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Hungarian housing prices have risen dramatically

Compared to last year, the proportion of properties sold for over one million forints per square meter rose by two percentage points to ten percent nationally, while in the capital, their proportion jumped from 24 percent last year to 30 percent this year, a leading real estate agency reported on Saturday. The real estate company highlighted that, on a national average, buyers spent HUF 40.1 million on building a home, four percent more than the previous year.


According to the KSH, in the last eight years, Hungarian housing prices have increased by more than two and a half times, which is the highest in our region and in the European Union.


Budapest evening view

Hungarian housing prices have risen


According to a leading real estate agency survey of sellers, a fifth of the owners got rid of their inheritance, roughly the same number sold their previously purchased property as an investment, 16 percent moved to a larger apartment, while 12 percent chose a home with a smaller floor area.


THE AVERAGE PURCHASE PRICE OF APARTMENTS INCREASED FROM HUF 55 MILLION TO HUF 57 MILLION


- They indicated in the announcement sent to MTI, highlighting that the average in the capital increased to the same extent as the national average. Among the properties sold, in addition to newly built apartments with prices exceeding three million forints per square meter, there are also an increasing number of used apartments in Budapest found for owners at prices above two million forints per square meter - Károly Benedikt, the company's head of PR and analysis, was quoted in the announcement.


The motivation of 18.9 percent of buyers was to buy a first home, 18.7 percent wanted to move to a bigger home, while 14.3 percent bought real estate for investment purposes, according to the company's statement.


Budapest city sunset view

Prices have skyrocketed

Previously, the economic portal Economx in its large-scale analysis revealed that in the last eight years the average square meter prices have increased by more than two and a half times nationally, which in our region and the highest in the European Union.

As a result of the accelerated price increase after 2015, the affordability of apartments increased from 6 years to 6.6 years by 2019, and then temporarily declined in 2020.


AS A RESULT OF THE FURTHER INCREASE IN THE PRICE OF APARTMENTS, IN 2021 IT WAS ALREADY POSSIBLE TO PAY THE PRICE OF A SECOND-HAND APARTMENT FROM EARNINGS EARNED IN 6.8 YEARS, AND THIS WAS THE CASE IN 2022 AS WELL


- We found out from the analysis based on KSH data, in which they note that the increase in wages in Budapest could not offset the increase in the price of apartments, so the indicator By 2019, it exceeded 10 years, and after the decrease in 2020, it approached it again.


Article by: intex.hu

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