Dreaming of a panel flat in Budapest? Be ready to pay top dollar as prices soar to unprecedented levels this year.
The price of a flat in Budapest on the rise
Telex reports that the real estate market in Budapest is on a roll, with the average price of a panel flat climbing 13% in the past year to a record-breaking HUF 42 million (EUR 102,486), according to Duna House. This marks a stark increase from last summer when prices were slightly lower by HUF 1 million (EUR 2,440).
Panel apartments, often considered more affordable than traditional brick-built homes, have also seen a surge in price per square meter, averaging HUF 789,000 (EUR 1,925) and occasionally exceeding HUF 1 million (EUR 2,440) in popular housing estates. These large-panel system building apartments range widely, costing anywhere from HUF 24 million (EUR 58,563) to HUF 83.75 million (EUR 204,361), with square meter prices spanning 500,000 (EUR 1,220) to HUF 1.22 million (EUR 2,978).
The most popular neighbourhoods
Key areas in Budapest have driven this boom. Bécsi Road saw the most dramatic turnaround, with a significant price increase this year after a drop in 2023. Other hot spots like Káposztásmegyer and Óhegy experienced price jumps of 30%, while panel flats in Békásmegyer and Fehérvári Road rose 18% and 23%, respectively. On the Buda side, Békásmegyer panel flats are now priced at HUF 833,000 (EUR 2,034) per square meter, with Fehérvári Road properties nearing HUF 968,000 (EUR 2,364). Although the panel price index in eastern Hungary also hit record highs, the western counties bucked the trend with a rare 7% decline. For those eyeing a panel flat in Budapest, timing and location remain crucial amid these soaring prices.
Read also: