The price of an average panel apartment in Budapest is shockingly high

Photo: BKK/FB

It costs around HUF 41 million (EUR 104,320) to buy a livable 53-square-metre panel apartment in Budapest, but in the most popular residential areas, potential buyers can expect to pay even more, up to around HUF 1 million (EUR 2,540) per square metre, according to Duna House.

Following the moderation of prices seen last year, 2024 will bring another price rise for buyers looking for an apartment in Budapest. The renewed home creation subsidies and the decreasing housing loan interest rates have had a positive effect on the buying mood, so the average square metre price paid for a panel apartment in Budapest has risen by 9 per cent to HUF 765,000 (EUR 1,920) following the increased interest. In some areas, the price increase for an apartment in Budapest is 14 per cent, and prices in the range of millions of HUF per square metre are not unimaginable in the future.

flat budapest, panel apartment

After the easing of prices in the past year, 2024 will bring a price increase in the residential housing market in the capital, as renewed home-building subsidies and falling interest rates on housing loans have boosted demand, Telex reports.

“What was missing in 2023 has now been made up for in Budapest, as the average price per square metre of a panel apartment is 7 per cent higher this year than it was in 2022 when the price of a panel apartment was HUF 717,000 (EUR 1,824),” said Károly Benedikt, head of PR and analysis at Duna House.

The price of a panel apartment in Budapest

flat, Budapest, estate, city, panel apartment

Wikimedia Commons by Andor Elekes

Of the 12 housing estates surveyed, Óbuda had the largest price decrease in 2023, and this year prices have increased the most here. While the average price per square metre in 2023 was 30% higher than in 2022, buyers can expect to pay HUF 880,000 (EUR 2,240) per square metre.

The average price per square metre is approaching HUF 1 million this year in District XI and in the Vizafogó residential area in District XIII. In the former, after a 12 per cent increase, the unit price has risen to HUF 941,000 (EUR 2,400), while in the latter, after a 16 per cent rise, the average amount spent on a property is HUF 936,000 (EUR 2,380) per square metre.

In 2024, apartments in the József Attila housing estate will be available at a slightly lower price of HUF 839,000 (EUR 2,130), a 16 per cent increase compared to last year. After an 8 per cent increase, the average price of panel apartments on Füredi Street is HUF 829,000 (EUR 2,110). In Újpest, the average price is slightly less, and in the Havanna housing estate, you can buy a flat for HUF 644,000 already. In Újpalota, the average price per square metre is HUF 663,000 (EUR 1,690), with almost a quarter of all panel transactions in the capital occurring here in the first half of this year.

In the better-known, larger housing estates, prices have risen even more than the capital’s average, with an average increase of 14 per cent in the price per square metre compared to last year. While in 2023, prices in five housing estates decreased by between 3-20 per cent, this year only the housing estate in Újpalota has seen a 5 per cent decrease.

Read also:

Renting an apartment in Budapest is almost a luxury: prices approach those in Madrid – Read here

Real estate market: Average price of newly built apartments in Budapest shockingly high – Read here

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2 Comments

Greed, Selfishness & Exploitation: says:

15/07/2024 at 11:21

Greed, Selfishness and Exploitation.
Millions upon million of Hungarians, through the on-going DECLINE of our Economy, to “sure up” or attempt to retain there “qualities of life” – will participate in the PRACTICES of Greed, Selfishness and Exploitation.
Millions are in SURVIVAL best they can do to SURVIVAL “mode”.
3 million Hungarians or over 3% of our population live in POVERTY.
The Real Estate Property Market – is the most – the LARGEST of the ABUSE to Hungarians – fellow countrymen and women – in the practice – there CULTURE to operate under – Greed, Selfishness and EXPLOITATION.
The PRINCIPAL – Economic & Financial fundamentals of the “sinking” – its nadir still un-known Hungarian economic outlook, have NO factuality associated to – the REASONS why – property prices, rental costs of apartments & houses, are at these STILL excessively HIGH levels.
Supply & Demand – the growing disproportion ratio of SELLERS over Buyers – the CARNAGE is nearing.
It’s a “smouldering” atmosphere in the Real Estate Property Market Game – that pre the arrival February 2020 of the Covid Pandemic – those of KNOWLEDGE – shared informed COMMUNICATED to HUNGARIAN’s – the rising price levels of property – apartments, flats, houses, warehouses – there was NO economic & financial rationality explanation – the on-going price escalation in the Real Estate Property Markets – broadsheet – that WAS back, in those times occurring.
2018 – 2024 – we build on.
Sellers over Buyers – the ratio WIDENS.
WHERE are the BUYERS going to come FROM ?
Be MINDFUL – observant diligent – of the CRAP – the PROPAGANDA – that will arise – come out of the Orban – Fidesz Government and the Real Estate-Property profession.
Greed, Selfishness and Exploitation – fill there pockets, “grease” there palms – them FIRST – buyers next.
The Economy – WEAKENS.
The population “ages” and decreases – deaths to “new born” – deaths per month continues to be the WINNER, the “trend” in the 15 years of the Orban – Fidesz Government of Hungary.
Interest Rates remain – highest in the European Union at 9%.
Vat remains highest in the European Union at 27%.
Forint – remains under humongous PRESSURE – that will sooner than later “succumb” and collapse.
SUSTAINABILY across the BOARD in the Real Estate Property Market(s) – “broadsheet” in Budapest, Hungary remain DRIVEN by – Greed, Selfishness and Exploitation – that will SEE growing CARNAGE in this PROFESSION – much of it’s own – Creation & DOING.
It WILL Worsen.
What's the - who is SELLING - Private Vendors or District Councils ??? says:

16/07/2024 at 14:47

The “On Title ” – Vendor the composition, is it made up of ;
(1) = purchased in the past Vendors ? – owned them for period in time.
OR :
(2) = districts they are in = that DISTRICTS receiving RENTAL Cost from them – have decided to SELL Them ?
is this the make up of there OWNERSHIP ?
WHO is the PARTY – be it Private Vendors or District Councils or BOTH – putting the EXPLODED figure(s) on these Panel Apartments ?