The last time real estate agents sold so many new-build properties was before the 2009 foreign currency crisis.Continue reading
Hungary’s property market showed remarkable dynamism in 2024, with rising prices and increased buyer demand. According to data from Duna House, panels were sold for an average of HUF 635,000 (EUR 1,547) per square meter, brick apartments for HUF 807,000 (EUR 1,967), and houses for HUF 422,000 (EUR 1,029). New-build properties fetched an average of HUF 830,000 (EUR 2,024) nationally, while Budapest properties peaked at approximately HUF 1.5 million (EUR 3,657) per square meter.
The year saw notable disparities in property prices. The most expensive property sold was a modern, energy-efficient luxury villa in Buda for over HUF 1 billion (EUR 2.4 million). Meanwhile, the cheapest transaction was a modest 35-square-meter home in Tolna County, sold for HUF 1.2 million (EUR 2,926).
Among second-hand properties, an 80-square-meter apartment in Budapest’s 11th District set a record with a per-square-meter price exceeding HUF 2.6 million (EUR 6,339). In the countryside, high-value transactions included properties in Győr (northwestern Hungary) and Szentendre (near Budapest), priced at HUF 430-440 million (EUR 1.04-1.07 million).
Szentendre. Photo: Pixabay
At the other end of the spectrum, a 59-square-meter apartment in Komló (southwestern Hungary), requiring renovation, was available for just HUF 128,000 (EUR 312) per square meter.
Ferenc Máté, Deputy CEO of Duna House, highlighted key market drivers, including the government’s revamped CSOK Plus program, encouraging family-oriented purchases. Additionally, falling government bond yields redirected investors to the real estate market.
The average amount spent on property purchases in Hungary rose by 13% from 2023, with buyers spending an average of HUF 45.2 million (EUR 110,189).
This figure reached HUF 60.4 million (EUR 147,297) in Budapest, while rural areas saw a lower average of HUF 39.1 million (EUR 95,353).
Buyer demand hit a two-year high, with 120,000–125,000 transactions expected by year-end.
Unique properties also featured in this year’s market highlights. The smallest property sold was a 7-square-meter flat in Budapest’s 20th District for HUF 10.8 million (EUR 26,338). Historical properties included an 18th-century, 867-square-meter mansion on Szentendre Island and a 1711-built castle in Zala County.
Hungary’s 2024 real estate market underscored a mix of affordability and luxury, with growing interest from investors and families alike.
As prices continue to rise, the market remains a key sector for both lifestyle and investment opportunities.
Via MTI; Featured image via Pixabay