Published: November 29 2023
The housing market in Budapest has revealed a significant disparity in prices, with some areas experiencing a drastic increase in property values while others have seen no change in prices over the past seven years. In this article, we will explore the neighborhoods with the highest and lowest property prices in Budapest, as well as the overall trend in the housing market.
Neighborhoods with the Highest Property Prices
The Költő street in the XII district of Budapest has emerged as the most expensive neighborhood for property buyers, with an average price per square meter of 2,489,000 HUF. This price is nearly five times higher than it was seven years ago. Other expensive neighborhoods include Balatonfüred and the Budapest city center.
Neighborhoods with the Lowest Property Prices
On the other end of the spectrum, Mezőhegyes, located in Békés County, has maintained the lowest property prices with an average of 21,000 HUF per square meter. In comparison, the lowest prices in 2015 were observed in Rákóczi street and Hősök square in Putnok and Esztergom, respectively.
Overall Trend in Property Prices
According to the Central Statistical Office (KSH), the national housing market index has increased by 254% between 2015 and 2022. This significant rise indicates that residential properties in Hungary have more than doubled in value during this period. However, certain locations have experienced even greater inflation.
The Impact of the Housing Market Disparity
The significant disparity in housing prices has both positive and negative implications. On one hand, it reflects the desirability and investment potential of certain neighborhoods. On the other hand, it raises concerns about accessibility and affordability for individuals and families looking to purchase property in Budapest.
Conclusion
The housing market in Budapest exhibits a notable difference in property prices, with some neighborhoods experiencing a substantial increase while others remain relatively unchanged. This discrepancy highlights the diverse nature of the city's real estate market and raises important considerations for potential property buyers.
Questions & Answers
What is the most expensive residential street in Budapest based on property prices? The most expensive residential street in Budapest based on property prices is Költő utca in the XII District, with an average price per square meter of around 2.5 million Hungarian forints.
What is the cheapest residential area in Hungary based on property prices? The cheapest residential area in Hungary based on property prices is Mezőhegyes, located in the outskirts of Budapest, where properties are sold for around 21-23 thousand Hungarian forints per square meter.
How much has the housing market in Hungary grown in terms of prices? The Central Statistical Office's nationwide housing price index shows that between 2015 and 2022, housing prices in Hungary increased by 254%. This means that residential properties have become two and a half times more expensive during this period.
Which location outside Budapest is among the most expensive residential areas in Hungary? Balatonfüred, a town near Lake Balaton, has one of the second most expensive streets in Hungary. The Honvéd utca, which is close to the lake and the marina, has an average price per square meter of around 2.3 million Hungarian forints.
Where can I find the lowest property prices in Hungary? The lowest property prices in Hungary can be found in Mezőhegyes, located in Békés County. In this area, properties are sold for around 21-23 thousand Hungarian forints per square meter.
Has the price of the lowest residential areas in Hungary changed over the past seven years? No, the price of the lowest residential areas in Hungary has remained unchanged over the past seven years. In Mezőhegyes, Békés County, properties are still sold for around 21-23 thousand Hungarian forints per square meter.
Which other cities outside Budapest have expensive residential areas in Hungary? Apart from Budapest, three other cities have expensive residential areas in Hungary. These are Balatonfüred, with the Honvéd utca street, Siófok, with the Deák Ferenc sétány and Vitorlás utca streets, and Eger, with the Kossuth Lajos utca street.
What is the source of the housing price data in Hungary? The source of the housing price data in Hungary is the Central Statistical Office (Központi Statisztikai Hivatal or KSH). The KSH collects data from the tax authority's real estate database.
