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New and resale home prices continue to grow

Average prices for new homes rose 7.2% in 2017; at the same time, prices of resale homes increased at the same pace, according to a summary of data published by the Central Statistical Office (KSH).

Prices for new homes have risen for five years in a row for new homes and for four years for resale homes, according to KSH data cited by state news agency MTI. In 2016, the price rise for new homes was 10.5%, and 13.3% for resale homes.

Adjusted for changes to the composition of homes sold as well as price, prices were up 13.5% for new homes, and 5.8% for resale homes in 2017.

Based on preliminary numbers, the KSH said that at least 134,200 homes were sold in Hungary in 2017, compared to a final figure of 146,300 in 2016. Within the preliminary figures, 129,700 homes were resale homes and some 4,500 were new homes. Last year 7,300 homes were built specifically to be sold.

In the capital, resale homes sold for HUF 24 million on average, HUF 2.6 mln more than in 2016. The average price per square meter of resale homes reached HUF 415,000, which was 15% higher than the year before. In county seats, resale home prices rose 13% and climbed 7.3% in smaller cities.