Record rental and real estate prices in Hungary in 2023

Although the rental and real estate prices have been stagnating in the final months of 2023 in Hungary, it has been a hell of a year for tenants and prospective homebuyers. Rental costs jumped by 12% this year, but the real estate prices have also reached staggering levels. Here are the most extreme examples.

Skyrocketing rent prices

Forbes reported that the average rent in Budapest was HUF 240,000 (EUR 623), while in bigger Hungarian towns it ranged between HUF 80,000 (EUR 208) and HUF 200,000 (EUR 519). Towards the end of the year, the prices were stagnating. In November, the rent went up by 0.2% on average in the country and by 0.1% in the capital. However, on a year-on-year basis, the surge was about 12%. According to experts, the price increase is mainly due to rising incomes. Inflation has only a minor impact on the market on its own.

Rent in Hungary

As of December, the average rent in Budapest remains at HUF 240,000 (EUR 623). Data also reveals that the majority of rentals are concentrated in the 11th and 13th Districts of the city. The 1st district emerges as the most expensive, averaging HUF 300,000 (EUR 780), while the 23rd district retains its status as the most economical, with an average rent of HUF 180,000 (EUR 468). Győr is the priciest town for rent among county seats, averaging HUF 200,000 (EUR 519), followed by Debrecen at HUF 188,000 (EUR 488) and Székesfehérvár at HUF 178,000 (EUR 463). The most budget-friendly county seat is Salgótarján, where an apartment rents for an average of HUF 80,000 (EUR 208).

Pricing extremes

Some remarkably affordable rooms were available for rent in Kecskemét, Debrecen and Szeged, with monthly fees ranging from HUF 25,000 (EUR 65) to HUF 30,000 (EUR 78). Want to hear something even more shocking? In the village of Jobbágyi, Nógrád County, a 38-square-metre home could be rented for HUF 50,000 (EUR 130) per month. In Budapest, the least expensive flatlet, located in the 20th district, was advertised at just HUF 60,000 (EUR 156) per month. On the opposite end of the spectrum is a 140-square-metre home on the Buda side, a two-storey penthouse with its own sauna and garages, commanding a monthly cost of HUF 1.72 million (EUR 4,470). In rural areas, the most expensive residence was a family house in Balatonfűzfő, costing HUF 950,000 (EUR 2,469) per month.

Real estate landscape in Hungary

As Portfolio writes, demand surged across almost all locations towards the year-end, with the Buda side experiencing a whopping 50% increase in home sales compared to Q3. Statistics have also revealed that people preferred apartments with 2 or 3 bedrooms over flatlets. Districts vary significantly in the price of new homes sold, influenced not only by the price per square metre and average size but also by the volume of sales. For instance, in the 2nd district, where only 6 homes were sold in Q3, the average real estate price was HUF 364 million (EUR 946,385). Nevertheless, the capital’s average price stood at HUF 90 million (EUR 233,937). The most popular districts in Q3 were the 13th and 11th districts.

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