are strongly influenced by proximity to the waterfront.
With all respect to the beautiful lake of Balaton, it’s still part of Hungary, not a rich country – majority of people here are really poor. The prices there are outrageous and don’t fit most if the population. It’s not French Reviere after all.