This is the most expensive panel apartment in Budapest for sale

After the peak last spring, property prices in Hungary started to fall in autumn. In general, there is also a slight downward trend in the price of panel apartments, but this is not the case for all of them. This trend mostly applies to apartments that are not in the best condition or are not cost-efficient in terms of utility costs. For this reason, even with the price falls, it is still possible to find extremely high-priced apartments.

This is how the financial news portal penzcentrum.hu was able to find a panel apartment in the Hungarian capital, Budapest, which currently costs HUF 229 million (EUR 574,154).

It matters where buyers are looking for a home

Although there is also a slight decrease observed in the price of panel apartments in Budapest, prices can be quite different when comparing districts. László Balogh, economic expert at Ingatlan.com, explained to Pénzcentrum that in general, there has been only a 1-2 percent decrease in the price per square metre of Budapest’s panel apartments. This means that the average price per square metre of an apartment has gone from HUF 791,000 (EUR 1983) to HUF 781,000 (EUR 1958).

• Read also: Negotiation potential grows for buyers in the Hungarian real estate market

Also, buyers can experience large price differences in the Budapest housing market. The expert highlighted as an example that while a square metre costs HUF 626,000 (EUR 1570) in district XXIII, the most expensive panel apartment in district XII HUF 1,8 million (EUR 4513) per square metre.

Source: ingatlan.com

Why so expensive?

Pénzcentrum points out that the apartment is located in an attractive, good neighbourhood, therefore its price is not considered to be that excessive. The portal also asked Ákos Balla, CEO of Balla Ingatlan (a real estate agency), about the trends in property prices. According to him,

the most expensive apartments are located in districts II and XII.

So, if we look at the prices according to the districts, we can still conclude that the district XII is generally considered to be expensive in terms of housing.

It is also important to note that the apartment is in a terraced house and is offered for sale with garden and terrace. The apartment is in a renovated condition, which is in line with the current real estate market trends. This greatly increases its value, as there is a strong demand for such apartments at the moment.

However, as Pénzcentrum writes, it will be up to the housing market to decide whether the property is really not overpriced.

Read alsoHungarian real estate demand trends: Sustainability and cost-effectiveness

Source: penzcentrum.hu