Home construction crisis reached Hungary, prices record-high

The 2022 international home construction crisis reached Hungary. The market of newly built properties is concentrated in Budapest, its suburbs, and Lake Balaton. The average sqm price is EUR 3410 in Budapest, 3% higher than last July.

Based on the data of ingatlan.com, there were more than 8,000 newly built properties for sale in July. László Balogh, an expert in the market segment, said the prices were at the edge of solvent demand. The average sqm price in the county seats is at EUR 2,238, index.hu wrote. Furthermore, the market still waits for the investors’ return.

Here are the prices

The number of completed homes was down by 18 percent year on year in the first half of 2024, at 6,027, the Central Statistical Office (KSH) said on Wednesday.

Building permits issued in the period were also down by 18 percent, at 8,972, KSH said.

Budapest saw the completion of 2,124 new homes, down by an annual 8.3 percent. Home constructions were down year on year by 20 percent in county seats, 27 percent in other cities and 19 percent in other localities, KSH said.

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Featured image: depositphotos.com

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