Rental prices increased drastically around Lake Balaton

After a brief period, prices in the rental market once again began to increase in the first months of 2023. Renting real estate in the vicinity of Lake Balaton is getting especially expensive.

As we have previously written, the turnaround in the rental market was short-lived in Hungary, as prices grew in the first month of 2023. Hirbalaton.hu reports the latest change in rental prices around Lake Balaton based on data from the Central Statistics Office and ingatlan.com.

For a brief period during the last two months of 2022, rental prices began to decline In Hungary. This trend though already changed in January 2023, as average rental prices increased by 1.7 percent.

László Balogh, chief economist at ingatlan.com, says that part of the explanation is that some of the students studying in higher education in cross semesters have entered the market as renters.

The leading expert also says that people postponed buying a home because of high mortgage rates. Instead, they moved into rented accommodation, which meant that there was extra demand in the rental market.

Hirbalaton.hu listed the latest changes in the rental market around Lake Balaton, where rental prices increased drastically in the last year.

The affected counties

In Veszprém county, the northern part of Lake Balaton, rental prices increase by 15 percent last year, and by 97.3 percent since 2015. The average rental price was HUF 160,000 (EUR 421). In Veszprém, the average rental price was HUF 152,000 (EUR 400). Renting property close to Lake Balaton is much more expensive. In Balatonfüred, the average price was HUF 200,000 (EUR 527) and in Balatonalmádi HUF 312,000 (EUR 822).

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The rental prices increased by a larger margin in Somogy county, by 17.4 percent since last year and by 85.6 percent since 2015. In Siófok, the average price was HUF 132,000 (EUR 348), in Balatonszárszó, it was HUF 140,000 (EUR 379). The more popular tourist destinations have higher prices. In Zamárdi, where the Balaton Sound festival is held, the average price was HUF 180,000 (EUR 475), and in Balatonlelle, it was HUF 450,000 (EUR 1185).

Renting property around Lake Balaton is the cheapest in Zala County, which has the smallest shoreline of the three counties bordering Lake Balaton. Average prices still increased by 20 percent since last year, and by 56.3 percent since 2015. The average price in the county was HUF 120,000 (EUR 316). In Keszthely, the average price was HUF 135,000 (EUR 355), and in the popular tourist destination, Hévíz, it was HUF 195,000 (EUR 514).

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Source: Hirbalaton.hu