BYD Plant Spurs Housing Boom in Szeged, Csongrád

Residential

Szeged cityscape, featuring the Votive Church and Cathedral of Our Lady of Hungary.

Photo by ZGPhotography / Shutterstock.com

The housing market in the city of Szeged and Csongrád County switched to a higher speed after China's BYD announced last December that it would build a factory in the county seat, according to the latest analysis of ingatlan.com. 

In January 2024, more than 210,000 inquiries about apartments and houses for sale were received nationwide on the ingtaling.com website, a 20% increase year-on-year. The largest increase was in Szeged, where the demand for residential properties increased by 68%, by far the most significant increase among cities and county seats with county rights. 

"The data shows that factory investment can increase the value of residential properties in Szeged as well. Last January, for example, the average price per sqm of n ewly built apartments and houses in Szeged was HUF 907,000; before the announcement in December, it was HUF 911,000, but in January this year, it had already increased to HUF 958,000," said László Balogh, the leading economic expert of ingtalan.com.

"So far, the car factory's move to Szeged has not had [much of] an impact on the prices of used apartments. The average price per square meter rose from HUF 647,000 in January 2023 to HUF 661,000 until the announcement in December and to HUF 670,000 this January," he added.

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