Buying property: Romanians beat Hungarians

It takes more than ten years for a Hungarian to buy a 70-sqm property, provided they saved all their money. Meanwhile, that time is only six years when it comes to a Romanian. In Slovakia, the situation is worse: there, you have to work for more than 14 years.

According to liner.hu, Deloitte’s latest research shows that real estate prices increased by 21.2% in Budapest. That is Europe’s third-biggest rise, making almost impossible to buy property in the Hungarian capital. As a result, an average 70-sqm flat costs HUF 72-75 million (EUR 187,000-195,000). In Slovakia, you have to work 14 years to pay that, while in Hungary, that time is ten years. But in Romania, it takes ‘only’ six years, if you save all the money you earn.

Of course, nobody can save all their income, so, in reality, you have to work 20-30 years. That could have been reduced with loans, but considering the 9% interest rates, that option is not viable for most.

Read also:

• Turn in the real estate market: Rise in rent prices in Budapest stopped? – Read more HERE
• No end in sight: horror of the Hungarian rental market continues