Property Market UPDATE - These are the most luxurious districts of Budapest

Based on the latest data series of the Budapest Housing Market Report for the third quarter of 2020, property prices are still skyrocketing in the Hungarian capital. The average price per square meter is close to EUR 2,700 (~HUF 970,000); while in the trendiest districts of Buda, property prices start from EUR 4,200/m² (~HUF 1.5 million/m²).

If one takes a closer look at the capital, housing market indicators show quite drastic fluctuations. However, it is still clear that River Danube is a profound watershed in terms of price. As the Hungarian news portal, Pénzcentrum reports –

the average floor area of a newly built apartment for sale in Budapest is 70.7 m² (adjusted with balconies and terraces); for EUR 2,700 per square meter.

In the case of a 70.7 m² apartment, the price difference per square meter is EUR 440, which means that on average someone would have to pay almost EUR 31,320 more if they were looking for a new home on the western side of the river.

Nevertheless, in the ranking of districts, Buda does not take the prime. The most expensive district in the Hungarian capital is the 5th district where the average price/m² is EUR 205 higher than in the case of the silver medalist 12th district.

In the case of Buda, the most expensive areas are the first and second districts; while on the Pest side, the 6th and 7th districts take the prime, with an average price between EUR 3,200-4,460/m².

The list leaders are followed by the 11th, 3rd, 8th, 13th and 9th districts, which are still quite expensive; in these districts, customers can calculate prices between EUR 2,500-2,800 per square meter. In the other districts of Budapest, properties are available between EUR 1,680-2,240, mainly located further from the city centre. The cheapest district is still the 23rd district, where a 70.7 m² newly built apartment can be purchased for an average of EUR 122,000.

According to the summary, the most expensive property is available for EUR 1.5 million; the number of flats offered under EUR 140,000 is 1,910; while there are currently 2,646 flats for sale in the price category of EUR 140,000-280,000.

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Source: penzcentrum.hu

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Property Market UPDATE – These are the most luxurious districts of Budapest

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