Skyrocketing property prices in Budapest – EUR 3,000/m2

Last year, more than 120 homes were sold in those Budapest streets where the average price per square metre exceeded EUR 3,000 (~HUF 1 million). However, similar price levels could be observed in the city centre as well – in the 5th district, the average price was more than EUR 2,500 (~HUF 850,000) per m². Another extreme in Budapest is the notorious street of crime, Hero Street, where one m² is worth EUR 300 (~HUF 100,000) based on purchases in 2018.

In total, 19 public places in Budapest realised sales at an average price of EUR 3,000 (~HUF 1 million) in 2018. According to the Central Statistical Office (KSH), 15 of these are in the 5th district, while 2-2 others are located in the 1st and 2nd districts.

The most expensive apartments in the city centre can be found in Dorottya Street, where customers paid an average of EUR 4,830 (~HUF 1.6 million) for 1 m². Similar expensiveness can be experienced around Martyrs’ Square and Vörösmarty Square with an average selling price of EUR 3,924 (~HUF 1.3 million) per m², followed by Vécsey Street where one square metre was offered for EUR 3,622 (~HUF 1.2 million). The most expensive area outside the capital is Bérc Street in the 1st district – situated in the vicinity of Gellért Hill – where the average price of home sales reached EUR 3,622 (HUF 1.2 million).

What is even more surprising is that while in 2017, only nine public places reached the skyrocketing price level, their number has doubled for last year. Furthermore, while two years ago, only a few dozen sales were realised in these areas, last year, more than 120 purchases were finalised.