House prices, including purchases of both new and existing houses and flats, grew by 9.7% in 2018 in Hungary, above the 4.4% average price increase in the European Union, Eurostat data shows. Since 2014 the pace of home price increases has been above the EU average in Hungary in every year, with the steepest rise seen in 2016 when prices jumped by 13.4%.
Last year home prices in the region also increased, although at a smaller rate than Hungary. Home prices in Poland were up 6.6%, in Slovakia by 7.4% and in the Czech Republic by 8.6%.
The home ownership rate in Hungary has slightly declined in past years, falling from 89.8% in 2012 to 85.2% in 2017 but still being well above the EU’s 69.3% average. The fall in home ownership has been accompanied by a rise in renting as 14.8% of Hungarians were renting their home in 2017, compared to a 10.2% rate in 2012. The share of home renting in the EU has been broadly steady around 30.7%.
Eurostat reports that in 2017 10.7% of Hungarians felt that housing costs were overburdening, which is up from the 8.5% rate in 2015 but still below the 14.7% high in 2012. The EU average was 10.4% two years ago.