Garages Prices Up by 18% in Hungary

Last year, garages were 18% more expensive than a year before according to sales data, with their average price exceeding HUF 5 million, the real estate agency Otthon Centrum told the state news agency MTI on Monday, based on its network data.

The statement quoted Gábor Soóki-Tóth, Otthon Centrum's head of analysis, who said that the impact of the coronavirus epidemic in 2020 can be traced behind the surge in demand, when the decline was spectacular compared to the last virus-free year, 2019. But then, like the housing market, the garage market bounced back sharply, with demand last year 32% higher than two years earlier.

According to data from the real estate network, the highest average prices were in the Buda districts, between HUF 5-6 million, but the average price in the outer Pest districts was also between HUF 4-5 million.

They also pointed out that garages in most cities with county rights sold for between HUF 3-5 million last year. There was no significant difference between cities and the growth rate was below 10%.

According to Otthon Centrum, the pricing of garages is significantly influenced by whether they are covered storage, underground or detached garages, the latter costing up to three times as much as covered carports.

Gábor Soóki-Tóth noted that there is little scope for bargaining in new-build projects, with garages built for apartments selling at list price because of the increasing demand for parking spaces.