The latest data on the housing market in the Hungarian capital has been published. A survey of nearly 20,000 apartments reveals how much an average new-build apartment in Budapest now costs.
Budapest Housing Market Survey
The current survey of the Budapest Housing Market Report currently lists 19,631 apartments. There has been a slight decrease in the number of projects listed, but the number of apartments recorded has increased again due to the launch of new projects with a larger number of apartments.
The number of homes sold has stagnated according to the latest figures. Only 1,070 units were sold by developers. This is 50 fewer than in the previous quarter. The slowdown in sales is already evident.
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Fewer homes being bought
In 2022, 6200 new-build homes were purchased in Budapest, the Hungarian capital. This is 15-20 percent lower than last year, portfolio.hu reports.
The main reasons for this are scarce financing opportunities and deteriorating economic conditions. In addition, it is important to mention that due to high price levels, an increasingly narrow segment of the population will be able to afford to buy new-build property in the future. This trend is also a major challenge for developers.
In Budapest, the average price per square metre of a new home is currently HUF 1.42 million (EUR 3494.76). This is 5 percent more than in the previous quarter.
The annual increase is 29.7 percent. This is above the rate of inflation. At the same time, the rate of increase is slowing down on both an annual and quarterly basis. Newly started projects have contributed significantly to the increase in average prices. For older homes, the quarterly increase was only 3.5 percent.
In November, an average new-build dwelling cost 97.4 million forints (EUR 239,710.75). Due to the large number of smaller apartments coming onto the market, the HUF 100 million (EUR 246,109.60) mark has not yet been broken.
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