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No new homes in Budapest below HUF 20 mln

The continuous rise in real estate prices in Budapest is pushing buyers outside the capital city, where homes are somewhat more affordable. Small flats have also been in higher demand recently.

According to quarterly data published by the Central Statistical Office (KSH), the composition of sold homes has shifted towards lower-value real estate, resulting in an only modest growth in the average price of used homes last year of 2.8% compared to 2016.

There is a visible trend for moving outside Budapest, as for the same amount the quality of homes is much better than in the capital city. Customers are aiming at nearby towns such as Budakeszi, Telki, Budajenő, Nagykovácsi, Vecsés or Gyál, experts at property agency Balla Ingatlan told weekly news magazine HVG.

Formerly cheaper Budapest districts, such as Békásmegyer or Kispest, have also seen higher demand recently, where flats of an average quality and size are available for HUF 20 million. Generally speaking, potential customers are looking overwhelmingly to buy small flats, Balla Ingatlan says.

As for new homes, finding one below HUF 20 mln is basically hopeless, a report by real estate developer Cordia Zrt. says, cited by business news portal vg.hu. A much broader offer is available for HUF 30 mln, for flats of around 45 square meters in Buda areas.

For a budget of HUF 30-40 mln, meanwhile, more than 2,000 homes are available in Budapest. In District 13, for example, flats range from 52 sqm for HUF 30 mln to 68 sqm for HUF 40 mln. At the periphery of the capital, in Districts 22 and 23, even 80 sqm new homes are available in this price range, the data show.