Hungary sees drop in housing prices as economists project modest growth

In May 2024 Budapest housing prices fell 0.7 % month‑on‑month, the first two‑month decline since September‑October 2022. Nationwide the annual price‑increase pace slowed to about 13 %, with regional rates ranging from a 0.4 % drop in Pest County to 0.6‑1.7 % declines in east‑Hungary and 0.3‑1.2 % in the Duna‑Tátra area. The median price of a new apartment in Budapest now exceeds 1.7 million HUF per square metre, with median sales around 102 million HUF.

K&H analyst Németh Dávid forecasts Hungary’s GDP to grow 1.5 % in 2024 and 2.5 % in 2025, while inflation is expected to average roughly 3 % this year and near 4 % next. He says a disciplined budget and productivity gains are essential for meeting the euro‑adoption criteria. The National Bank of Hungary kept its base rate at 6.25 %, and the forint has strengthened about 8 % against the euro since early 2024, though further rate cuts remain possible depending on inflation and external developments.