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Property Boom Sees Lake Balaton Real Estate Prices Soar By 20% In A Year

By Ferenc Sullivan // 2015.07.20.

The recovery of property prices after the economic crisis has seen the price of used holiday homes at Lake Balaton increase by 20 per cent over a year. While holiday homes’ average price per square metre remains low at HUF 150 000 (USD 535), this reaches HUF 550 000 (USD 1960) and HUF 400 000 (USD 1420) in the case of new-builds in the top lakeside resorts of Siófok and Balatonfüred respectively.

The statement relased by Hungary’s leading estate agency network Otthon Centrum also points out that the real estate market in the Lake Balaton area has expanded by 40 per cent from the end of the first half-year of 2014 until now. This figure reflects both holiday homes and permanent dwellings. Second-hand holiday homes and single-unit family houses are the cheapest, while used apartments are more expensive and new flats are at the top of the price pyramid, according to the estate estate’s figures.

Second-hand holiday homes and family houses are more expensive on the lake’s northern shore, with prices reaching HUF 200 000 (USD 710) per square metre in some localities, close to double the price of the southern shore. However, Siófok, also known as Hungary’s summertime capital, is the most expensive for both newly-built and second-hand apartments, partly due to limited availability.