Due to the past years of the rapidly rising cost of real estate at Lake Balaton, square meter prices are becoming almost identical to those of the Croatian coast, news site G7 reports.
The economic portal points out that prices boomed drastically at Lake Balaton in the past few years as square meter prices today are in the range of 300-500,000 forints, although the average price was only between HUF 150-300,000 in 2018.
Citing data from the Croatian Statistical Office, G7 finds that the average price per square meter of new real estate in Croatia, excluding Zagreb, was approximately HUF 550,000 in 2019.
As Croatian market experts expect a decline in demand due to the coronavirus epidemic, it is unlikely that a significant increase in prices will happen.
László Balogh, senior economic expert of Ingatlan.com, says that based on their own data, the average housing price was HUF 50 million on the southern shore of Balaton and HUF 60 million on the northern side in mid-August this year.
If we start browsing the offers in Croatia, we can see that for that sum, many really well-located apartments can be found relatively close to the sea, he added.
In the last two years, prices at Lake Balaton increased by 35% on the south coast and 50% on the north. During the coronavirus epidemic, which brought economic uncertainty, it has become clear that besides Budapest, this area has the highest liquidity in the domestic real estate market, Balogh concluded.
Featured photo illustration by Balázs Mohai/MTI