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Lakeside real estate prices skyrocket

Towns around Lake Balaton have real estate prices similar to those in Budapest, with Balatonfüred being the most expensive, according to research by estate agency Duna House.

Property prices around Lake Balaton have grown significantly in the last few years

In Balatonfüred, on the northern shore of Lake Balaton, market demand for both new and old houses is high. Prices per square meter of old homes and holiday houses have grown some 20% in a year, pushing the average price to HUF 511,000 per sqm. In the case of recently built homes, prices are even higher, with waterfront properties on offer for as high as HUF 1 million per sqm.

The biggest price increases were registered in Fonyód and Keszthely, with real estate prices increasing by some 50%. The average price per sqm stands at HUF 350,000 in Fonyód, and at HUF 317,000 in Keszthely, based on Duna Houseʼs 2018 data. The average sale price of houses is HUF 41.5 million in Balatonfüred, and hovers around HUF 20-25 mln in other towns.

Prices are not much lower around Lake Velence, the smaller lake closer to the capital, with prices being pushed up by recently completed real estate projects. In the towns of Velence and Kápolnásnyék, apartments and houses are selling at HUF 300,000-400,000 per sqm. The average sale price of real estate by the water of Lake Velence is HUF 22 mln, which shows that demand for smaller houses is higher, notes Duna House.

"Balaton is still a popular holiday area for both foreigners and the domestic population alike, which shows in their interest in real estate," says Károly Benedikt, leading analyst at Duna House. "In terms of price, we often meet levels akin to the capital, and some waterfront developments are only available for downtown prices. The area around Lake Velence offers an alternative for both those looking for a holiday and those who commute to Budapest, so new and used real estate is in demand there, too."