Hungarian real estate prices and rents continue to rise in the summer

The Hungarian real estate market has experienced notable price increases compared to the first quarter of the year. Average costs per square metre in Budapest have consistently remained above HUF 1 million (EUR 2,534). Concurrently, rents in the capital have risen by as much as 15 percent compared to the previous year. Data from rental platforms indicates that further increases are anticipated as rental agreements expire during the summer.

Hungarian real estate prices rose in July

According to Infostart, purchasing property in Hungary has become more expensive, with the annual rate of house price appreciation surging from 1.6 percent in January to 6.4 percent in July. Data from ingatlan.com reveals that the most significant price increases were observed in Eastern Hungary, including cities such as Szeged and Debrecen, where house prices have risen by 8.1 to 8.3 percent compared to the previous year. In contrast, Pest County experienced the slowest growth, with prices rising by around 3 percent.

László Balogh, Chief Economic Expert at ingatlan.com, noted that the average Hungarian real estate price per square metre of property in Budapest was HUF 1.02 million (EUR 2,585) in July. He added that while some districts in the capital are relatively affordable, others require significantly higher budgets.

In Districts VIII, XI, XIII, and XIV, Hungarian real estate prices range from HUF 970,000 to 1.2 million (EUR 2,457 – 2,585) per square metre. However, in the most expensive area, District V, the average price per square metre is approximately HUF 1.8 million (EUR 4,560). In comparison, in District XXIII, the cost of one square metre of property is less than HUF 700,000 (EUR 1,773).

Among other major cities, Debrecen is the most expensive, with an average cost of HUF 815,000 (EUR 2,065) per square metre. In Győr and Veszprém, average Hungarian real estate prices per square metre range between HUF 783,000 and 786,000 (EUR 1,984 – 1,991). Conversely, in Kaposvár, Szolnok, Miskolc, and Békéscsaba, average prices are between HUF 441,000 and HUF 479,000 (EUR 1,117 – 1,213). In Salgótarján, prices for one square metre were below HUF 300,000 (EUR 760) in July.

László Balogh pointed out that the price upturn in the Hungarian real estate market has urged those planning to buy a home to enter the market instead of waiting, driving up demand. Indeed, July performed extremely well in terms of the number of people seeking properties on ingatlan.com.