Hungary has highest level of real estate price growth in Europe
By Alimat Aliyeva
Real estate prices in Hungary are showing record growth in Europe. This is due to the fact that the Hungarian real estate market experienced a noticeable recovery in 2024, stopping the decline observed in previous years, Azernews reports.
36 percent increase in housing sales was recorded in the first half of this year compared to the same period last year.
Thus, Hungary leads the EU in house price growth, which indicates a significant recovery and continued expansion of the market.
The publication Economx writes that the Hungarian real estate market showed noticeable signs of recovery in early 2024. The price increase was widespread, with the exception of individual houses in the east of the country, where no significant changes were observed.
In 2023, price growth in the housing market slowed down, but the overall housing price index reached 271 percent of the base in 2015. Despite the fact that inflation outpaced nominal house price growth last year, which led to a decrease in real prices, significant changes occurred in the first quarter of 2024. Real prices for existing and new housing have tripled. Last year, the average price of new housing in the country rose 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 (that is, already inhabited) apartments has increased to 918,000 forints (2,310 euros).
This is one of the highest levels of real estate price growth in Europe.
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