Property Prices Rise by 280 Percent at Lake Balaton
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Loading... - Odden Olger
- 14 Jun 2023
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Over the past decade, there has been a significant influx of people relocating to Lake Velence, also known as Venice, in close proximity to Budapest. Additionally, settlements neighboring Lake Balaton in western Hungary have also witnessed an increase in population, according to an analysis of census data conducted by Ingatlan.com, a real estate website. However, this surge in popularity has resulted in a substantial rise in residential property prices near Lake Balaton, soaring by approximately 250 percent in just five years.
The housing market within the country has undergone a remarkable transformation over the past decade. The rise in popularity of suburban settlements is particularly evident around the capital city. For instance, Nagytarcsa, located near Budapest, has experienced a 67 percent population growth over the span of ten years. Furthermore, the average price per square meter has surged by 122 percent compared to the figures recorded in 2018.
It's not only the settlements surrounding the capital that are witnessing a surge in population growth, but also those in close proximity to Lake Balaton. In Alsóörs and Balatonalmádi, situated on the highly sought-after northern side of the lake, the population has increased by more than 10 percent since 2018. Additionally, house prices in these areas have skyrocketed, rising by 222 percent in Alsóörs and 280 percent in Balatonalmádi over the past five years.
A similar pattern can be observed in the case of Lake Velence, a mere 50 kilometers away from Budapest, where Gárdony and Velence have become increasingly popular among Hungarian residents. The fact that these settlements are part of the greater Budapest agglomeration and also fall within the suburban area of Székesfehérvár may contribute to their population growth. In comparison to 2018, the prices of residential properties for sale in Velence have surged by 105 percent, reaching HUF 805,000 (EUR 2,180), while Gárdony has experienced a 136 percent increase, with prices reaching HUF 771,000 (EUR 2,090).
