Hungary’s holiday home market around Lake Balaton is experiencing a huge transformation. While prices remain sky-high in the country’s most prestigious resort towns, fresh data shows the once-booming Balaton Uplands are losing momentum, the southern shore is rapidly catching up with the north, and genuinely affordable lakeside properties are becoming increasingly rare.
According to new analyses by Portfolio and Ingatlan.com, demand across Hungary’s traditional holiday home markets has cooled significantly since the pandemic-era property frenzy. However, the slowdown has not hit every region equally.
(1 euro = 356 forints)
Fewer properties for sale, but prices remain high
Experts from Otthontérkép found that the number of properties for sale around Balaton has shrunk noticeably compared to last summer. Supply has tightened across the northern shore, southern shore and the Balaton Uplands alike, reducing buyers’ room for negotiation and forcing quicker purchasing decisions.
The most expensive locations currently include:
- Balatonakarattya – HUF 2.67 million per square metre
- Balatonföldvár – HUF 2.21 million per square metre
- Tihany – HUF 1.89 million per square metre
Meanwhile, Siófok continues to offer the largest supply of available homes, with median prices around HUF 1.5 million per square metre.
One of the biggest surprises over the past year has been the southern shore’s rapid price growth. Median prices there jumped by nearly 9% year-on-year, climbing from HUF 1.31 million to HUF 1.43 million per square metre. By contrast, prices on the northern shore largely stagnated and even slipped slightly by around 2%.
Analysts say the long-standing price gap between the two shores is beginning to disappear. For years, the southern shore was considered the more affordable alternative for buyers priced out of premium northern settlements such as Tihany or Csopak. Now, that advantage is fading rapidly.
Has the Balaton Uplands fallen out of fashion?
While waterfront areas continue to perform strongly, the story is very different in the Balaton Uplands.
Median prices in the region fell by nearly 10% over the past year, dropping from HUF 810,000 to HUF 730,000 per square metre. At the same time, the number of homes listed for sale increased significantly.
For two decades, the Balaton Uplands — especially the picturesque villages around the Káli Basin — became one of Hungary’s trendiest countryside destinations thanks to its vineyards, peaceful atmosphere and scenic hills. Analysts now believe buyer interest is shifting back towards direct waterfront locations.
This creates a rare opportunity for buyers, as the market in the uplands is currently working more in favour of purchasers than sellers for the first time in years.
New-build apartments continue to drive prices higher
Another defining feature of the Balaton market is the massive price gap between new-build and second-hand properties.
On the southern shore, newly built apartments and holiday homes have a median price of HUF 1.67 million per square metre, compared to just HUF 1.04 million for used properties — a difference of roughly 60%.
The same trend exists on the northern shore, where new-build properties are about 40% more expensive than older homes.
Experts say average Balaton prices are increasingly distorted by luxury apartment developments in high-demand settlements such as Siófok, Balatonakarattya, Balatonfenyves and Balatonlelle.
Buyers searching for traditional holiday homes or family houses can still find lower prices, although these often require extensive renovation work.
Nearly two-thirds of listings are renovated or newly built
The market has also become heavily dominated by modern or refurbished properties.
More than 40% of advertised Balaton homes are newly built, while another sixth are classified as nearly new. Renovated homes account for an additional 10% of listings.
As a result, only around 6% of properties on the market are genuinely in need of renovation — explaining why entry-level bargains have become so difficult to find.
Demand falls sharply since Covid-era property boom
Separate figures from Ingatlan.com show just how dramatically buyer interest has cooled since the pandemic property rush.
Between 2021 and 2026, demand for homes and holiday properties around Balaton fell by:
- 62% on the southern shore
- 57% on the northern shore
Compared with last year alone, demand declined by 17% in the south and 10% in the north.
Despite weaker demand, prices have largely remained at premium levels:
- Southern Balaton settlements in Somogy County average HUF 1.2 million per square metre
- Northern shore settlements in Veszprém County average HUF 1.21 million
- Balaton settlements in Zala County remain somewhat cheaper at HUF 899,000
On the northern shore, Tihany remains in a category of its own with average prices reaching HUF 1.84 million per square metre.
Tisza Lake emerging as a serious rival
While Balaton remains Hungary’s most valuable holiday property market, Lake Tisza is becoming an increasingly attractive alternative thanks to significantly lower prices.
Demand there has declined far less sharply since the pandemic peak, falling only 31% between 2021 and 2026.
The standout performer is Tiszafüred, where buyer interest rose by 23% compared with last year and by 35% over five years.
Average prices around Lake Tisza remain far below Balaton levels:
- Regional average: HUF 409,000 per square metre
- Abádszalók: HUF 356,000
- Poroszló: HUF 400,000
- Tiszaderzs: just HUF 133,000
According to Ingatlan.com chief economist László Balogh, Lake Tisza is no longer merely a cheaper substitute for Balaton but is increasingly establishing itself as an independent holiday destination.
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Velence Lake market remains stable
The market around Lake Velence has remained relatively stable compared to other resort regions.
Demand has fallen by 36% since 2021, but yearly figures show almost no change. Experts say this stability is partly due to the lake’s growing role as a residential area for commuters working in Budapest and Székesfehérvár.
In Gárdony, demand rose by 5% year-on-year, while Velence saw a 9% decline.
What’s next? Hungary’s property market hit the brakes: Now buyers have the high ground
