Shocking Eurostat data shows how property prices skyrocketed in Hungary between 2010 and 2024

Eurostat, the European Union’s official statistics office, shared shocking data about how property prices increased in Hungary under the Orbán cabinets. According to their latest report, rents surged by 108% in Hungary, while property prices more than tripled if we compare the Q3 of 2010 and that of 2024. As a result, Hungary was at the EU’s top concerning housing price increases, which is bad news for Hungarians trying to buy or rent a flat or house.

Property prices skyrocketed in Hungary, just like rents

According to a recent Eurostat report about the changes in house prices and rents in the EU, Hungary is in a devastating position. Property prices more than doubled in Hungary and Estonia rising by 230%, the highest rate in the EU. In the TOP 10 are the two remaining Baltic countries, Lithuania (+181%) and Latvia (+154%) and from the Central and Eastern European region Czechia (+135%), Austria (+114%), and Bulgaria (+110%). In Western and Southern Europe, house prices increased most in Portugal (+113%) and Luxembourg (+103%). Interestingly, the only EU member state where house prices decreased (in general) was Italy (-4%), while the price rise was the lowest in Cyprus, Spain, and Finland.

Buying an apartment in Budapest’s downtown is almost impossible with average Hungarian wages. Photo: depositphotos.com

Between Q3 2010 and Q3 2024, rents increased in 26 EU countries. The only exception where you had to pay less for renting an apartment between Q3 2010 and 2024 was Greece (-16%). Meanwhile, rent prices increased the most in Estonia (+216%), Lithuania (+183%), Ireland (+109%) and Hungary (+108%).

Source: Eurostat



Average increase in the EU was 54.1% and 26%

“House prices and rents in the EU followed a similar behaviour between 2010 and the second quarter of 2011 but have since evolved differently. While rents have increased steadily, house prices have followed a more variable pattern, combining periods of decline followed by rapid increases. Between 2010 and the third quarter of 2024, house prices in the EU increased by 54.1% and rents by 26%”, Eurostat wrote.

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Featured image: depositphotos.com