Hungary’s housing market shifts as first‑time buyers replace investors

Hungarian residential real estate activity eased in the first half of 2026, with total transactions falling 10.8% year‑on‑year to 56,554. June sales rose 10.9% from May but were 0.5% below the same month a year earlier, reaching 9,862 deals.

First‑time buyers expanded their share, accounting for 40% of purchases in Budapest and 37% outside the capital, up sharply from 19% and 27% respectively a year earlier. At the same time, investor‑driven sales surged in the capital, representing 48% of Budapest listings – up from 34% in December 2025 – while rural investor purchases rose to 27% from 18%.

Prices continued to climb across segments; panel apartments in eastern Hungary rose to HUF 759,000 per square metre and brick‑built homes reached HUF 494,000 per square metre in the west. Duna House analyst Szegő Péter said the investor money has not disappeared but migrated from the capital to the countryside, with first‑time buyers now the dominant buyer group.

Overall, the market shows a cooling trend as affordability pressures mount and investment activity reallocates geographically.