Near 10 percent increase in residential property prices

Written by Rainer Ackermann

The rise in residential property prices accelerated again at the beginning of the year.

The experts at the specialist portal ingatlan.com were surprised by the 9.4% rise in prices on an annualised basis. Based on the adverts placed, prices rose by 1.6% compared to the previous month, twice as fast as in December. A re-pricing of properties at the beginning of the year is quite natural, but additional demand is being reflected in the housing market, particularly in the major cities. The capital (+12%) is even outperformed in terms of dynamism by the Northern Great Plain with the metropolis of Debrecen (+13%). The experts find it interesting that prices in the Budapest agglomeration have only risen by 5%.

In the capital, prices for existing flats currently start at 905,000 forints per square metre and average 1.17 million forints. In the 5th district, meanwhile, prices per square metre are approaching HUF 2 million; there, HUF 1.5 million is already considered a bargain. In Győr and Szeged, prices per square metre start at 645,000 forints and average 825,000 forints for Győr and 790,000 forints for Szeged. In Debrecen, there are fewer and fewer offers below 700,000 forints per square metre, while the average price here already exceeds 880,000 forints.