Real Estate sales in Hungary booms in July
July has been the strongest month of the year so far in Hungary’s real estate market, as residential property deals were over 12,000 transactions.
This is a record on the market since the 2008 financial crisis, as it has only been higher once since, in 2012, due to the artificial, mortgage scheme fueled property purchases. This makes this year’s first seven months’ transaction number at 80,000, which is a big jump compared to 2014: in the same period last year only 55,000 transactions went down, indicating that the market is really picking up.
Property prices have risen considerably as well, on average between 4 and 6% compared to 2014, especially in Budapest and in the major cities and urban areas. Average prices by square meter in Budapest have risen from 240,000 HUF to 254,000 HUF. It is worth noting, however, that the prices in inner districts, such as the V., VI., VII., VIII., and IX., are much higher in general.
In the more poplular areas in the V. and VI. districts, square meter prices average between 400,000 and 550,000 HUF, usually for unrenovated properties.
Both the number of transactions and the prices are expected to keep rising by market experts.