Real Estate on Lake Balaton is Already More Expensive Than in Budapest
December 01, 2022
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Buyers in the Zala district spent 42% more on real estate this year than in 2020.
A recent survey showed that property buyers in Hungary are facing a sharp rise in prices on Lake Balaton. Moreover, real estate prices around Balaton are already higher than in the capital city.
Details. According to Világgazdaság, the average property in the Zala district in western Hungary is now worth 10 million forints (€24,600) more than two years ago. This county owns the western end of Lake Balaton, and influences the growth of prices in the region. Real estate buyers spent 42% more in the district this year than in 2020.
One of the most famous places on the shores of Lake Balaton is Kesthey in Zala County, where investments are constantly growing and new projects appear here and there. In addition, a multi-billion dollar renovation of the Helikon Hotel on the beach has recently been completed, which has further improved the quality of the village.
Prices. The average price per square meter of new buildings for sale in Kesthey exceeds 1.8 million forints (€4,420). In Budapest, on the contrary, the price per square meter of such real estate is about 1.4 million forints (€3,440). At the same time, the price per square meter of secondary real estate is already 1 million Hungarian forints (€2,450).
Context. Zala County is the fourth least populous county in Hungary, the sixth by area, and the fifth by population density. However, it is among the top five by the number of settlements, ranking third in this indicator in the country.
Average prices per square meter in the western district are growing due to the popularity of holiday villages and a growing number of people looking for new buildings on Lake Balaton.
According to Karoly Benedikt, head of public relations and analysis at the Hungarian real estate agency Duna House, Zala is experiencing an influx of people moving to the agglomeration. The pandemic has made real estate in suburban settlements more in demand.
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