Hungary’s housing prices slow sharply in Q2 2024

Hungarian residential property prices showed a marked deceleration in the second quarter of 2024, with quarterly growth falling to just 0.3%. Annual price levels remain 14% higher than a year earlier, down from a 20% rise recorded in the first quarter.

The slowdown is most pronounced in Budapest, where annual growth has fallen to 8% and some districts, such as the 12th, are seeing average listing prices dip below the previous year’s level. Other western county seats also exhibit reduced price acceleration. In contrast, cities like Szolnok and Miskolc continue to post strong gains, driven by a higher share of new‑build apartments.

Analysts attribute the moderation to a larger supply of renovated units, a decline in new construction, seasonal factors around Easter, and the winding down of Hungary’s “Home Start” subsidy programme. While prices are not falling, the market appears to be moving from a phase of rapid inflation toward a more balanced period.