Budapest property prices are skyrocketing

Real estate prices in Budapest are approaching 500 thousand forints/square metres. The difference between most and least expensive towns in the countryside is also increasing, measuring a ninefold price difference in certain areas, index.hu reports.

There was a 18.4pc increase in the prices of Budapest properties in 2016, raising prices to 477 thousand forints/square metres, although there were significant differences in various districts. The most expensive part of Budapest is the city centre, where the already high prices increased by 20pc compared to 2015. The greatest increase was measured in Districts I. (33pc), VIII. (29pc), as well as VII. and X. (26.8pc).

On a national scale, prices have increase by 10-15pc since 2015, although not in equal proportions. There has been an almost 20pc increase in Veszprém county, 18.4pc in Budapest, and more than 17pc in Komárom-Esztergom county. The market seems to have levelled out in Győr-Moson-Sopron county, as average prices have decreased by 2pc.