Hungarian house price percentage rises are expected to hit double digits in 2017 and 2018 as the property market surges.
House prices increased by a whopping 15.4 percent on average across Hungary in 2016, while prices in Budapest alone increased by 22.5 percent, according to a report by portfolio.hu.
It was recently revealed that real estate values have reached beyond 500,000 HUF per square meter in Hungary's capital, and other areas also saw significant increases.
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 a recent report in Index.hu, 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 meter, although these prices are set to increase.