Unbelievable property prices in Budapest: EUR 2700 and above for one square metre

The Hungarian capital is getting extremely expensive in terms of property prices. The number of districts in Budapest where the average price per square metre is above HUF 1 million (EUR 2705) has doubled.

Price increases in Budapest’s property market

In Budapest’s districts, prices have risen by an average of around 9 percent this year. What is more, 11 out of the 23 districts show an increase of over 10 percent, Forbes reports. Only in two districts, Csepel and Újpest (districts XXI and IV), has Duna House, a Hungarian real estate agency, seen a decrease or stagnation in the price per square metre.

“According to Duna House’s sales data, in 2022, only two districts in Buda, Districts I and XII, and the narrowly defined downtown of Pest, i.e. District V, were among the districts with HUF 1 million per square metre prices. However, in 2023 the number of districts was increased by three more,” says Károly Benedikt, Head of PR and Analysis at Duna House.

More and more districts with HUF 1 million per square metre prices

Based on sales in the first five months of this year, District II has joined the HUF 1 million per square metre districts as a newcomer. Here, the price of property has jumped by more than a quarter compared to last year. According to this, in 2023, anyone wishing to settle or invest in real estate in District 2 of Budapest will have to pay more than HUF 1.2 million (EUR 3 244) per square metre.

The average amount spent on property purchases in District II exceeded HUF 120 million (EUR 324,450) based on transactions in 2023.

District XIII has also joined the list of districts with an average price per square metre above HUF 1 million. In the district, you can buy a dwelling for 4 percent more than the average price in 2022. On average, buyers bought apartments for HUF 55.5 million (EUR 150,083), approximately 55 square metres, Forbes explains.

The cost of buying a home in Újbuda has increased by only 2 percent compared to last year. However, the price per square metre has also risen to over HUF 1 million. Buyers in the district spent an average of HUF 63.3 million (EUR 171,176) on 63-square-metre apartments.

The cheapest Budapest district this year

In 2023, Csepel overtook the XX district to become the cheapest district in the capital. Anyone looking to buy a home in Csepel can expect to pay an average price of around HUF 550,000 (EUR 1,487) per square metre, while the average amount spent on property this year was just over HUF 31 million (EUR 83,823).