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Price of farmland in Hungary nearly doubles in ten years

The price of farmland in Hungary rose more than 90% between 2000 and 2010, FHB Bank CEO László Harmati said, presenting FHB's farmland index.

The price of farmland in Hungary rose continuously during the period, even through the crisis, Harmati said. Prices rose an average 7.4% in 2000-2003, 3.2% in 2004-2007 and 10.5% from 2007, he added.

A hectare of arable land in Hungary currently goes for HUF 472,000. The average price for a hectare of farmland is HUF 576,000. The price of land in Hungary is about one-fifth that in Spain, Harmati said, answering a question.

 Arable land accounts for 83% of Hungary's area, or about 7.8 million hectares. Farmland makes up about 48% of arable land, forests 20%, pasture 11%, orchards 1%, gardens 1%, vineyards 1% and reeds 1%.

The highest-priced arable land in the country is in Central Hungary, Central Transdanubia and Southern Transdanubia. Prices are around the average in Western Transdanubia and the Southern Great Plain region. Prices are below average in the Northern Great Plain region and Northern Hungary.

About 3% of arable land in Hungary changes hands each year. (MTI – Econews)