Industry revenue of »rental and operating of own or leased real estate« in Hungary 2011-2023

As of Q2 2018, Hungary had the highest House Price Index amongst all the EU member states, at 131 index points. As a result of the high prices, consumers have been reluctant to buy properties, which is one of the main reasons the revenues of the buying and selling of own real estate industry are witnessing a decline. Instead, consumers are increasingly looking for rental properties, owing to the flexible lease options and the lower financial burden. Therefore, revenues of the rental and operating of own or leased real estate industry are projected to grow from 2.6 billion U.S. dollars in 2011 to over 3.5 billion U.S. dollars by 2023. In 2018, the average monthly rental cost for apartments in Budapest was 693 U.S. dollars, far lower as compared to most of the other prominent European cities.

Rental prices fall amidst Covid-19 outbreak

Owing to the outbreak of the corona virus pandemic, the average rental prices of apartments and properties in Budapest have been declining rapidly. In April, the average rent of apartments in Budapest was 419 euros, 12 percent lower as compared to January, as per data from dailynewshungary.com.