Budapest Buyers Shift Toward Higher-Priced Homes

Demand in Hungary's residential property market remained subdued in August. It held at similarly low levels to July.

According to data from property portal zenga.hu, enquiries nationally were 28 per cent weaker than in the same period last year.

In Budapest, the decline was sharper, reaching 47 per cent. This was largely because last summer's figures were boosted by the announcement of the Otthon Start programme.

Buyers shift toward higher-priced homes nationally

Despite the overall slowdown, buyers remaining active in the market are increasingly accepting higher price levels. Nationally, the share of enquiries targeting properties priced below 50 million forints fell from 66 per cent last year to 58 per cent this summer.

The share for properties above 50 million forints rose from 34 per cent to 42 per cent over the same period.

Péter Futó, head of analysis at zenga.hu, confirmed this shift in national demand toward higher-priced properties.

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The shift is sharper in Budapest

The trend is even more pronounced in the capital. The proportion of buyers searching for properties below 50 million forints fell from 42 per cent last year to just 19 per cent this summer.

Interest in properties above 100 million forints rose from 14 per cent to 24 per cent.

As a result, more Budapest buyers are now searching above the 100 million forint threshold than below 50 million forints.

The most sought-after price band in the capital is 50 to 75 million forints. Nationally, the 25 to 50 million forint range remains the most popular.

Outside Budapest, three counties stand out for high-value enquiries:

• Pest county: 18 per cent of enquiries above 100 million forints
• Veszprém county: 14 per cent
• Somogy county: 9 per cent

The trend is visible even in more affordable regions. Last year, nine counties had the sub-25 million forint band as their most searched category.

This year, the figure has dropped to eight, though the 25 to 50 million forint bracket is gaining ground there too. In Békés, Jász-Nagykun-Szolnok and Nógrád counties, interest in properties above 100 million forints remains marginal.

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What could change this autumn

Looking ahead, zenga.hu does not expect a sharp rebound this autumn. A moderate recovery is possible, given the typical seasonal pattern of stronger spring and autumn markets.

Futó said any announcement tightening the conditions of the Otthon Start programme could activate buyers who have been waiting on the sidelines.

He added that growing supply and improving negotiating positions for buyers may also draw some additional interest, even though investors are not currently driving the market.

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