Lawyer's addressLövőház utca 20/A.
1024 Budapest Hungary
Attorney's phone number Tel.: +36 1 316 9233
Law office's fax number Fax.: +36 1 336 0107
Attorney's office e-mail info@drlittner.hu

Skyrocketing apartment prices

napi.hu, 29 January 2019 – As a result of last years’ price increases we need to work years more for an apartment, assuming we save up our entire salary. According to the calculations of a large real estate agency the price of an average apartment in a high-rise concrete block equals 8.5 years’ salary, while an apartment in a brick and mortar building costs the equivalent of 14 years’ salary. The exact figures depend on the job of the buyer, but an average concrete and a brick and mortar apartment cost 103 and 169 months’ average salary, respectively – assuming the buyer is not taking out a loan to finance the purchase.

Employees of the financial sector are in the best position here: their high average salaries enable them to acquire an apartment for 4.5 and 7.5 years’ entire wages, respectively. Naturally, their situation has also deteriorated compared to 2014. Employees in the catering industry are facing the biggest difficulties, but those in health care don’t have it easy either. They need to work 13 years for an apartment in a high-rise and 21-22 years in a traditional building. For catering and health care employees the same figures in 2014 were 8 and 14 years, respectively.

Is it worth moving to the suburbs?

napi.hu, 31. January 2019 – A recent study showed that for the price of an apartment in an old-school condominium apartment or in a popular housing estate you can easily buy a detached house in the suburbs. Apart from the price the lush, green environment and the lower coverage of built-up areas have a strong appeal.

According to another study the unpleasant side-effects of commuting to and from work pose an unexpected burden on those moving to the suburbs. The results showed that people tend to overestimate the positive effects of the suburbs and underestimate the negative impact of commuting, which are probably very difficult to get used to. A German study even expressed these burdens in monetary figures: their calculation shows that 23 minutes of commuter traffic can only be compensated by a 19 per cent higher salary. Overall, they found that commuting is evidently a serious mental and physical difficulty and also a key source of stress for people.