Budapest real estate

A new apartment in the Hungarian capital cost on average 111,655 euros (HUF 40.3 million) in 2020, 6,978 euros (HUF 2.5 million) more than in 2019. The average square metre of an apartment increased from 1,917 euros (687 thousand forints) in 2019 to 2,188 euros (784 thousand forints), according to the CSO’s recent housing price index.

Budapest’s share in the new home sales registered so far has decreased, as about two-thirds of the sales took place in county seats and smaller towns, writes Napi.

The main findings of the latest housing market price index of the CSO in the second quarter of 2020 are:

  • In Budapest, new flats can be bought for an average of 111,655 euros (HUF 40.3 million), 6,978 euros (HUF 2.5 million) more than in 2019. The average square metre of an apartment increased from 1,917 euros (687 thousand forints) in 2019 to 2,188 euros (784 thousand forints).
  • In the county seats of Western Transdanubia, where many new flats were sold, the average price of a new flat rose from 68,110 euros (HUF 24.4 million) to 76,484 euros (HUF 27.4 million). In the smaller towns of the region, the typical size of dwellings decreased, as a result of which the average price per square metre increased from 1,046 euros (375 thousand forints) to 1,083 euros (388 thousand forints), while the total average price remained unchanged.
  • In the settlements around Lake Balaton, the prices of new flats exceeded 1,674 euros (600 thousand forints) per square metre.
  • Among the county seats of the Great Plain, the unit price of new dwellings increased in Debrecen, which has a significant new housing market, from 1,200 euros (HUF 430 thousand) to 1,437 euros (HUF 515 thousand) in 2019, in Kecskemét from 1,189 euros (HUF 426 thousand) to 1,250 euros (HUF 448 thousand), and in Nyíregyháza from 1,002 euros (HUF 359 thousand) to 1,055 euros (HUF 378 thousand).

The price of new homes handed over in 2019-2020 was largely set in contracts concluded around 2018. For this reason, the price level of the new housing market presented here lags behind the supply prices typical for the given period and provides information only on the price development of the apartments actually handed over. Budapest’s share in the second-hand housing market fell from 31% in 2014 to 20% in 2019.

Territorial differences remain large. The difference between the lowest (Cigánd, Borsod-Abaúj-Zemplén County) and the most expensive prices (in District 5 of Budapest) is almost thirty times higher (6,699 euros – HUF 2.4 million and 181,440 euros – HUF 65 million).

The average price per square metre in Budapest stagnated at 1,794 euros (HUF 643 thousand) in the first quarter, then decreased to 1,702 euros (HUF 610 thousand) in the second quarter of the year. The data received so far shows a 50% drop in traffic. At the county seats, the average price per square meter decreased from 856 euros (HUF 307 thousand) at the end of 2019 to 882 euros (HUF 316 thousand) in the first quarter, and then to 873 euros (HUF 313 thousand) in the second quarter.

The unit price typical of smaller cities has hardly moved from around 558 euros (HUF 200 thousand) since 2019, but it decreased by about 83 euros (HUF 30,00) in the second quarter of 2020. At the same time, the average price in villages fell from 273 euros (98 thousand) to 217 euros (78 thousand forints). Prices in the settlements where the governmental family housing support program (CSOK) is available hardly changed; after 220 euros (79 thousand) in the first quarter, flats were sold at a price of 214 euros (HUF 77 thousand) per square metre in the second quarter.

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1 comment
  1. Thanks a lot for the article. We are currently looking for a flat to buy in Budapest, so your article is timely for us. That being said, looking at or other sites, I have not been able to find a flat whose price would be that low (784 thousand HUF) as you state. Usually it is almost double than that. Hence I would welcome if you could share some tips where to look for new properties that would cost as much as you mention. Thanks. Also please can you clarify what do you mean by an “average” flat?

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