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June 21st, 2018

Budapest Apartment Price Growth - The Current Status of the Hungarian Property Market

There is a strong demand for new and used homes as well, while the prices are heading upwards anyways.

Over the past two years, prices have risen by more than 25 percent in the most expensive district of Budapest, the 5th district. However, the growth is nowhere to stop. Even on regional level Budapest prices are still below the average on the property market.

Two years ago, in a popular district of Budapest, an apartment to be renovated was available at 660 thousand forints per square meter. This amount is now around 807 thousand forints. In the case of new dwellings, the same amount is currently around 1.167 million forints.

In addition, demand is great, so if one thinks about buying a 100-square-foot apartment, it's worth about 80 million forints. The supply is limited, although more and more complete flats are being refurbished and converted into a spacious, well-designed flat. There is where even higher amounts of apartments are available: near the Danube, you can get an apartment of up to 1.5-2 million forints per square meter.

Among the most popular, the most expensive districts and neighborhoods, the Basilica, the Parliament Area and the Szabadság Square are worth mentioning.

There may be several reasons why the price increase continues. Due to considerably increased material prices and the shortage of specialists, the costs have also increased considerably, but this does not deter investors from buying two or even three or more apartments and issuing or renovating them. The benefits can be up to 25-35 percent.

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With regard to short and long-term expenditure, rather long-term rentals are more successful. However, rent is also a factor in the number of other services related to the dwelling.

At a regional level, however, it can be seen that Budapest has not yet reached the state of critical dearness. In Bratislava, in the center, the average price of an average apartment is 1.1 million forints. 

Forrás:

https://www.vg.hu/vallalatok/ingatlan/meg-mindig-millios-uzlet-a-belvarosi-lakas-921286/

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