Boom at the beginning of the year – – 2024-03-18 13:42:01

Real estate market

Written by Christina Vontin

According to Duna House, the upswing in the real estate market is being driven by the home ownership allowance and falling loan interest rates.

The real estate agent estimates that around 10,750 properties were sold nationwide in February. This represents an increase of 72% year-on-year and 29% compared to January 2024.

From 600,000 forints per square meter

In February, properties with areas between 40 and 60 m2 were particularly in demand in Budapest. In Buda, most apartments were sold for 1.2-1.4 million forints per square meter, in Pest the prices were between 600-800,000 forints. The majority of properties sold nationwide fetched prices from 600,000 forints upwards per square meter.

In the eastern part of the country, the price per square meter for prefabricated apartments reached 555,000 forints in February, 100,000 forints more than a year ago. Other old buildings were available for an average of 415,000 forints (previous year: 280,000 forints). In the west of the country, prices for prefabricated buildings rose less rapidly, to an average of 525,000 forints. Other old buildings (brick construction) currently cost an average of 435,000 forints per square meter.

Plan 95,000 euros for investments

In the capital, prices for apartments in prefabricated buildings rose from 750,000 to almost 790,000 forints (in Buda) and from 615,000 to 705,000 forints per square meter (on the Pest side of the Danube). The price per square meter for used brick apartments rose to 1.1 million forints in Buda and to 845,000 forints in Pest.

In Budapest, property buyers invested an average of 50.1 million forints (130,000 euros) with the aim of investing, compared to 36.9 million forints (95,000 euros) in the countryside. Buyers spent an average of 44.6 million forints on purchasing their first home in Budapest, while in the countryside it was 32.9 million forints.

This data highlights an ongoing boom in the real estate market. This is being driven by government incentives and affordable financing options, say the experts at Duna House.