The real estate market saw a steady influx of buyers in February, but at the same time the price increase experienced in the beginning of January persisted in the second month of this year. In Budapest, it is almost impossible to find a property for less than 1 million forints (2,500 euros) per square meter. The rental market seems to be stabilizing: average rents have stagnated, with 250,000 forints (625 euros) proving to be a glass ceiling for apartments for rent, reported Index.
In February, with the increase in demand and price of residential properties, according to data from zenga.hu real estate search portal, the price per square meter of second-hand apartments increased by 21% on an annual basis, and by 0.6% compared to January this year. The prices of houses in February increased by 14.3% compared to the same period last year, and by 1% compared to January.
“Our data shows that interest has been increasing steadily since the beginning of the year. There are currently one and a half times as many people interested in properties for sale as there were last year. Potential buyers are now primarily looking for renovated or good-condition, 2-3-room, 50-60 square meter properties with a good energy rating,” said Zsuzsa Lipták, managing director of zenga.hu.
The average square meter price of used apartments in the capital was 1.41 million forints (3500 euros) in February,
but there is a large difference between districts, even among the inner parts popular with investors. The average price per square meter of houses in the capital increased by 3.4% compared to the same period last year, currently averaging 937 thousand forints (2300 euros). The most expensive is the XII. district (located in the mountains of West-Buda), where the average price per square meter for family houses is 1.6 million forints (4000 euros). The cheapest is the XX. district (located in South-Pest) with a price level of 707 thousand forints (1770 euros) per square meter.
Among the county seats, in Debrecen (eastern Hungary), properties advertised in February are offered with an average price of 890 thousand forints (2,200 euros) per square meter, in Szeged it is 863 thousand forints (2,150 euros), while in Miskolc it is only 530 thousand forints (1,320 euros) per square meter. In Győr, the average price per square meter of second-hand apartments is 918 thousand forints (2300 euros), in Zalaegerszeg it is 664 thousand (1,660 euros), and in Székesfehérvár it is 902 thousand forints (2,250 euros).
There has been no significant price increase at Lake Balaton so far.
The prices of used properties have practically not changed at Balaton in recent months, and in addition, the price of new-build properties decreased by 10–20% last year. With supply and demand coming into balance in the second half of this year, a price increase of 5–10% is possible by the end of the year.
The presence of investors in the real estate market increased nationwide.
Investors spent 81.5 million forints (203 thousand euros), while first-time homebuyers spent 58.5 million forints (146 thousand euros) on purchasing property in Budapest.
In rural areas, most sales were made for investment purposes (29%), but first-time homebuyers and those moving to larger properties were also active.
After the sellers, let’s look at the situation in the rental market. The demand level of tenants increased noticeably for the first time since August, and this stabilized the Budapest rental market in February – according to a recent analysis by Rentingo.
In February, landlords offered their Budapest apartments for an average of 251 thousand forints (628 euros), while tenants typically searched for rental property for 216 thousand forints (540 euros). This is only a 1.1% change in the asking price compared to the previous month.
Although the number of apartments offered with favorable rents is decreasing, those looking for a good-priced apartment should think within districts, at a micro-market level.
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