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We Hungarians tend to complain, this is inherent in nature. Fortunately, we did not take much action, but we quickly started to find a solution. Nowadays you can hear a lot about how expensive real estate is in Hungary. As they say, it’s relative. Look, that could be so bad.
Situation in the Hungarian real estate market
As bank interest rates are currently extremely low and government subsidies are high, real estate prices are, in simplified terms, relatively high. It’s hard to say anything about it, because what’s expensive for someone isn’t for another. But we try to stay objective.
We think that a 30 million HUF real estate is not expensive if you can have 20 million HUF for 50 thousand HUF a month. For that, a 10 million HUF Family Home Discount and a Baby Waiting 10 million is enough . Whatever the case, we can objectively say that even this high subsidy would not be enough to make up just 20 percent of an average home in the cities below.
The most expensive cities
CBRE Global Living made an interesting list , so here’s a look. Just think about how long we should save for our own home (in Hungarian earnings) if we want to live in Hong Kong. The average real estate price here is not less than HUF 354 million . Once again, we would describe that not the most expensive, but the average.
Singapore is on the podium with 251 million forints, followed by Shanghai with 250 million forints . In fourth place is Vancouver, Canada. London ranked 7th as the best European city, or rather the most expensive, with its $ 185 million property price.
By the way, Paris was still in the top 10 with a whopping HUF 179 million
As a small point, we would add that the average annual salary is around HUF 15.5 million. In other words, they can buy an average real estate for 12 years’ salary.
Do you know what the rate is in Hungary? Or, say, in Budapest? If you have any questions about buying a property, feel free to contact us! We help you with everything we can.