Purchase Price of Lake Balaton Properties Exceeds that of the Capital

One of the prime spots, Tihany (northern shore)

Based on data from Duna House, a real estate company, the amount spent on the purchase of real estate on Lake Balaton this year exceeded the average of Budapest.

Across the whole of the market around the lake, buyers spent an average of HUF 64.3 million (EUR 164,000 / 1 EUR=394 HUF) on property, HUF 60.9 million on the southern shore and HUF 67.7 million on the northern shore. This is more than double the figures for 2018, when purchasing a property was possible for less than HUF 25 million.

Duna House said in a statement that prices per square meter are still lagging behind,

but in terms of the amount spent on property purchases, the Balaton real estate market is 6 percent above the capital’s average.

Based on this year’s sales data, while buyers in Budapest spent HUF 60.4 million to buy a home, those buying a house or apartment around Lake Balaton – including both second-hand and new properties – spent an average of HUF 64.3 million.

Looking at the sales data by county, it can be seen that Veszprém is the second most expensive county in terms of price per square meter after Hajdú-Bihar (eastern Hungary), with an average price of HUF 585,000 per square meter and an average price of HUF 50.7 million. Meanwhile, in Zala and Somogy counties, in the Balaton area, the average price paid per square meter is HUF 390-434,000, with a property value of HUF 29.4-35.4 million.

However, the range of properties on Balaton is much wider, from 30 million in habitable condition to luxury properties worth over a billion.

House price per square meter in Tihany (Veszprém county):

House price per square meter in Budapest:

“This year, there is a wide range of properties to choose from on the ‘Hungarian sea.’ During the pandemic, more people than usual bought property on Lake Balaton, and now, taking advantage of the high prices and increasing buyer activity, many of them are looking to make a profit and are putting their holiday homes, family houses and apartments up for sale,” Károly Benedikt, head of PR and analysis at Duna House, said.

“It is good to buy when everyone is selling, and it is worth starting your search while you still have a wide range of properties to choose from.

Experts expect that due to the current high price level, prices on the Balaton real estate market will stagnate, or even slightly increase at a lower intensity than the national average, contrary to the national trend for the rest of the year,”

he said.

Based on the supply data from the beginning of June, there is a 17 percent difference between the prices per square meter between the northern and the southern shore, with currently advertised second-hand properties on the northern shore at an average price of HUF 767,000 per square meter, while those on the southern shore are currently offering HUF 653,000 per square meter, the statement said.

Via MTI, Featured image: Pixabay