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Homes below HUF 15 mln increasingly rare in Budapest

This year so far, 1,300 properties have been sold at below HUF 15 million through the network of residential real estate trading and advisory firm Otthon Centrum (OC). Very few of these were sold in Budapest, the majority being located outside the capital city.

Considering the amount of HUF 15 mln (ca. EUR 47,000), there are basically no homes in prefabricated (panel) houses available for this price on the Buda side or District 13 in Pest, and only rarely at the periphery of the capital. By comparison, the offer is much greater at this price in Central Hungary, where at least 85% of prefabricated homes were put on sale at this price or lower, according to a press release sent to the Budapest Business Journal.

The situation is somewhat better regarding homes in older houses. In central Budapest, some 10% of sold homes in this category went for below HUF 15 mln, albeit in very poor condition. In Buda no home was sold below this price. The offer is much higher in small cities or villages, where more than 80% of sold homes were below this price, OC adds.

As for current offers, 24% of homes currently for sale on OC sites are priced at HUF 15 mln or less, and are located exclusively in the outer districts of Pest. The trends show continuously growing prices, meaning homes at this price are getting hard to find each month.

In cities with a population above 50,000, two-thirds of prefab homes for sale fetch below HUF 15 mln, but fewer and fewer are available each month. Houses below this price are very rare in Budapest, with only 4% available in outer districts of Pest, while in Central Hungary, almost half of houses for sale are cheaper in cities with less than 50,000 inhabitants, OC says.