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Renting an apartment in Budapest is almost a luxury: prices approach those in Madrid
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In 2023, rents for centrally-located, newly built or recently renovated apartments in Budapest rose by 17% compared to the previous year, marking the third-highest increase in the entire European Union. The Hungarian capital now ranks mid-range in Europe in terms of prices, with renting an apartment in Budapest almost as expensive as in Madrid and Zagreb.
Eurostat conducted a study comparing the relative cost of living in EU capitals, with the data for Hungary provided by the expert team at Duna House. The findings were presented on Monday by Károly Benedikt, Duna House’s head of public relations and analysis, ATV reports.
Renting an apartment in Budapest costs an arm and a leg
.Eurostat surveyed the prices of rental apartments used by international officials. Therefore, the prices do not represent the average rental market but instead show the monthly tariffs of apartments in good or excellent condition, in well-equipped city centre locations, built or significantly modernised in the last 10 years at the latest.
For Budapest, the survey included sublets of 1-3 rooms, ranging between sizes 110-130m², 60-80m², and 40-60m², located in central districts (districts I, II, III, XI and XII in Buda and V, VI, VII, VIII, IX, XIII in Pest).
According to the data from Duna House, the average rents in2023 for apartments in Budapest were as follows:
- One-bedroom apartments: EUR 890 per month
- Two-bedroom apartments: EUR 1,300 per month
- Three-bedroom apartments: EUR 1,700 per month
The EU-wide survey found that between 2022 and 2023, rents in Zagreb and Sofia increased the most, by 20% in both cases. The Hungarian capital saw the third-highest increase, with rents for central, well-maintained apartments rising by 17% last year compared to 2022.
