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Oct 12, 2016

Lake Balaton house prices rise by 50 percent in just one year

Lake Balaton is not the only region in Hungary to experience a property boom. Budapest has also seen a sharp increase in its property prices over the past 12 months

Lake Balaton house prices have risen by an extraordinary 50 percent in just a twelve month period, it has been revealed today.

According to napi.hu, holiday home selling prices have increased by 30-50 percent while the average price per square meter is between 300,000-500,00 HUF. New build property prices can even reach 800,000 HUF per square meter.

Lake Balaton's northern shore has proven to be the most expensive. However, Siófok, known as Hungary’s summertime capital, is the most expensive area for both new builds and second-hand apartments, due to the limited availability.

The website states that the reason for the sharp rise in property prices is down to the fact that Hungarian citizens decided to invest their money in real estate rather than leave it in uncertain bank accounts.

Another reason can be attributed to the large number of foreigners who are purchasing properties in Hungary for investments or because of the migrant crisis.

Lake Balaton is not the only region in Hungary to experience a property boom. Budapest has also seen a sharp increase in its property prices over the past 12 months.