Housing Market 2024 Q4 - Strong finish to the year and growing investor interest
The Hungarian housing market remained active in the last quarter of 2024, and buyer interest remained strong into the end of the year. More than 10,000 property sales were recorded in December, representing a year-on-year increase of 31%.
House prices in Budapest rose steadily:
- The average price per square metre of used brick apartments was around HUF 1.1 million.
- The price of flats in Buda was HUF 900,000 per square metre, while in Pest it was HUF 825,000 per square metre.
- The most expensive new-build flats were in districts XII, VI, II and I, where the price exceeded HUF 2 million per square metre .
The rental market also grew, with average rents in Budapest reaching HUF 241,000, an increase of 9.6% year-on-year.
The number of residential purchase transactions increased by 20% year-on-year, with a total of 125,000 sales in 2024. Investors were active on the market, with almost half of the purchases being for investment purposes.
Outlook for 2025: The real estate market is expected to continue to expand, with prices and transactions rising by up to 10-20%, supported by buoyant demand and favourable lending conditions.
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