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Budapest home price increase among highest in Europe

EU

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Home prices in Budapest rose at more than twice the national average in the three years till mid-2016, a growth disparity unmatched even by London, data from the National Bank of Hungaryʼs (MNB) Housing Market Report shows, according to Hungarian news agency MTI.

Nominal housing prices between 2013 Q2 and 2016 Q2 grew by 65.8% in Budapest, compared to the 28.7% rise of the national average.

In the United Kingdom the national average price increase for the period is close to the Hungarian one at 24.5% but prices rose "only" 46.8% in London, 20 percentage points lower than in Budapest.

The ratio of price rises in the capital compared to the whole country was 2.29 for Budapest and 1.9 for London. 

The ratio was 1.8 in Oslo, where nominal Norwegian housing prices increased by 25.4%, and it was 1.70 in Brussels, while average Belgian prices were up 8% during the three years

Home prices in Hungary are now around 10% higher than in the pre-crisis years, but in the Eurozone prices have on average risen just 0.6% above the pre-crisis level.

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