Now is the time to invest in Hungary? Apartment prices started to fall even in Budapest

Ingatlan.com says that Hungarian apartment prices decreased by HUF 1 million (EUR 3,000) in the past one year. 

According to hvg, the median price of the apartments in Budapest decreased to HUF 27 million (EUR 78,300) which means that half of the one-bedroom flats is above while the other half is below that level in what ingatlan.com offers. In District 5 of Budapest (the downtown), an apartment costs twice as much as in Pesterzsébet (District 20). 

László Balogh, an expert of ingatlan.com, said that in District 5, the median price of an apartment is HUF 44 million (EUR 127,642) while you can find the lowest prices in this respect in Districts 20 and 23. There, the median is HUF 20.8 million (EUR 60,340) and HUF 20.3 million (EUR 58,889). 

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In District 13, which is one of the most popular targets among the investors and potential real estate buyers, an apartment costs HUF 27.4 million (EUR 79,486) while in District 11, this sum was HUF 31.4 million (EUR 91,090) at the end of July. In the cities where there are universities, the prices are lower. In Debrecen, the median is HUF 19.3 million; in Szeged, it is HUF 17.9 million; while in Miskolc, you can already buy half of the flats for only HUF 10 million on average. In the Western part of the country, apartments are more expensive. In Győr, they cost HUF 19.9 million while, in Pécs, you have to pay a median of HUF 14.9 million for them.

Interestingly, the average gross income in Borsod-Abaúj-Zemplén, Hajdú-Bihar, Csongrád-Csanád, Baranya, and Győr-Moson-Sopron Counties was between HUF 197-270 thousand (EUR 571-783). If one pays 35 pc of their income on a loan payment, they can receive a loan between HUF 10-14 million. That means that Hungarians can easily buy an apartment in Miskolc, but it

is much harder to do so in Győr or in Budapest.

Based on the latest data of the Central Bank of Hungary, in Budapest, real estate prices did not change. The same happened in cities in the country. Meanwhile, in the villages, real estate prices decreased in Q1 of 2020. In a yearly comparison, however, prices still increase, but the rate is lowering and currently standing around 15 pc, Napi wrote.

Source: hvg.hu, napi.hu