Unprecedented growth and rising prices: records and averages for Hungary’s housing market in 2024
Homes in Hungary sold for an average HUF 45.2m in 2024, up 13pc from a year earlier, data compiled by listed real estate broker Duna House show.
The average home price in the capital climbed 6pc to HUF 60.4m. In the rest of the country, prices rose by HUF 5m to HUF 39.1m. The price of new homes averaged HUF 830,000/sqm countrywide, but reached HUF 1.5m/sqm in Budapest.
Nationwide, flats in multi-unit dwellings sold for an average of HUF 807,000/sqm and detached houses for HUF 422,000/sqm. Between 120,000-125,000 homes were sold in Hungary in 2024.
They added that, based on the entire domestic real estate market, newly built properties changed hands at an average price of 830 thousand forints, while in the capital city, they were around 1.5 million forints per square meter.
The statement quoted Ferenc Máté, Deputy CEO of Duna House, who said the average amount of HUF 45.2 million spent by buyers on property purchases this year was 13 percent higher than the average for 2023, while the average value of property in rural areas rose by HUF 5 million to HUF 39.1 million, while in the capital the amount increased by 6 percent to HUF 60.4 million compared to last year.
The expert also pointed out that the renewed CSOK Plus has boosted the propensity of families planning to have children to buy a home while falling government bond yields have re-directed investor interest towards the property market in 2024. As a result, buyer demand has reached a two-year high, and the year could close with 120-125 thousand closed sales.
Duna House transaction data also reported on the extremes in 2024: the top seller in terms of final purchase price was an energy-efficient, modern, new-build luxury villa on the Buda side of the capital for which the new owner paid more than HUF 1 billion.
In the countryside, the two highest purchase prices of HUF 430-440 million were for sale in Győr and Szentendre. At the other end of the scale was a 35-square-meter property sold for HUF 1.2 million in Tolna County.
Among second-hand properties, the record price per square meter was an 80-square-meter apartment in District XI in very good condition, which sold for over 2.6 million HUF per unit, but some people were also willing to pay 2.3 million HUF per square meter for a 36-square-meter house in Balatonlelle, which was in a habitable condition.
The smallest property sold this year was a 7-square-metre apartment in District XX, which sold for 10.8 million HUF, while the most significant property was an 867-square-metre house built in the first half of the 18th century on Szentendrei Island. In addition, a castle built in 1711 in Zala County was also among the transactions.
It was reported that buyers across the country had signed contracts for factory apartments at prices between 128,000 and 1,2 million HUF per square metre. The highest price of 1.2 million forints per square meter was for a 27-square-meter property in good condition in a residential area in Óbuda, but a 59-square-meter apartment in Komló, which was to be renovated, was also available for 128,000 forints per square meter.
As we wrote earlier, the Hungarian government has unveiled bold new measures to address Budapest’s housing crisis, including a two-year moratorium on new Airbnb rentals and registrations. Details are here.