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Budapest tops for both wages and home prices

Although the highest wages in Hungary are paid in Budapest, this is also the city where people need to work the longest time to make enough to buy a 50 square-meter apartment: 113 months, or almost 10 years, shows a study by real estate database ingatlan.com.

According to listings of homes put up for sale, a 50 sqm apartment in Budapest cost HUF 29.9 million on average in early June. This means that 113 months, or almost 10 years, of net wages are needed to buy such a flat, László Balogh, lead expert at ingatlan.com, told news portal index.hu.

In the southwest Somogy County, by comparison, an urban flat of 50 sqm costs close to HUF 19 mln, somewhat less than in Pest County, at close to HUF 20 mln. While these prices are significantly lower than in Budapest, wages are also a lot lower; in Somogy and Pest, respectively, net wages earned over 100 and 103 months would buy the flats concerned.

An economically more developed area is Győr-Moson-Sopron County in northwest Hungary. Flats here cost HUF 18-19 million, but only 84 months of net wages are required in order to buy them, while in Bács-Kiskun County in the south of the country, 97 months of net wages will suffice to buy a 50 sqm apartment.

The economic underdevelopment of the northeast and southeast regions of Hungary, in Szabolcs-Szatmár-Bereg and Békés counties, is reflected in both low wages and low costs of homes: in these counties, just 30-50 months of wages are sufficient to buy a flat, Balogh said.