In 2003, there were only three districts in Budapest (I, II, XII) where the average price/square metre of flats reached 800 EUR. Since then, many changes have happened; for example, in District XXIII, which used to be the cheapest part of the city, the average rent price is close to 930 EUR, and the districts of the capital were aligned differently.
Világgazdaság reported that in the last sixteen years, every district became more expensive, but the change was different in every part of Budapest. The biggest increase (248%) was registered in Lipótváros, which is the centre of Budapest (District V), but in District XXIII – the last part of Budapest where changes were expected – showed an 80%-increase, which surprised real estate agents and companies.
Lipótváros is still the first one among all Budapest districts with an average rent price of almost 3,000 EUR.
Another surprising data is the difference between Pest and Buda. The two sides have been competing with each other from the beginning. Pest offers flats in the city centre from where everything is close, which comes in handy, but Buda at the same time seduces customers with hills, green areas, and peaceful environments.
In 2003, the difference between the two sides regarding flat prices was 50%, but last year, it was only 15%.
The exact change regarding the districts could not have been predicted since Budapest is constantly changing. Once a district receives a new park, office building, more effective transportation, a new residency, or renovated streets and roads, their prices increase with the change. Experts mentioned the party district as an example where flat prices change almost every day.
In District VII, flat prices have increased by 241% since 2003, making it the seventh most expensive district in Budapest. District VI became the fourth most expensive area with a 240%-increase. District VIII also made significant improvements and has become more popular in the past few years.
Because of the changes, the formally most-popular districts (XX, XVIII, XXIII) are no longer the most popular parts of the city. Because of the coronavirus epidemic, people have become uncertain and afraid of buying or renting flats in Budapest. It is only a matter of time whether the real estate market of the Hungarian capital will show more changes and surprises once the epidemic ends.
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