Budapest’s red-hot housing market has cooled sharply in early 2026, with average asking prices flat at HUF 1.53 million per square meter since January, right at the Otthon Start program’s upper limit.
Inner districts and premium Buda areas saw the sharpest slowdown, while cheaper Pest neighborhoods maintained modest price gains. Zenga.hu analyst Péter Futó says affordable segments still have demand, but premium pricing power has evaporated.
Apartments demand plunge
Buyer interest cratered even faster than prices. After a January spike, inquiries fell 19% nationwide by late April versus last year’s weekly average. Budapest took the hardest hit at 35% below prior-year levels, while rural areas dropped 11%.
Panel and brick apartments saw a 40% plunge in inquiries, while family houses held steady. Listings show just a 0.4% rise over four months, signaling buyers are shunning anything above the subsidy threshold. Transaction volumes are likely to stay depressed through summer.
