Real estate prices grew 36 per cent year-on-year in the first half of 2024 in Hungary. That is one of the highest rates of growth in Europe, the Azerbaijani news site AzerNews reports.
High interest rates affected the Hungarian housing market, just like in every other country, in the post-COVID era. In the previous year, 2023, the growth in housing prices slowed, and inflation outpaced nominal house price growth. However,
the market has been showing a great recovery in Hungary in 2024 so far,
partly due to multiple cuts to the benchmark interest rates issued by the Hungarian National Bank.
AzerNews goes on to write:
‘[In the first quarter of 2024,] real prices for existing and new housing have tripled. Last year, the average price of new housing in the country rose to 62 million HUF (€156,000), and at the beginning of 2024, to 65.8 million forints (€166,000), while the price per square metre approached 1.2 million HUF (€3,020).’
Meanwhile, in the capital city of Budapest, the average price per square metre for already inhibited flats has risen to 918,000 HUF (€2,310).
These findings fall in line with the data shared by Ingatlan.com, the most popular real estate listing website in Hungary. They reported that the average time it takes for a listed real estate to sell on their website has decreased to 94 days in the past quarter, down from the average of 106 days in Q1 in 2024. This decrease was even greater in Budapest in the same timeframe, where the average sale time dropped from 138 days to 98 days.
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