In comparison with the European Union, Hungary once again won a gold medal in a particularly depressing ranking, especially in relation to the price level of real estate.
The statistical office of the EU, that is Eurostat according to data published on Friday home prices have risen the most in this country in the last decade and a half – Tied with Estonia.
In the third quarter of 2024, real estate prices in Hungary and Estonia were on average 230 percent higher than in the same period in 2010.
This means that the purchase price of an apartment that cost HUF 30 million 14 years ago is now approx It amounts to 99 million. Which includes a 3.3-fold increase.
In seven other countries, by name
- in Lithuania,
- in Latvia,
- in the Czech Republic,
- in Austria,
- in Portugal,
- in Bulgaria and
- In Luxembourg, prices also jumped by more than 100 percent or doubled.
The level of price increases affecting the real estate market was the lowest in Spain, Finland and Cyprus.
And only one Mediterranean country even achieved a decline in housing prices, only Italy. It is true that the EU did not publish such housing data for Greece.
The condition of the sublet market is not very bright either
Inflation did not spare rents either: in the last 14 years They jumped by 108 percent, or more than twice as much in our country. In this, however, we were only limited to the place on the EU list. At the same time, in Estonia, they were already faced with a brutal price increase of 216 percent on the sublet market.
Lithuania’s 183 percent and Ireland’s 109 percent increase in prices also stand out.
Compared to 2010, rental properties became cheaper in only one country, Greece, where they cost 16 percent less.
In the third quarter of last year, domestic real estate prices rose by 13.4 percent compared to the previous year, and by 0.7 percent compared to the previous quarter. If we look at it on an annual basis, only in two other countries, in Bulgaria, by 16.5 percent, and in Poland, by 14.4 percent, did apartments become more expensive between July and September 2024.
In the meantime, we reported that the number of interests in real estate for sale has dropped to an extraordinary extent, which exceeds the level of two years ago by 28 percent.
Minimum wage earners cannot take out a loan not only for an apartment, but also for a room
People living on the minimum wage and guaranteed minimum wage are in a very difficult situation if they want to apply for a loan without their own resources. We have calculated how much we can borrow based on the current legislation and certain income bands.
Source: www.economx.hu
