According to Azernews, there was a 36% increase in housing sales in the first half of this year compared to the corresponding period last year.
Thus, Hungary leads the EU in house price growth, which indicates a significant recovery and continued expansion of the market.
According to the publication, the Hungarian real estate market showed noticeable signs of recovery at the beginning of 2024. The increase in prices was widespread, with the exception of single dwellings in the east of the country, where no significant changes were observed.
In 2023, price growth in the housing market slowed, but the overall house price index reached 271% of the base in 2015. Despite the fact that inflation exceeded nominal house price growth last year, which led to a decline in real prices, significant changes occurred in the first quarter of 2024. Real prices for existing and new homes have tripled.
A big rise in the average price of new homes
Last year, the average price of new homes in the country increased to 62 million forints (156 thousand euros) and at the beginning of 2024 - to 65.8 million forints (166 thousand euros), while the price per square meter approached 1.2 million forints (3,020 euros).
In the capital Budapest, the average price per square meter of existing (i.e. already occupied) apartments has risen to HUF 918,000 (EUR 2,310). This is one of the highest levels of property price growth in Europe.
