Farmland prices rise 5% in 2020

Land

Farmland prices rose by 5% on average in Hungary last year, OTP Mortgage Bank said, according to a report by state news wire MTI.

The average price of farmland rose from HUF 1.59 million per hectare in the previous year to HUF 1.67 mln, they said, citing non-comprehensive data from the tax authority NAV. 

Farmland prices increased by 18% in Fejér county and went up by more than 10% in Nógrád, Pest, and Heves counties. Prices fell in three counties - Békés, Somogy and Zala -, with the biggest drop registered in Zala county, where they fell by 8%.

Per hectare prices were the highest in Hajdú-Bihar county, with HUF 2.33 million per hectare. 

The market for farmland continued to narrow last year after a slowdown in the previous year. The number of sale and purchase transactions dropped by almost 10% to 37,000 in 2020.

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