Posted November 2026. This post uses October 2026 data from ingatlan.com and Duna House, and covers the end of Otthon Start on 31 October.

This summer, one of Andrea Kamondy’s Budapest listings drew multiple offers and a bidding war. By October, Budapest prices had stalled. Buying property in Budapest now gives you more room to negotiate than you have had in years: asking prices rose just 1.8% in the year to October, the slowest pace since December 2023, while discounts widened and investors pulled back. But it is not a fire sale. Well-priced flats in good buildings still sell quickly, and the government ended the cheap Otthon Start loan with four days’ notice.

Andrew and I have bought homes in Budapest and the Balaton Highlands, and I checked every figure on 12 November 2026 against ingatlan.com, Duna House and the Hungarian Central Statistical Office (KSH). Andrea Kamondy, a Budapest estate agent answered my questions in her own words.

Otthon Start Ended With Four Days’ Notice

Hungary’s subsidised 3% loan for first-time buyers closed far sooner than anyone expected. On 27 October, the government announced that only sale contracts signed by 31 October would qualify. Most buyers had planned around the end of December.

The rush was real but short. Duna House estimates 11,277 home sales nationwide in October, 20% more than in September. Duna House chief analyst Péter Szegő says most of those buyers were not new to the market. They simply pulled their November and December purchases forward.

Wekerle Plusz replaced Otthon Start on 28 October. It keeps a fixed 3% rate for new homes but charges up to 5% on used ones. It is open to first-time buyers aged 18 to their 45th birthday, and it requires five years of living in the home, with no letting. My Wekerle Plusz guide covers the details.

Prices had cooled long before the deadline. Ingatlan.com’s chief economist, László Balogh, says Budapest price growth is now below inflation, which means prices are falling in real terms.

Can You Really Haggle in Budapest Now?

Yes, but how much depends on the flat. Duna House says the typical discount off the asking price in Budapest has grown from about 1% a year ago to 4% to 5%. Andrea warns against reading that as a rule:

“There’s definitely more room for negotiation now, but I wouldn’t say that every property is suddenly selling for 4-5% less. It really depends on the property and how realistically it was priced in the first place. Some sellers still have unrealistic price expectations, and those are usually the properties where there’s more room to negotiate.”

Her own summer sale shows how fast things change. “There was a lot of interest in the property, we had multiple offers and even a bidding situation. The buyer ended up purchasing it with an Otthon Start loan.” That was a different market, she says, but it shows how much demand varies from one flat to the next.

So which homes still hold their price? “A well-renovated apartment in a good building, with a practical layout and a desirable location, tends to hold its value better, especially when there isn’t much comparable stock available,” Andrea says. She compares the asking price with the real market value before she advises anyone on an offer.

Cash Buyers From Abroad Have a Window

International buyers paying cash may face less competition, at least for now. Andrea thinks it is too early to judge the full effect of the new loan rules. “Subsidised buyers aren’t disappearing from the market altogether,” she says, because Wekerle Plusz has simply replaced Otthon Start with different conditions.

International buyers also tend to want different flats from first-time Hungarian buyers. Andrea does not expect the change to hit every part of the market equally.

“For foreign buyers, especially those buying with cash, this could mean more choice and less pressure to make quick decisions. I would also suggest taking another look at properties that may have seemed overpriced a few months ago, as some sellers might be more flexible now.”

She does not promise bargains, though. “I wouldn’t assume every seller is suddenly willing to accept a lower offer. My advice is to do your homework, look at comparable properties and negotiate where it makes sense. A good property at the right price will always attract interest.”

Pick the Purpose First, Then the District

Andrea starts every search with one question: what will you do with the flat? The district comes second.

• Central living or long-term letting: parts of Districts VI, VII and VIII. She singles out the Palace Quarter in District VIII for “beautiful buildings, a great location and a real neighbourhood feel”.
• Quieter, greener, more residential: District II, and parts of Districts III and XI.

Prices across those areas vary widely. Ingatlan.com puts used flats at close to HUF 2m/m² (about €5,500) in District V. In District XXIII, the cheapest, they cost HUF 940,000/m² (about €2,580). District XIII has the biggest choice, with nearly 3,700 listings at about HUF 1.6m/m² (about €4,400).

Andrea’s warning matters more than any average. “Even within the same district, two streets can be completely different. And two apartments in the same street can have very different values depending on the building, layout and condition. So for me, it’s always about finding the right property rather than chasing a particular postcode.”

What You Can Do From Abroad, and What You Can’t

More than most people expect. Andrea has sold several flats without meeting the owners at all. “They were abroad throughout the entire process, and we managed everything without them having to come to Budapest.”

For owners selling from abroad, she often does far more than list the flat. “I can organize everything from preparing the apartment for sale, arranging cleaning, repairs or renovations if needed, to coordinating with contractors, the building management and lawyers. I basically become their point of contact here in Budapest.”

Buyers can shortlist, view by video and negotiate remotely. Her one firm line is the inspection:

“I would never recommend buying without having someone you trust physically inspect the property. Photos and videos don’t tell you everything. You can’t smell damp, properly judge street noise or always see potential problems with the building.”

She brings in a lawyer for the legal checks and a specialist for the building’s condition when needed. For the legal side, I send readers to property lawyer Dr Tünde Harron.

Your Agent Probably Works for the Seller

This is the surprise Andrea sees most often in North American buyers. “In Canada or the US, buyers are generally used to having their own agent representing them. Here in Hungary, the agent advertising the property usually works for the seller.” You can still get help, she says, but you need to know who is on your side.

The deposit catches people out too. It is common to pay a deposit of around 10% when you sign, though the amount is negotiable. On a HUF 60m flat (about €165,000), that is HUF 6m (about €16,500). “Unlike a simple advance payment, a deposit can have serious financial consequences if the transaction falls through, depending on who’s responsible,” Andrea says. Have the checks done and understand the contract before you sign, and ask a lawyer to read it.

Then there is the building. “You might walk into a rather tired-looking apartment building and find an absolutely beautiful renovated apartment inside. Or the opposite!” In Budapest, Andrea says, buying an apartment means buying into the building as well.

Finally, the extra costs. Most buyers pay a 4% property acquisition tax, unless an exemption or reduction applies. Add legal fees and, often, renovation. On a HUF 60m flat, the duty alone is HUF 2.4m (about €6,600).

Renting Instead? Prices Have Gone Flat

Rents have stopped climbing too. The KSH–ingatlan.com rent index shows Budapest rents down 0.1% in September, though still 5.3% higher than a year earlier. The median asking rent was HUF 260,000 (about €715) a month in early October, exactly where it was a year before. Districts II and V are the most expensive at HUF 350,000 (about €960).

District VI shows what a short-let ban does. Since Terézváros banned short-term lets in January, long-term rental listings there have risen by about a third, and the median rent has slipped from HUF 290,000 to 280,000.

Relocation firm Inter Relocation’s Q3 2026 briefing adds the view from the ground. Landlords are not cutting rents for now, but overpriced luxury flats sit empty longer. More landlords are asking for rent in euros. The firm also reports more fake agents and deposit scams, and more landlords asking tenants to sign an eviction statement at a notary when they sign the lease.

Who Andrea Is and How She Works

Andrea Kamondy is an independent Budapest estate agent and property finder, fluent in English and Hungarian. She helps international clients buy and sell in Budapest, whether they live here or need someone on the ground while they are abroad. She is Hungarian, and her husband is Canadian, so she spends a lot of time in Canada and the US. That is why she can explain the Hungarian process in terms North Americans recognize.

You can reach her through her Expert profile, her website, andreakamondyrealestate.com, or by phone on +36 30 523 8011.

Related Reads and Official Sources

• Otthon Start Is Out. Here Is What Wekerle Plusz Changes: the new loan rules, rates and age limits.
• Hungary House Prices Fall for the First Time: how the cooling started earlier this year.
• Foreign Buyers in Hungary: Who’s Buying What: who buys here from abroad, and the rules that apply to them.
• Official: KSH housing statistics and the duty law on njt.hu.

Your Questions, Answered

Are Budapest property prices falling? Not in cash terms, but they have stalled. Asking prices rose 1.8% in the year to October 2026, according to ingatlan.com, which is below inflation. Duna House recorded a 2% drop in Budapest flat prices in the third quarter. In the year to early October, median prices fell in six districts, including V, XI and XII.

How big is the deposit? Usually around 10% of the price, paid when you sign, though it is negotiable. On a HUF 60m flat (about €165,000), that is HUF 6m (about €16,500). If the deal fails, you can lose it, depending on who is at fault, so have a lawyer check the contract first.

What does buying cost on top of the price? Most buyers pay a 4% property acquisition duty, plus legal fees and often renovation. Reductions apply to some new homes and to some first-time buyers under 35. Ask your lawyer which applies to you.

Can I buy without coming to Budapest? Mostly, yes. Viewings, offers and much of the paperwork can happen remotely. Andrea’s rule is that someone you trust must inspect the flat and the building in person before you commit.

The For Sale Sign Next Door

Andrew and I always keep one eye on the property market, partly from habit and partly from nosiness. This month it got personal: our neighbour’s place, right next door, has just gone up for sale. Duna House says a brick flat in Pest now takes about 96 days to sell, so I have started a quiet countdown. I will let you know.

Meanwhile, the Christmas markets are open and Budapest is at its most persuasive, so if you are watching listings from abroad, look again at the flat that seemed overpriced in June. Bring patience, a lawyer and a friend with a good nose for damp. My ebook walks through the whole process, from tax number to keys, on howtohungary.com.

Andrea Kamondy is a HOW TO HUNGARY Trusted Expert and partner.