Rental prices to increase significantly this year in Hungary

Here is how much rental prices in Hungary are expected to grow in 2024 based on experts’ forecast.

According to Blikk, a Hungarian tabloid, 2024 will see a considerable rise in rental prices in Hungary again. For example, in Budapest, rental prices grew by 19% between December 2022 and 2023. In 2024, that price rise will probably reach 10% again.

Rentingo.com, a rental search platform, told MTI, the Hungarian News Agency, that the rental price rise between December 2022 and 2023, reaching 19%, was way behind the 2021-2022 record. That hit 27%. Anyway, investing in property in Hungary seems to remain worthy.

Last December, the average rental price in Budapest was HUF 223 thousand (EUR 590) per month. Demand is rising, but support is decreasing due to the few newly-built apartments in Budapest. Furthermore, investors do not put their financial assests into the old apartment renewal projects.

Experts of the platform believe that this year, the average rise in the rental market will exceed 10%. The increase would be gradual provided the market was not hit by unexpected shocks.

They added that the reason for the moderate price rise is the lower inflation in Hungary. Last October, the official inflation in the country was below 10%. In 2024, the government expects an average inflation of around 5-6%.

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