Shocking price gap between most and least expensive streets in Hungary
Recent data has revealed a significant price gap in the square-metre prices of houses in Hungary. Ingatlan.com compiled a ranking based on statistics from the Hungarian Central Statistical Office and sales from the previous year. Here are the most and least expensive areas in Budapest and Hungary.
Last year’s ranking in Budapest
24.hu reported that residential properties were selling for an average of nearly HUF 2.5 million (EUR 6,525) per square metre in the most expensive street. It comes as no surprise that this street, Költő Street, was located in the capital. The first and second runners-up were also located in Budapest, Vécsey Street (District V.) and Orom Street (District I.). There, the price per square metre was HUF 2.3 million (EUR 6,000) and HUF 2.2 million (EUR 5,740), respectively. On the opposite end of the spectrum was the infamous Hős Street (District VIII.), the cheapest in the capital last year, with HUF 223,000 (EUR 580) per square metre. Rákóczi Road (District XVI.) secured second place with HUF 298,000 (EUR 778), and Gitár Street came in third with HUF 313,000 (EUR 817).
Last year’s ranking in the countryside
In addition to Budapest, settlements along the shores of Lake Balaton exhibited a shockingly expensive real estate market. Settlements near Lake Balaton were the only ones outside Budapest to feature in the list of the top 10 most expensive streets in Hungary. In 2022, the most expensive street was situated in Balatonfüred. The average square metre price in Honvéd Street was HUF 2.34 million (EUR 6,110). The other two streets in the top three were located in Siófok, with the average price in Deák Ferenc Promenade at HUF 1.73 million (EUR 4,520) and in Vitorlás Street at HUF 1.62 million (EUR 4,230). The least expensive houses outside Budapest were found in Mezőhegyes, with an average price per square metre as low as HUF 21,000 (EUR 55).
This year’s rankings
As anticipated, the most expensive area in 2023 remains in Budapest. Széchenyi Quay (District V.) takes the first place on the list with a price per square metre of almost HUF 3.5 million (EUR 9,135). Second place goes to Szántód’s villa row, where the average price was HUF 3.2 million (EUR 8,350). The second runner-up this year is Sirály Street in Balatonfűzfő, with an average price per square metre of HUF 3.1 million (EUR 8,090). Much like last year, the most expensive streets are either in Budapest or near Lake Balaton. The least expensive street this year is Táncsics Mihály Street in Nágocs (Somogy County), where residential properties are surprisingly being offered for just HUF 5,000 (EUR 13) per square metre. In conclusion, the most expensive houses cost 700 times more than the least expensive ones. However, as reported HERE, a brutal price fall is expected in the Hungarian property market. Additionally, an unexpected turn in Hungary’s rental price market is also happening.