Hungary's home prices have increased by 94.2% in 5 years according to eurostat.
It means that if you had bought an apartment in Budapest for €180,000 five years ago, then it would now be worth around €350,000.
The growth in the market is evident and continues to accelerate with each passing month. It's actually one of the fastest growing real estate markets in the world.
There's no doubt that it's a positive signal. Property prices have been consistently increasing and it's likely that they have not reached their peak yet.
Hungary is poised for strong growth
Before buying a property, take a look at how well the country's economy is doing.
In line with IMF predictions, Hungary will, in 2023, grow by 0.6%, which is not much. Regarding 2024, the figure we're looking at is 3.2%.
However, this modest figure is only temporary, as Hungary's economy is expected to increase by 11.9% during the next 5 years, resulting in an average GDP growth rate of 2.4%.
The expected sustainable growth rate in Hungary provides a positive outlook for potential real estate investors, as it indicates that the market is likely to remain stable and prosperous over the long term. This stability gives investors the confidence to make investments with the expectation of a good return on their investment.
Is it a good time to buy a property in Hungary in 2024?
Are you considering buying real estate in Budapest? Are you unsure if now is a good time to make a move?
When it comes to market timing, everyone has their own opinion your Hungarian acquaintance might suggest that now is a perfect time to invest in property.
At Empire Real Estate, when we create articles or update related to the real estate market in Budapest, we base our work on reliable data and statistics, rather than relying on subjective opinions.
We have carefully gathered and analyzed official reports and government website statistics. Using this information, we have created a reliable database. Here's what we found that can help you decide whether it's a good time to buy real estate in Hungary.