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Mar 13, 2017

Budapest property soars as prices hit 500,000 HUF per square meter

There was a 18.4 percent increase in the prices of Budapest properties in 2016, and other areas in Hungary also saw an increase

Property prices are soaring in Budapest as real estate has reached nearly 500,000 HUF per square meter in Hungary's capital, it has been revealed.

index.hu reports that last year there was a 18.4 percent increase in the prices of properties in Budapest, raising prices to 477,000 HUF per square meter. The most expensive part of Budapest is the city center, districts one, two, five and six, where the already high prices increased by 20 percent compared to 2015.

According to the report, on a national level, property prices have increased by 10-15 percent since 2015. There has been a 20 percent increase in Veszprém county and more than 17 percent in Komárom-Esztergom county.

The report states that the price increase will continue in Budapest, Pest county, the northern shore of Lake Balaton and in Siófok, as well as Debrecen as there is a great demand for both new and second-hand real estate in these areas.

The most expensive areas in the countryside include Balatonfüred and Siófok, whose prices almost equal those of Budapest.

The cheapest areas can be found in eastern Hungary, where real estate can be purchased for as little as 47,000 HUF per square meters, although these prices are set to increase.