Jaw-dropping price rise concerning newly built homes in Budapest
The average prices of newly built homes in Budapest rose 15.5pc year-on-year to HUF 1.77m (EUR 4,517) per sqm in the third quarter, listed real estate broker Duna House said on Monday citing data from Eltinga.
Home prices in the capital now average HUF 128.2m, slightly down from a quarter earlier, Péter Szegő of Duna House said. Demand for newly built homes in Budapest remains active, but the market is set to stabilise as supply is also increasing gradually, it said.
Around 2,220 new homes were sold in Budapest in the third quarter, down 6pc from the previous quarter, but still well above the average of recent years, Duna House said. In the past one year, 9,611 newly built homes were sold, the highest figure in the past decade, it added.
Rental prices started to decrease?
Based on the rental price index from KSH-ingatlan.com, rental prices in Hungary fell by 1.1% in September compared to August. This is the first time we’ve seen such a decline since 2020, at the onset of the coronavirus pandemic. Even in Budapest, where rental prices generally remain more stable, there was a slight drop of 0.2%. Elsewhere in the country, the decreases were far more pronounced, reaching between 2% and 3%, the Hungarian News Agency wrote.
Looking at the year-on-year figures, rental prices increased by 6.5% across Hungary and 6.6% in Budapest. However, this marks the slowest rate of price growth since autumn 2021, signalling a cooling in the rental market’s rapid acceleration.
Read also:
- Hungary’s housing prices soar as market heats up again
- It now takes longer to buy a home in Budapest than in London
Click for more articles concerning housing.