Luxurious flats sell just as fast as the average-priced ones

Ingatlanhirek.hu reports that tenants are not afraid of high rents: flats which can be rented for 1,300 euros per month don’t stay empty for longer than 1-3 months.

Due to the growing number of flats for let, the prices have grown as well: if your income is not more than 650 euros net, then you will hardly have any money left after paying your rent and bills. Despite this, 10 percent of the flat owners are renting their properties for 13 euros per square meter. On average, the monthly rent of these flats is 1,300 euros. One would assume that because of the high prices, it takes a long time to find tenants, but this is not what’s happening: based on the findings of Otthonterkep.hu, Ingatlanhirek.hu concludes that these flats are rented within 1-3 months.

Luxurious flats in Budapest can be rented usually for 850-1950 euros per month, but there are extremes of 2600 euros as well. 80-130 square meters is the average, with some flats exceeding this, measuring 200-300 square meters or even more.

The rental of luxurious flats has not changed much lately, says Nándor Mester, chief analyst at Otthontérkép. He adds that the prices of penthouses and flats with big terraces have been growing exponentially until mid-2016, pricing over the average flats, but there has been only a 5-10 percent growth during the past year. They expect the same rate in the coming two years. Since people’s interest in luxurious flats is not declining, the chances for a decrease in price are seldom.

Luxurious flats are for rent in fenced homes as well, but they take longer to be sold, cheap or average-priced flats sell faster. Investors focus more on renovating flats in the downtown area and because of this, it is expected that the number of luxurious flats in fenced homes will be significantly less than of those renovated.