Hungary Property

The Hungary property market is witnessing a steady growth since the past few years, especially after the fall of Communism in 1989. As per the survey conducted by the Hungarian Central Statistical office there was a 63% hike in the Hungary property rates from 1999-2003. Budapest property market itself witnessed a 60% growth during this period. The current surveys conducted in 2003-2005 reveal the fact that rental income has risen by 6% on an average during this time period.

The real estate market of Hungary witnessed a tremendous growth after the fall of communism. The demand was mainly for industrial space as most of the companies wanted to set up their firms in Hungary. The Hungarian property market is witnessing a steady boom period which is supposed to continue for some more years to come. Budapest has one of the lowest costs of living in comparison to other major European countries. There is a huge demand for residential property in Budapest and the prices vary from $500 to $3000 per square feet on an average.

Commercial property prices range more than $1500 per square feet and are preferred by local firms. In the bigger towns, residential property rates vary between $200 and $1000 per square feet and in the smaller Hungarian towns prices start from $200. The rents for residential flats and houses in Hungarian towns range between $3 and $30 for a month.