Property price boom in Hungary: Szeged leads the rise

The Hungarian housing market in 2024

During 2024, the Hungarian property market continued to grow, contradicting forecasts that predicted stagnating or falling prices. The most significant increase was in Szeged, where house prices rose by more than 25%. Pécs followed with 19.25%, Debrecen 18%, Miskolc 12% and Győr 8%. Although Budapest remains the most expensive city in terms of price per square metre, its price rise was only 12%, putting it lower down the list of major cities, Bankmonitor reported.

Significant economic growth in Szeged

Economic factors such as the emergence of Chinese car manufacturer BYD, which has boosted the city's economy, could be behind the surge in property prices in Szeged. Investors have thus been able to reap significant returns, with metropolitan property prices rising by between 8% and 25%, while annual inflation has been just 3.7%.

Rise in property prices in municipalities

Not only in the big cities, but also in smaller municipalities, property prices have been rising. According to the MNB's house price index, prices in 2024 rose by 19.7% in municipalities and 12.3% in cities. By region, cities in North Transdanubia led with 15.6%, followed by South Transdanubia with 15.1%, West Transdanubia with 13.4% and South Transdanubian municipalities with 11.2%.

The future outlook for the real estate market

The future development of the real estate market is difficult to predict, but current trends suggest that a general decline in prices is unlikely. The pace of price increases may vary by region, but real estate remains a stable investment opportunity, whether in large cities or smaller municipalities. This year has also shown that economic and infrastructure developments can have a significant impact on the property market.

Source: sokszinuvidek.24.hu