Strong House Prices Rise in the Budapest Agglomeration

Residential property prices have risen sharply in all areas of Budapest's agglomeration in the first half of the year, with most settlements seeing a 30-40% increase in prices compared to last year's average price, the property agency Otthon Centrum says in an analysis based on its own data.

The real estate brokerage network recalls that the pandemic has significantly increased demand for family houses in recent years.

The average price per square meter of used houses in the first half of this year rose to HUF 539,000 in 96 agglomeration settlements, which is 28% higher than the average of last year.

The price per square meter of second-hand houses in the Budakeszi area was highest in Budakeszi and Budaörs, averaging HUF 662,000. Not far behind were Szentendre and its surroundings with HUF 656,000, and Pilisvörösvár and Solymár with HUF 630,000 per square meter.

Demand for second-hand housing was more moderate in the agglomeration, but prices of apartments typically showed double-digit growth here too: the average price per square meter of HUF 705,000 is 20% higher than in 2021.

The report quotes Gábor Soóki-Tóth, head of analysis, as saying that prices are generally higher in settlements closer to Budapest, with the northern and western settlements of the capital being the most expensive, while the cities in the south-eastern sector are the most affordable.