Average prices on Lake Balaton property market exceeded those in Budapest

This year, the amount spent on purchasing real estate on the Lake Balaton property market has exceeded the average in the capital, according to Duna House, but prices per square metre are still below those in Budapest.

Across the whole market around Lake Balaton, buyers spent an average of HUF 64.3 million (EUR 162,900) on property, HUF 60.9 million (EUR 154,200) on the South shore and HUF 67.7 million (EUR 171,000) on the North shore, more than double the amount spent in 2018 altogether. The availability of second-hand properties on the north and south coasts is almost equally distributed, 24.hu reports.

„During the pandemic, more people acquired property on Lake Balaton than usual, and now, taking advantage of the high price level and increasing buyer activity, many of them are trying to make a profit and are putting their holiday homes, family houses and apartments up for sale,” Károly Benedikt, head of PR and analysis at Duna House, said in a statement.

“It’s best to buy (property) when everyone is selling, and it’s worth starting the search while there’s still a wide range to choose from. Experts expect that due to the current high price level, the Balaton real estate market will see prices stagnate, or even slightly increase at a lower intensity than the national average, for the rest of the year, contrary to the general trend in the country,” Benedikt added.

Similar housing supply on the Nort and South coasts

An analysis of the latest supply data shows that the choice of available second-hand properties is almost equally distributed on both coasts of Lake Balaton. Of the properties with direct coastal access, 52% are located on the south coast and 48% on the north coast.