In a new district, more than one million HUF per square meter of newly constructed buildings

In the second quarter of 2023, XVIII. The district also joins the capital districts where the average square meter of newly constructed houses exceeds HUF 1 million. Therefore, in 16 districts of Budapest, prices of 1 million HUF per square meter are already demanded for apartments in newly built projects. In the second quarter, Buda II. The district took the title of the most expensive capital district from District I with prices per square meter for new apartments exceeding HUF 2.5 million, Duna House announced.

In the second quarter of 2023, in Budapest, in the previous quarter, XIII. Next to the district, XI. and IX. The district has a high proportion of newly built projects. Budafolk has very few newly built properties and residents of Buda’s II. District or suburban areas preferred.

Despite the high cost and limited supply of new apartments, the Buda side played an important role in the popularity contest between the capital’s districts. The most popular district is II. In the district, Újbuda was in second place, and Terézvaros was next in line, pushing the previously invincible and unbeaten XIII. District.

In June 2023, the main client drive was real estate investment in the capital, while the shift to a larger property dominated the countryside. Across the country as a whole, first-time home buyers were second, spending an average of HUF 42.2 million in the capital and HUF 25.1 million in rural areas.

The domestic real estate market ended the first half of the year on a weak note, with a total of 43,987 sales, according to Tuna House estimates. The national price index for the second quarter showed a rebound after three quarters, and the demand index already reached last year’s level in June.

According to analysts, the second half of the year may be strongly affected by the change in the housing subsidy system, as some customer segments may lose up to HUF 10 million in subsidies due to the uncertain subsidy system change next year. According to Tuna House, improved demand and purchases from urban CSOK buyers may improve the second half figures of this year, and buyers should start the processes in time.

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