Hungary’s average advertised residential property prices have reached a significant negative milestone, surpassing HUF 1 million per square metre for the first time, reaching a record HUF 1.004 million in September. While prices in Budapest have largely stagnated this year, the latest figures suggest that the previous wave of property price increases is now spreading into cheaper parts of the country.
Property prices reached a grim point in the whole country
According to fresh data from Zenga.hu, the property portal operated by OTP Group, average asking prices rose by 1.3 per cent nationwide between August and September. This increase came despite property prices falling in five counties over the same period.
Annual growth has reached 8.9 per cent across Hungary, compared with just 2.9 per cent in the capital. Budapest’s average advertised property prices increased by only 0.7 per cent in September, indicating that the market is moving at different speeds across the country.
Budapest, Veszprém and Somogy lead the price rankings
Only three areas currently exceed the national average: Budapest, where advertised properties cost an average of HUF 1.501 million per square metre; Veszprém County, at HUF 1.056 million; and Somogy County, at HUF 1.054 million.
Among county seats, Debrecen is the most expensive, with an average asking price of HUF 1.096 million per square metre. Szeged follows at HUF 1.039 million, while Veszprém stands at HUF 1.038 million. Győr is close behind, with an average of HUF 995,000 per square metre.
The figures also underline just how expensive Budapest has become. Every district in the capital now has average advertised property prices above HUF 1 million per square metre. Even Csepel, the city’s cheapest district by this measure, averages HUF 1.009 million — only slightly above the national figure.
However, the capital’s September average does not represent a new record. Property prices had already reached HUF 1.507 million per square metre in February, suggesting that Budapest’s market has largely levelled off since the beginning of the year.
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Property mix also affects average prices
The national increase does not necessarily mean that every property has become more expensive. The composition of homes advertised for sale can also influence average property prices, according to Péter Futó, head of analysis at Zenga.
A greater proportion of newly built or well-maintained properties can push the average upwards, while a larger number of homes requiring renovation can bring it down. The geographical distribution of new listings matters, too: if more properties enter the market in expensive areas such as Budapest, the Lake Balaton region or wealthier provincial cities, the national average may rise even without equivalent price increases across individual properties.
The data should therefore be understood as a measure of advertised asking prices rather than the final prices agreed between buyers and sellers.
More on housing: Good news for buyers as Hungarian housing market is turning, Budapest prices fall for 2nd month
Is the Hungarian housing market approaching a turning point?
Other indicators suggest that the market may be losing momentum. Eurostat figures published in October showed that Hungarian house prices fell by 1.4 per cent quarter on quarter in the second quarter of 2026, the first such decline since the end of 2022. Nevertheless, prices remained 10.2 per cent higher than in the same quarter of 2025.
The latest asking-price data and the Eurostat figures measure different things and cover different periods, so they do not necessarily contradict one another. Together, however, they point to a market in which price developments vary by location and measurement.
Zenga’s current assessment suggests that no major shift is expected before the end of the year, potentially making 2026 a year of relative stagnation in the housing market. One possible exception is a change to the eligibility rules of Hungary’s Otthon Start housing support programme. If stricter conditions significantly reduce the number of eligible buyers, demand could rise temporarily before the new rules take effect, potentially affecting property prices and negotiation margins in provincial areas and cheaper Budapest districts.
For prospective buyers, the national milestone is striking, but location remains crucial: while the average asking price has crossed HUF 1 million per square metre, substantial differences persist between regions, cities and individual properties.
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