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September 27th, 2017

23% Increase in Property Values in Budapest

Hungarian property prices are further increased in comparison with recent years. At national level, real estate prices increased considerably by 14.1%, yet the largest 23% increase is felt in Budapest. The price increase affects the prices of panel houses, brick houses and family houses as well. Experts say that growth will, though less intensely, continue in the future.

Based on the summary of the OTP Residential Real Estate Data Analyzing which deciphered the NAV traffic data, while there was a slight increase of about 2 percent in the municipalities, the increase in real estate prices increased by 8-12 percent in the larger cities. Budapest emerged from this trend with a 23 percent increase in value.

"The steep recovery phase of the cyclical operating real estate market was closed in 2016. Although the rise of the main indicators is expected to moderate, growth will not stop. Last year, the average price of residential property sold increased by 14.1 percent. The nominal price level thus exceeded the previous peak in 2008, and the real price could reach the pre-crisis level this year. In Budapest this happened last year ", reads the analysis of the OTP Residential Asset Value Database.

In the most perceptible districts of Budapest, an investor is expected to have a price of around 1500 euros per square meter, while in other districts it is possible to buy apartments in the range of approximately 8-900 euros per square meters.

Pest has in the most sought after districts, such as V, VI, VIII, IX. and XIII., the largest growth. Outstanding among these are the V. and VII. district real estates, over 35 percent overhead.

Buda real estate has not been left behind. In the I. district, which is the most expensive district in the Buda side, investors may find the prices around 1500 euros.

As considering the type of the real estate, panel houses continues to dominate. Here there was a 16% increase, brick houses was carried out tightly by 15%, while in case of family houses the rate of increase was 8%. In the medium term, the level of general economic growth can be attributed to these changes.

There was also a similar increase in sales, although Budapest did not rise from the national average. Housing sales increased by 14 percent on the national level, while in Budapest there was a 2 percent decline in sales. However, compared to the neighboring countries and their capitals, Hungarian and Budapest prices are still in the middle of the race, and there is still room for price expansion in relation to the level of income and its change, says OTP.

 

Source:

Világgazdaság / Ingatlan / Ingatlanpiac: Tovább nyílik az árolló

 

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