Hungary has the highest house price growth in Europe

Hungary has become the European leader, but most probably not in the way it intended to. In the last 7 years, Hungary has seen bigger price rises than any other country in the European Union. The prices of new homes have surged by 19 percent, while in the case of second-hand homes the increase is currently 20 percent. In Hungary, the city of Veszprém has seen the biggest price hike. In Budapest, the unit price of new dwellings crossed the HUF 1,000,000 (EUR 2542.08) threshold.

Latest statistics on house prices in Hungary

The Hungarian Central Statistical Office (KSH) has published its first quarterly housing market report. The hilly districts of the Hungarian capital were the most expensive in the first quarter of 2022. The average property price was HUF 72,900,000 (EUR 185,000), compared to HUF 66,000,000 (EUR 167,000) last year. The specific price per square metre exceeded HUF 1,000,000 (EUR 2,542.08) for the first time in the country.

Prices have also increased significantly in the inner districts of Pest. The price per square metre rose from HUF 734,000 to HUF 805,000 (EUR 1,863 to 2,043 respectively). Compared to the districts of Budapest, prices in rural towns are rising at an even higher rate. Veszprém saw the biggest increase where the house prices were up by 26 percent. The most ‘negligible’ increase was in Salgótarján – 6.9 percent.

The average price of new houses rose to HUF 45,600,000 (EUR 115,700) all around the country. Among the county capitals, the highest prices were seen in Debrecen, Székesfehérvár and Győr, napi.hu reports. The price of second-hand homes in the Balaton agglomeration also rose dramatically, from HUF 41,800,000 (EUR 106,000) in 2021 to HUF 46,200,000 (EUR 117,200) in 2021.

Read alsoHungarian forint getting stronger – how can that continue?

Hungary tops the list in Europe

According to Eurostat data, Hungary had the highest price increase among EU countries compared to the figures in 2015. The price of second-hand housing showed a 2.3-fold increase, while the price of new housing had a 2.5-fold increase, portfolio.hu reports.

After Hungary, the Czech Republic saw the biggest increase in property prices. On average, homes in the EU-27 are 45 percent more expensive than in 2015. In the first quarter of 2021, the Czech Republic and Estonia saw the highest annual increases in house prices. This was followed by the Netherlands, Lithuania and Hungary.

airport bus transfer budapest hungary bkk bkv

Read alsoHuge increase in expenditure, will Budapest’s public transport collapse?

Source: napi.hu, portfolio.hu

If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here

Hot news

1 Comment

Discreditable : says:

09/08/2022 at 13:09

The Euro against the Florint ???
Bargains around – if “deals” are entertained in Euro ???
Euro will STRENGTHEN – against the “sickly” – out of Favour – currency of Hungary.
BROADLY – across all the componentry(s) – that make up the Hungarian Economic & Financial “landscape”.
Interest Rates – will CONTINUE to RISE in Hungary, that could see them at 8% to 10% – by December 2022.
WHAT is THEIR – to SUSTAIN – Hold to-gether – the Hungarian Economy, from its on-going down-ward Trending Slide – that the BOTTOM, is still an Un-Known ?
Inflation – factually at 18% to 20% – at Present – whats its ZENITH ?
WILL Foreign investment be a SAVING – to a degree – in the Hungarian Property Market ?
Would not be surprised if the present “dictatorial” led Government of Hungary under Prime Minister – Victor Orban – “creats” ways – that this occurs.
Full Blood – DNA of Hungarians – PROBABLE – will get AGAIN over-looked – in FAVOUR of Foreign Investment.
This a case of a DESPARATE Government – chasing money or Revenue injection ?
Carnage – is worsening in the Property Market – in Hungary.
The “scene” in-side the industry – what factuality is occuring – being “surpressed” by the Government, not allowing the “carnage” occuring picture, out into the general public arena.
Hungary – massive varience of SELLERS in the Property Market – to BUYERS.
Buyers – principally “saturated” in percentage – by Foriegn Investors.
Wow – its HAPPENING and the end – who really knows, but it will grow in UGLINESS.