Renting or buying a flat in Budapest? Here is the answer!
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The real estate market in the Hungarian capital has turned upside down due to the pandemic that was mainly reflected in the significant decline in rental prices. Surprisingly, however, the rise of purchase prices has only stopped as a result of the pandemic, without showing any drop in the majority of Budapest districts.
Last year, Budapest’s rental market declined, which can be explained by the significant decrease in demand due to online education, the lack of tourists and the introduction of the home office by most companies. This year, a slow recovery of the market can be experienced; however, rental prices are still lower than in the pre-covid period. The recovery could be further strengthened on Thursday when university enrolment points limits will be published.
Surprisingly, the rise in purchase prices has only stopped as a result of the pandemic, but we cannot talk about such a collapse as in the case of rents – reported by the Hungarian news portal Portfolio.
In Budapest, the average unit prices per square meter increased by 2.85%. In the downtown of the Hungarian capital, cheaper districts were characterised by a higher price increase.
Accordingly, prices in the outer parts of the 6th, 7th and the inner parts of the 8th and 13th district increased on average by 125% -140%, while in the city centre, the price increase was much lower, only 94%.