Housing prices in Hungary have increased by nearly 100% on average over the last ten years, Eurostat reported. In a European Union comparison, Estonia and Luxembourg are the only countries to score higher in this matter. Rent increases are also well above the EU average.
When comparing the first quarter of 2021 with 2010, house prices increased in 23 Member States, with the EU average amounting to 30.9%. The biggest hikes were measured in Estonia (+126.8%), Luxembourg (+108.2%), then Hungary.
As a matter of fact, Hungary slipped back from second place in comparison to half a year ago (when the Baltic country was the only one to have preceded Hungary), a tendency that has originated in stagnation and market correction, probably caused by the pandemic.
Interestingly, decreases in housing prices were detected in four countries since 2010: Greece, Italy, Cyprus, and Spain.
In terms of rental prices, the pattern was slightly different. Between 2010 and the first quarter of 2021, rent prices in Hungary grew by roughly 43%, which puts Hungary in 5th place in the EU (where the average amounted to 15.3%), only to be preceded by Estonia, Lithuania, Ireland, and Austria. Decreases in rent were only recorded in Greece and Cyprus.
featured image: “For sale;” illustration via László Róka/MTVA