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Investors build fewer homes in capital, prices climb

City

Photo by Fabio Balbi/Shutterstock.com

The number of new homes under construction in Budapest stood at 27,400 in the first quarter, 13.1% fewer than in the same period a year earlier, real estate broker Otthon Centrum said on Tuesday, according to a report by state news wire MTI.

During the same period, the average price for a new home in the capital rose 21.8% to HUF 1,334,000 per square meter.

Otthon Centrum chief analyst Gabor Sooki-Toth said average price differences between districts have grown and now range between HUF 768,000 and HUF 2,350,000/sqm. The range between average prices for projects is even bigger, between HUF 614,000 and HUF 3,680,000/sqm, he added.  

Average new home prices were highest in the leafy districts of Buda and stood at HUF 2,350,000/sqm in District XII, HUF 2,250,000/sqm in District I, and HUF 1,970,000/sqm in District II. Prices in Districts IX, XI, and XIII, where "several thousand" homes are under construction, are in the HUF 1,000,000-1,500,000/sqm range.

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