Big Increase in Budapest Property PricesFebruary 6th, 2015
Hungarian property prices increased a lot in the last quarter of 2014, mostly regarding apartments in Budapest and in panel blocks.
Some kinds of properties cost almost as much as before the crisis: their price increased by 1 percentage point during the past quarters and by 2 percentage point in the last quarter of 2014.
Price of Apartments in Panel Blocks also Increased
During the crisis the price of apartments in panel blocks decreased more than that of those in brick houses, and their value dropped to 77 percent. But lately it started to increase: in the 3rd quarter of 2014 their price increased by 3 percentage point, and in the last quarter by 5 percentage point, reaching 86 percent, which equals to the price of apartments in brick houses. The price of the latter has been 85 percent for 9 months.
Outside of Budapest the Increase Is Slower
Apartment prices in the country are increasing slower, except for the Eastern Hungarian region. The price of apartments in panel blocks increased from 84 to 90 percent. The price of apartments in brick houses has stayed around 80 percent since 2010. Except for Győr-Moson-Sopron County apartment prices have not increased in the Western region.
Apartments Are Almost as Expensive as before the Crisis
In Budapest, apartments in brick houses cost 99 percent and those in panel blocks cost 96 percent; which means their price has almost reached the pre-crisis level. The price of the latter increased from 77 to 96 percent in a year, and that of the latter increased from 93 to 99 percent in a half year.