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Garages Become Expensive in Budapest

D&T
June 6, 2020

While outside Budapest, a private garage is worth on average HUF two million, you have to pay several times for that in the capital where a car storage place can be worth up to six million. The price is greatly influenced by the possibility of public parking and the built-up ratio of the area, according to the latest survey of the Otthon Centrum.

"Based on the sales data of the period between January and May, in the premium green areas of the Buda districts, an amount of over HUF 5 million is requested for a garage," Gábor Soóki-Tóth summed up the figures for garages in the Otthon Centrum database. The head of analysis said that the HUF 4.5-5.5 million price level was already typical last year for the underground garage parking spaces of newly built housing projects, and in the priority areas, they paid up to HUF 6 million for a garage.

In addition to the sale and purchase of flats, the government measures introduced to curb the epidemic also had an impact on garage transactions: far fewer garages were sold in the first five months of this year. On the other hand, the prices increased slightly: on the Pest side of the capital, they were between HUF 3-5 million, but for the larger, more popular garages in more popular places, they were even HUF 1-2 million forints more.

In Buda, last year's prices remained essentially the same in the outer parts of the city (HUF 3.4-3.7 million), while in Óbuda the average price was higher (4.4 million). In the mountainous zone of Buda, the garages changed hands for an even more hefty amount (5.4-6 million), but in the case of garages with a larger floor area, which can also be used as storage, the price of HUF 7 million was not uncommon.

“There is a big variance between the prices, because for the price of the new or newly built underground garage parking spaces in the city center, an independent, lockable garage property can be bought in the outskirts of the city. But not only the location, but also the floor area influences the price: the independent properties do not necessarily only serve for parking the car, but also function as a warehouse, storage space,”explained Gábor Soóki-Tóth, who said that the latter are expected to be garages larger than 12-13 square meters. In addition to the storage of motor vehicles and household items, as well as sports and leisure equipment, there is a need to be able to store materials, tools and machines in the garage, especially among small entrepreneurs.

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