That’s a wrap – everything about the Hungarian real estate market in 2018
2018 was a really great year for the real estate market. Supply and demand were both extremely high, not to mention this year’s real estate prices. Where? How much? Here are all the statistics from this year.
Daily News Hungary has reported several times how the Hungarian real estate market skyrocketed in 2018. The Hungarian real estate market really seems to be ever-growing. Statistics show that more transactions were made in 2018 than in 2017, and both apartments and houses were sold for more than last year.
Which regions were the most popular? How much did the most expensive real estate in the country cost? Check out below. The statistics come from Otthon Centrum.
According to the market-leading real estate company Otthon Centrum, approximately 160,000 transactions were made in 2018, which is 3% more than it was in 2017.
Világgazdaság also reports that 35% of all transactions were apartments, and 34.2% were family houses.
Budapest still the most popular
The Budapest metropolitan area was the most popular region of the entire country.
Even though 1/3 of Otthon Centrum’s transactions were made in Budapest, overall there were still fewer sales made in the capital than last year. In the countryside, a 2% increase has been observed since last year.
The biggest increase in profits was also noted in the metropolitan area of Budapest: 13%.
On average, apartments located in the metropolitan area of Budapest were sold within 1.5 months. Apartments in smaller towns took the longest to sell – some of these were on the market for more than 3 months.
Similar to previous years, real estate prices were the highest in Budapest, where apartments were sold for 11% more than last year.
The price per square metre was the highest in downtown Budapest, where apartments were sold for EUR 2,800 per square meter. The most expensive apartments were located in District V, which has been the most expensive district in Budapest for years. Apartments in the outer districts of Budapest got more expensive in 2018 as well.
Interestingly, the single most expensive apartment that was sold for 3,430 Euros per square metre was not located in District V but on Andrássy Avenue.
The square metre prices of family houses did not increase as much as the square metre prices of apartments. Houses were the most expensive in District I and XII, where the average price per square metre was 1,870-2,180 Euros.
The most expensive house was sold in District II for 1.25 million Euros, which was twice the average price in that neighbourhood.
Real estate prices increased in many bigger cities in the countryside too, including Székesfehérvár, Szekszárd and Tatabánya. Even though prices increased the most in Debrecen, the most expensive city in the countryside was Sopron, where one square metre cost EUR 1,168 on average. The prices of apartments in blocks of flats increased by 10% and 20% in the countryside since 2017.
Featured image: Alpár Kató – Daily News Hungary