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This is how much the apartments in Budapest and the countryside cost
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Although we expected a fall in prices as a result of the pandemic, the statistics still show an increase. In the current issue of the OTP Residential Real Estate Value Map, based on the 2020 data, it was examined how prices changed and what the current price levels are.
As a result of the pandemic situation in general and the changing home preferences, the dynamics of urban development seem to be changing – read the analysis of OTP Mortgage Bank’s latest Residential Real Estate Value Map, which includes NAV 2020 transaction data.
The support elements of the Home Creation Program introduced this year have brought spectacular effervescence, significantly mitigating the negative economic effects of the pandemic, presumably helping to avoid the recession expected even a year ago.
With the introduction of home creation subsidies at the beginning of the year, a large number of customers appeared in Budapest and its agglomeration who were waiting for their turn in the market. In January, emigration from the city centre to the agglomeration areas intensified, and the demand for premium real estate on the Buda side increased, in addition to housing estates.
The national house price level in 2020, compared to the previous year, increased by about 9.1 per cent, half as much as the year before, according to NAV’s (not yet complete) real estate turnover data.
However, the cumulative annual rise in prices was the result of price changes in positive and negative directions. In Budapest, the rate of price increase was only 3 per cent last year, according to Dávid Valkó, a senior analyst at OTP Mortgage Bank.
Mainly due to the significant price increase in the settlements on the shores of Lake Balaton, in 2020, Somogy jumped to first place in the price list of the counties. The cheapest is traditionally Nógrád County.
As with price changes, of course, the relationship between counties and their county capitals is strong at the price level, except in Somogy, where the properties near the water, on the shores of Lake Balaton, are on average much more expensive.