Home prices hardly changed nationwide from the first to the second quarter, rising 4pc in Budapest and dropping elsewhere except for a 0.3pc increase in cities in north Hungary, home price indices calculated by the National Bank of Hungary show. After peaking shortly before the financial crisis in late 2007, home prices in Hungary fell in nominal terms until the beginning of 2014 and have risen since then. Excluding Budapest, prices in cities dropped 2pc from Q1, with the sharpest drop, of 5.8pc, registered in cities in the middle of the country. Home prices in villages stagnated in the period. Nationwide, the quarter-on-quarter rise slowed to practically nil – a mere 0.1pc – from 4.8pc in the first quarter. In Q1 the rise was across the board, and Budapest as usual led with a jump of 9.1pc. In a year-on-year comparison, Q2 home prices overall were up 10.1pc. The year-on-year rise slowed from 16.1pc in Q3 2015 and from above 14pc in the following two quarters. In Budapest, Q2 home prices were up 25.3pc year-on-year, in other cities they rose between 1.1pc (in South Transdanubia) and 9.7pc (Middle Transdanubia). In villages they exceeded their levels a year earlier by 3.2pc.
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