Hungarian real estate price increase higher than anywhere in Europe

According to the latest statistics of Eurostat, the price of Hungarian properties increased the most compared to 28 other European countries, szeretlekmagyarorszag.hu reports. There are also significant differences regionally; the price of an apartment in Budapest equals that of five properties in Nógrád county.

Property prices in the third quarter of 2016, when compared to the prices of the period a year before, have increased by 11.6%, which far exceeds the 4.3% average in the rest of the EU. The only other countries to report a more than 10% increase are Latvia and Iceland.

Compared to the previous quarter, Hungary fares much better with a 3.4% increase, and in the period since 2010, the countries of Northern Europe and the Baltic region take the lead: for instance, Estonia’s property prices have increased by 67%. In this comparison, Hungary is in the middle of the list with a 20% increase in the past 6 years.

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While the increase in 2015 affected the entire real estate market, last year’s changes showed significant differences in various regions of the country. Property prices in Budapest increased by 20%, those in county cities increased by 10%, while villages experienced a 15% drop.