Lake Balaton property is entering a new phase. The post-pandemic buying frenzy has cooled, demand has fallen sharply from its peak, and buyers are behaving differently than they were just a few years ago. Yet the most interesting shift is not the slowdown itself. It is that different parts of Balaton are no longer moving together. Waterfront locations remain remarkably strong, the south shore is gaining ground, and some inland holiday-home markets are becoming more favourable for buyers.

I have been watching those changes with particular interest. Andrew and I bought our own property in the Balaton Highlands in 2022, right in the middle of the boom. We loved it from the start and, last year alone, spent roughly seven months living in the countryside. What began as a weekend escape gradually became a second home. That personal experience made the latest market data impossible to ignore.

Anikó has lived in Hungary since 2017 and has owned property in Budapest since 2018 and in the Balaton Highlands since 2022.

The Boom Years are Over

The Lake Balaton property market has not collapsed, but it has changed. During the pandemic, many buyers were looking for more than a holiday home. Remote work made it possible to spend months away from the city, and demand for houses around Balaton surged. Vineyard properties, village homes, and detached houses became highly sought after.

However, according to Hungary Today, citing Ingatlan.com chief economist László Balogh, buyers are now returning to a more traditional holiday-home mindset. Instead of searching for a second residence, many are looking for somewhere to spend weekends, holidays, or generate rental income.

As a result, demand is increasingly shifting towards condominium apartments and newer developments. They require less maintenance, are easier to manage, and often make more sense as investment properties. The dream of owning a place near Balaton has not disappeared. What buyers want from that property is changing.

One Lake, Two Markets

Lake Balaton may look like a single property market, but the latest figures tell a different story. The biggest surprise is the growing gap between different parts of the lake. While waterfront locations continue to command premium prices, other areas are becoming more favourable for buyers. The southern shore saw median prices rise by 9% over the past year, reaching HUF 1.43 million per square metre. Meanwhile, prices on the northern shore edged down slightly. At the same time, parts of the Balaton Highlands saw prices fall by around 10% as more properties came onto the market.

That does not mean one side of the lake is winning and the other is losing. Rather, buyers appear to be prioritizing different things. Some want direct lake access and low-maintenance apartments. Others still prefer vineyards, village life, and panoramic views.

For buyers, that creates something Balaton has not offered for several years: genuine choice.

Bargains are Disappearing

If you’ve been dreaming about finding a cheap holiday home around Balaton, the search may be getting harder. According to the latest market data, more than 40% of properties currently for sale are newly built, while another significant portion have already been renovated. Properties requiring major renovation now account for only a small share of listings.

As a result, buyers are increasingly choosing between newer, move-in-ready homes and premium apartment developments. While that offers convenience, it also pushes prices higher.

This trend is particularly noticeable around the lakefront, where new developments continue to attract both investors and holiday-home buyers. In many cases, new-build properties now sell at a substantial premium compared with older homes. The days of casually stumbling across a bargain cottage near Balaton are becoming increasingly rare.

What I Didn’t Expect

What surprised me most was not that demand has cooled. It was how differently people define the Balaton dream today. When Andrew and I bought our property in the Balaton Highlands in 2022, we weren’t looking for a waterfront apartment. We wanted vineyards, quiet evenings, and somewhere that felt completely different from city life. Four years later, we still love it. Last year alone, we spent roughly seven months living in the countryside.

If you’re not familiar with the winehouse tradition in Hungary, I wrote a full guide to what a presshouse actually is and why so many expats fall for them.

That said, countryside life comes with realities that don’t always appear in estate listings. Properties require maintenance. Tradespeople are not always available when you want them. Renovation projects almost always take longer than expected. We’ve certainly learned that firsthand. Yet I can also understand why many buyers are now choosing newer apartment developments instead. They are easier to lock up, easier to maintain, and often closer to the water.

In other words, today’s buyers may still be chasing the same lifestyle. They’re simply choosing a different way to achieve it.

Other Holiday Home Markets Worth Watching

Lake Balaton may dominate the headlines, but it is not the only holiday home market undergoing change. According to Ingatlan.com, different regions are increasingly serving different purposes. Around Lake Balaton, buyers are focusing more on leisure and investment properties. Meanwhile, Lake Tisza remains a more traditional holiday-home destination, with seasonal use continuing to dominate.

Elsewhere, the picture is changing even more dramatically. Lake Velence is increasingly attracting permanent residents rather than holiday-home buyers, thanks to its location between Budapest and Székesfehérvár. The Danube Bend is experiencing a similar shift, with more buyers treating it as an extension of the Budapest commuter belt rather than a weekend escape.

Perhaps the most interesting takeaway is that location alone no longer tells the whole story. A holiday property near Balaton, a house near Lake Velence, and an apartment in the Danube Bend may all appeal to very different buyers, even though they are often grouped together in the same market reports.

FAQ

Is now a good time to buy property near Lake Balaton?

Yes, for many buyers 2026 may offer more opportunities than the peak pandemic years. Demand has cooled in several areas, more properties are available, and buyers generally have more choice. However, waterfront locations and premium villages remain expensive. The best time to buy depends on your budget, goals, and whether you are looking for a holiday home, investment property, or permanent residence.

Which side of Lake Balaton is more expensive?

The northern shore has traditionally been the more expensive side of Lake Balaton, thanks to destinations such as Tihany and the vineyard villages. However, the gap is narrowing. Recent data shows strong growth on the southern shore, particularly in areas with newer apartment developments and direct waterfront access. Prices can vary significantly even between neighbouring towns.

Are waterfront properties still the most expensive around Balaton?

Yes. Properties located directly on or near the waterfront continue to command some of the highest prices around Lake Balaton. Locations such as Balatonakarattya, Balatonföldvár, and Tihany remain among the most expensive markets. Distance from the water is still one of the biggest factors influencing property values throughout the region.

Why are more buyers choosing apartments instead of houses?

Many buyers are prioritising convenience. According to Ingatlan.com economist László Balogh, demand is increasingly shifting towards condominium apartments and newer developments because they require less maintenance and are easier to manage. For people using a property as a holiday home or investment, a lock-up-and-leave apartment can be more practical than a detached house.

Are holiday home markets outside Balaton still worth considering?

Yes. Lake Tisza, Lake Velence, and the Danube Bend are all evolving differently. Lake Tisza remains a more traditional holiday-home destination, while Lake Velence and the Danube Bend are increasingly attracting permanent residents and commuters. Buyers should consider how they plan to use the property rather than focusing solely on the location.

The View from my Terrace

The Balaton dream certainly hasn’t disappeared. If anything, it has become more personal. Some buyers want a waterfront apartment they can lock up and leave behind. Others are still looking for vineyards, village life, and a slower pace of living.

If you saw my social media recently, you probably caught a glimpse of the renovation projects at our Balaton Highlands property. Andrew spent countless hours rebuilding and improving. Like most countryside properties, the project list never really ends. There is always something to fix, upgrade, paint, trim, or maintain. Yet the rewards are hard to measure in property statistics. Summer evenings on the terrace, vineyard views, and the chance to step away from city life keep drawing us back year after year.

If you’re considering buying property in Hungary, the chapters on legal due diligence and ongoing costs in How to Hungary: Budapest & Beyond will save you from the mistakes many buyers make.