Chinese spend HUF 40 million per home in Hungary
New home prices continue to grow in Hungary, rising by 8.8% year-on-year in the first quarter, a market survey by the Central Statistical Office (KSH) shows.
Resale home prices also continued to go up, rising by 7.9% during the period, KSH said, as cited by national news agency MTI.
KSH also published figures on purchases made by foreign nationals. They bought 7,371 homes in Hungary last year, accounting for just under 5% of total market turnover. Almost two-thirds of foreign buyers were citizens of other European Union member states.
Germans bought 1,079 homes in Hungary. About 84% of these were outside of Budapestl. Chinese nationals bought 1,058 homes, of which 91% were in Budapest. They paid, on average, a little more than HUF 41 million per apartment, well over the HUF 17 million paid by the Germans.
Romanians bought 1,012 homes in Hungary, Slovakians purchased 695 and Austrians 424.
As for prices, in mid-July the average offer price per sqm in Budapest was HUF 594,000, according to real estate database ingatlan.com, as cited by news portal index.hu. In larger provincial cities, the price was somewhat below HUF 300,000, while in smaller cities HUF 265,000. In rural areas, real estate continues to sell very cheaply, at an average HUF 111,000 per sqm.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.