The nationwide residential property value map is here!
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OTP Bank published its latest Residential Property Value Map, which includes the average prices of districts, counties and districts for the whole of 2021. Read below for further information.
The map shows price changes over the year and the development of the housing market, reports Portfolio. Based on the latest data, the residential property market saw a 12.5% increase in prices in 2021, with a one-third increase in turnover nationwide. In addition to the numerous and deepening risks identified at the beginning of the year, a new crisis has emerged with the war between Russia and Ukraine. The impact of said war could lead to a drop in turnover this year, while there is a chance that real price levels could still increase overall in 2022. However, a trend reversal is increasingly likely, analysis says.
Looking at the figures, it is important to stress that they refer to the year 2021. This is due to the delay in the provision of data by NAV. However, since last year, in addition to the international environment, there have been major changes in the domestic economy. The war and rising inflation have an impact on house prices. Therefore, if we were to draw maps from current data, we would certainly see higher prices in the future. Nevertheless, the figures on the map and in the graphs are a good starting point. They help make comparisons between different areas of the country.
Prices continue to rise
After a slight slowdown in the previous year, national house prices rose again at double-digit rates in 2021, by roughly 12.5%. According to the NAV’s real estate data, these are not yet complete. All types of municipalities saw price increases. The rate of price growth is moderate, it fluctuates between 9% and 10% in villages and smaller towns. The rate of price growth accelerated to 6% and 14% respectively in Budapest and the cities with county status compared to the previous year.