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.
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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.
Source: napi.hu, portfolio.hu