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January 28th, 2020

Housing and Rental Prices Change in Hungary and Europe

According to Eurostat’s analysis, the real estate market in Hungary is slowing down, which is good news for investors, buyers and tenants alike.

In half a year, Hungary slipped from the first to the tenth place compared to other EU countries in terms of rising house prices. While we outperform the EU 4.1 percent average, it dropped from 11.3 percent in the first quarter of 2019 to 7.8 percent in the third quarter.

According to Eurostat, there has been a significant change in housing prices in Hungary and Latvia. While prices in Hungary have fallen, Latvia has experienced a significant increase. Northern European states keep their previous positions stable.

Price evolution between 2007 and 2019

Over the 12-year period from 2007 to 2019, property prices in the European Union increased by 19 percent and rents by 21 percent. It is noticeable that while rents have continued to rise, housing prices have fallen until 2013.

This means that rental yields in 2013 were higher than in the years before or after.

There were countries where rents, and some countries real estate prices had risen rapidly. But there were cases where both had grown proportionally (Hungary is in this category as well). It is only in recent years that the rate of price increase has begun to exceed that of rents.

Most countries generally see similar increases in prices and rents, but there are exceptions. In Greece, both numbers are in the negative range, with house prices decreased 40 percent and rents falling 20 percent, and the country was still unable to recover from the crisis. Romania and Ireland show similar reductions in housing prices, but rents have increased significantly.

However, in 80 percent of EU countries prices and rents have also risen. Austria, Luxembourg, Sweden, Hungary and the Czech Republic are at the top of the list with rising house prices. As of 2013, Hungary would be leading the list of price increases, but the prices have been falling steadily in five years before that.

In countries where the price increase haven't reach 20 percent, rental prices increased more.

 

Sources:

1. Portfolio.hu

2. Portfolio.hu

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