Real Estate
July 17, 2024
Reading Time: 7 min

Hungary real estate prices

The Hungarian housing costs have been growing by an average of 14% per year over the past 10 years. New buildings and resale real estate are becoming more expensive at about the same rate. Still, real estate prices in Hungary remain among the lowest in the European Union.

Real estate investments allow foreign buyers to save assets and obtain a Hungary residence permit when purchasing starts at €500,000.

Hungary real estate prices in 2024
Hungary real estate prices

Prices per square metre of Hungarian real estate

Residential real estate in Hungary costs €1,160 per m²: the national average cost calculated based on transactions with new and resale properties

Prices for Hungarian real estate are among the lowest in the EU. For comparison, Spain’s housing costs about €2,000 per m², and Portugal’s — €2,500 per m².

New buildings are twice as expensive as resale real estate: an apartment or house from a developer costs, on average, €2,400 per m² versus €1,100 for resale properties. The highest prices are in Budapest: it is twice the national average.

Outside the capital, the price of resale real estate greatly depends on the region: a square metre in a regional centre is three times more expensive than in rural areas. At the same time, the property location has almost no effect on the average price of a new building.

Cost per square metre of Hungarian properties in different regions 

LocationResale propertiesNew buildings
Budapest€2,200 €2,900 
Regional centres like Debrecen and Miskolc€1,200 €1,700 
Regional towns like Søred and Siófok  €760 €1,800
Rural areas  €360 €1,600 
Prices have been rounded to make it easier to navigate

Hungary is the EU leader in real estate price growth. Housing prices in the country have increased 2.5 times since 2015, while the EU average is 1.5 times. Considering inflation, Hungary's real estate has risen in price by 1.7 times, and in the EU — 1.3 times over the past 7 years.

The main reasons for rising property prices in Hungary are the following:

  • increased demand due to inflation expectations;
  • rising construction costs;
  • insufficient volumes of construction.
Housing in Hungary is rising in price faster than the EU average, Eurostat data shows
Housing in Hungary is rising in price faster than the EU average, Eurostat data shows

3 main benefits of buying real estate in Hungary

1. Individuals often buy real estate in Hungary to preserve their savings. Along with demand, construction cost has also increased — 2.5 times in 7 years. At the same time, the pace of new housing commissioning has slowed by 1.5 times since 2020.

2. High quality of construction. 9 out of 10 Hungarians live on their property, and the rest of the population rents housing. The house ownership rate in Hungary is higher than in the EU, where seven out of 10 residents are homeowners. Almost all of Hungary's residential real estate is connected to sewerage and water supply, and 97% of all residential premises.

3. Foreigners can obtain a Hungarian residence permit by real estate purchase. The property must have a minimum value of €500,000.

Analyses of real estate for purchase in Hungary

Resale real estate is purchased 10 times more often than new housing. In Budapest, new buildings are more popular than the national average: half of new Hungarian apartments and houses are in the capital.

€70,000 is the average price of a resale apartment or house; prices for new buildings are twice as high. On the secondary market, the most valued apartments are condominiums and houses and villas are the most expensive among new buildings.

70% of the Hungarian population live in houses and townhouses. The reason is that most people in Hungary live outside cities, in small towns and rural areas. In the EU, the share of those living in houses is lower — about 50%.

Properties with three or more rooms dominate the real estate market. One-room apartments in Hungary are rare, only 10% of all premises. In Budapest, the share of one-room apartments is almost twice as large — 18% and apartments with two or three or more rooms are approximately equal.

Average price of residential property in Hungary

Housing typeResale propertyNew buildings
House or villa€52,000 €183,000 
Apartment€97,000 €140,000 
Townhouse€69,000 €137,000 

Regions to buy real estate in Hungary

Hungary consists of eight geographical regions:

  1. Budapest.
  2. Pest.
  3. Central Transdanubia region.
  4. Western Transdanubia region.
  5. South Transdanubia region.
  6. Northern Hungary.
  7. Northern Great Plain.
  8. Southern Great Plain.

Each district includes several administrative districts. Budapest was allocated as a separate district and administrative one.

Budapest has the highest population density and number of residential properties: twice as much as in any other area. However, the number of houses and apartments in different areas is almost the same. Hungary is evenly populated.

Geographical areas of Hungary
Geographical regions of Hungary. Source: Statistics Hungary

The average housing area in Hungary is 96 m2. In Budapest, apartments and houses are smaller, 76 m2 on average. The most spacious real estate in the country is for sale in Pest: in this region, the average property area is 1.5 times larger than in the capital, 110 m2.

Most often, real estate is purchased in Budapest; a quarter of all transactions in Hungary are made here. In second place are the Northern and Southern Plains, which have their regional centres, as well as the cities of Debrecen and Szeged.

The most expensive real estate is sold in Budapest, €125,000 per property on average for resale real estate and €162,000 for a new building. Budapest houses cost twice as much as apartments.

Pest ranks second in terms of real estate prices. The average price of secondary real estate is approximately the same as in Budapest, and new buildings cost even more than capital. Resale houses and apartments in Pest cost almost the same, but on the market of new buildings, houses are a quarter more expensive than apartments.

Median real estate price in different areas of Hungary

RegionResale propertiesNew buildingsRanking by sales
Budapest€125,000 €162,000 1
Central Hungary€115,000 €173,000 7
Central Transdanubia€70,000 €123,000 4
Western Transdanubia€68,000 €102,000 5
Southern Transdanubia €47,000 €136,000 8
Southern Great Plain€42,000 €197,000 2
Northern Great Plain€44,000 €108,000 3
Northern Hungary€36,000 €101,000 6

Hungary real estate prices in different areas of Budapest

Budapest is Hungary's capital and largest city, where 1.7 million people live, or about 5% of the country's population.

The capital comprises 23 districts, usually designated by Roman or Arabic numerals. In addition to numbers, districts also have names. 

The historical centre of Budapest is located within the Great Boulevard: District I in the western part of the city, District V, partly VI and VII in the eastern part.

Cost of buying property in Hungary: Budapest
The river Danube divides the city into western and eastern parts

The most expensive real estate is bought in District II, where houses and villas are mainly located: the cost of a square metre of housing there reaches €231,000. The three areas with the highest house prices are central District V and District XII: €222,000 and €193,000, respectively.

Most often, real estate is purchased in inexpensive areas XI, XIII, and XIV adjacent to the city centre.

Average prices in the most popular areas of Budapest

DistrictResale propertiesNew buildings
District XIII€120,000 €153,000 
District XI€146,000 €182,000 
District XIV€109,000No data
District VIII€96,000 €140,000 
District III€134,000 €159,000 

District XIII is the leader in the number of resale and new real estate transactions. It's popular because it has the most apartments in the city, and the prices are low. 

The area ranks 11th for average transaction value in Budapest. In addition, buyers choose District XIII because of its proximity to the historical centre and developed infrastructure: parks, bike paths, shops, and cafes.

Examples of real estate for purchase in Budapest

Hungary Golden Visa by real estate purchase

The Hungarian government announced a new residency by investment program. Starting in 2024, non-EU and non-EEA citizens get the right to become Hungarian residents by investments in the country’s economy.

Under the newly developed program, applicants have three options to choose from:

  1. Purchase of real estate fund units — €250,000+;
  2. Property purchase — €500,000+;
  3. Donation to an institution of higher learning — €1,000,000+.

The investor gets a Guest Investor Visa, travels to Hungary, fulfils the chosen investment condition, and then applies for residency. The status is granted for 10 years and is extended to the applicant’s family.

The benefits associated with Hungary Golden Visa include but are not limited to:

  • EU residency. Through the Golden Visa program, investors and their families can obtain a residency permit in Hungary, allowing them to live, work, and study in the country.
  • Visa-free travel. With a Hungarian residency permit, individuals can travel freely within the Schengen Area, which comprises 27 European countries with open borders.
  • Business opportunities. Hungary is strategically located in Central Europe and offers various business opportunities for investors, including access to the European Union market and favourable business conditions.
  • Quality of life. Hungary offers a high quality of life with affordable living costs, excellent healthcare and education systems, a vibrant culture, and a rich history.
  • Real estate investment can provide potential returns while also serving as a residency requirement.

Cost of renting real estate in different regions of Hungary

The cost of renting real estate in Hungary can vary significantly depending on various factors such as the location, size, condition, and amenities of the property. Generally, rental prices are higher in major cities and tourist destinations compared to rural areas. 

Budapest. As the capital city and the largest urban centre in Hungary, Budapest typically has the highest rental prices in the country. In central districts, like Districts V, VI, and VII, the average monthly rent for a one-bedroom apartment is €400—800. In contrast, larger apartments or those in more prestigious areas can be considerably more expensive. 

In the suburbs and outskirts of Budapest, rental prices are generally lower, ranging from €300—600 for a one-bedroom apartment.

Other major cities in Hungary, such as Debrecen, Szeged, Pécs, and Győr, also have rental markets with varying prices. Rental costs in these cities are typically lower than in Budapest but higher than in rural areas. The average monthly rent for a one-bedroom apartment in these cities is €250—500, depending on the location and amenities.

In rural areas and smaller towns across Hungary, rental prices are much lower than in urban centres. It's possible to find one-bedroom apartments for as low as €150—300 per month, although prices may vary depending on local demand and property conditions.

In popular tourist destinations like Lake Balaton or historical towns like Eger or Szentendre, rental prices can be higher during the peak tourist season. However, during the offseason, prices may drop significantly.

How to buy a property in Hungary

The purchase procedure includes five stages and takes up to three months to complete. A foreigner requires assistance from a local lawyer.

Select real estate
Select real estate

Check the legal terms of the transaction and conduct property Due Diligence. You can select real estate from a database of pre-verified properties.

Conclude a preliminary purchase and sale agreement
Conclude a preliminary purchase and sale agreement

A deposit of 10% of the property cost is required to reserve real estate.

Obtain permission to purchase real estate
Obtain permission to purchase real estate

The Land Registry provides a permit, which is obligatory when a foreigner wants to purchase real estate in Hungary.

Conclude the main purchase and sale agreement
Conclude the main purchase and sale agreement

The buyer transfers the remaining part of the property cost.

Register ownership
Register ownership

A Hungarian lawyer requests a certificate of ownership from the Land Registry on the buyer’s behalf.

Things to be aware of before property purchase in Hungary

Additional costs when purchasing usually do not exceed 10% of the contract price and include taxes, mandatory fees and costs for legal support of the transaction:

  • 4% of the property value — tax on the transfer of ownership for resale real estate;
  • 5% of the cost of the property is VAT for new buildings, which is included in the price;
  • €300 — fees for obtaining permission to purchase real estate by a foreigner and registering ownership;
  • 1—3% of the transaction value — legal support of the transaction;
  • 3—5% — realtor commission, usually included in the price.

Property maintenance costs consist of utility bills and an annual council tax of up to 3.6% of the property's assessed value. Tax rates depend on the municipality.

Utilities cost an average of €1,700 per year for an 85 м2 apartment. Payments include fees for electricity, gas, water, and heating. Some houses in Hungary are connected to central heating, while others have house boiler rooms or individual heating in apartments.

Key points about Hungarian real estate prices

  1. The average cost of residential property in Hungary is €1,160 per m2. The average price of a resale apartment or house in Hungary is €70,000. New buildings are twice as expensive.
  2. The most expensive real estate is sold in Budapest, and the largest number of transactions are also concluded here. The average resale apartment costs €125,000, and a new one is at least €162,000.
  3. The highest housing prices in Budapest are in District II. Most of the real estate is bought in District XIII.
  4. The buyer of real estate worth €500,000 or more can obtain a residence permit in Hungary.
  5. A foreigner must obtain permission to purchase real estate from the Land Registry.

Frequently asked questions

Is Hungary a good place to buy property?

Hungary has a stable real estate market with steady growth in property values over the years. While there can be fluctuations in certain areas or during economic downturns, Hungary’s real estate market has shown resilience overall.

Real estate in Hungary allows one to save savings or receive additional income: Hungarian houses and apartments rise in price by an average of 14% annually. At the same time, the cost of housing is one of the lowest in the EU — €1160 per m².

Hungary offers residency program, such as a Golden Visa, which allow foreign investors to obtain residency or citizenship through property investment. This can be an added incentive for investors looking to relocate to Hungary or gain access to the EU.

How much does housing cost in Hungary?

The average resale apartment or house costs €70,000; new buildings are twice as expensive. The cost of real estate depends on the area and type of property: apartment or house, resale property or new building.

The most expensive real estate is sold in Budapest, while real estate is most often bought here in Hungary.

Where is the cheapest housing in Hungary?

The lowest prices for residential real estate in the Northern Hungary region. The average cost of resale properties in Northern Hungary is €36,000, and new buildings are €101,000. Prices there are 3.5 times lower than in the most expensive region of Hungary, Budapest.

How much does an apartment cost in Budapest?

The average resale price of an apartment in Budapest is €127,000. The average cost of a new building is €162,000. Most often, apartments in Budapest are bought in District XIII, located in the eastern part of the city and adjacent to the historical centre with the government quarter.

How long can you live in Hungary?

With a Schengen tourist visa, you can stay in Hungary for a maximum of 90 days within 180 days. To legally live in the country longer, you need to obtain a residence permit. Buying residential property in Budapest is one of the ways to obtain a residence permit.

Can a foreigner buy a house in Hungary?

Foreigners can buy property in Hungary. Buying an apartment or house takes up to three months, from selecting a suitable option to registering ownership. The buyer of residential property worth €500,000 or more can obtain a residence permit in Hungary. 

Does Hungary issue a residence permit when purchasing real estate?

A buyer of residential property in Budapest can obtain a residence permit in Hungary. With the main applicant, their spouse and children can obtain residence permits. The minimum cost of an apartment or house for a residence permit in Hungary is €500,000.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.

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