House prices on the rise

Written by Christina Vontin

The nationwide average amount for buying your own four walls is approaching 43 million forints (just under 110,000 euros) for a living space of around 57 square metres, reports Duna House.

The current year has seen a boom in buyer interest and sales activity on the local property market. According to Duna House estimates, 92,000 property transactions were completed between January and September. The market is expected to close the year with 110,-130,000 transactions, in line with previous expectations.

Demand drives price

Vice President Ferenc Máté expects property prices to continue to rise as demand increases. According to sales data from Duna House, demand for flats in particular has risen in the market for existing properties. For example, 54% of sales completed nationwide this year were condominiums in brick or prefabricated buildings. Across the country, the average price per square metre for existing flats rose by 9% to 760,000 forints (1,900 euros).