Five years ago, HUF 25 million was still enough to enter much of Budapest’s used apartment market. Today, the starting point is closer to HUF 50 million, and below that level there is very little available.
At the same time, first-time buyer activity has increased and mortgage-financed purchases have become more common. The explanation is that buyers are using different financing methods to enter the market.
The Entry Price Has Doubled
The clearest change is at the bottom of the market. In 2021, Budapest buyers could still begin searching around HUF 25 million. By 2026, the realistic entry point has moved close to HUF 50 million.
The district-level figures show how far the threshold has shifted. In the IV. district, the cheapest segment moved from around HUF 20 million to roughly HUF 47 million. In the IX. district, it rose from HUF 28 million to nearly HUF 57 million. In the III. district, the lower end moved from HUF 28 million to around HUF 61 million.
For many first-time buyers, these lower-priced apartments are not a preference. They are the most realistic entry point into ownership. When prices at the bottom of the market double, the required deposit, loan amount and monthly repayment rise with them.
The Same Apartment Can Produce Very Different Monthly Costs
Bankmonitor’s analysis of MNB data illustrates how important the type of loan selected has become. For a 45-square-metre Budapest apartment purchased with the minimum deposit and a 25-year loan, the property value used in the model was HUF 56.2 million in December 2025.
The total amount needed upfront, including acquisition tax, was HUF 7.9 million. The loan amount was HUF 50.58 million.
The monthly repayment differs sharply depending on the loan type. With Otthon Start, the repayment was calculated at around HUF 240,000 per month. With a market mortgage, it was around HUF 341,500.
Against an estimated Budapest net average salary of HUF 621,585, the Otthon Start repayment represented around 38.6% of one average net income. The market mortgage represented nearly 55%.
The same apartment therefore creates a monthly repayment difference of more than HUF 100,000 depending on whether the buyer qualifies for Otthon Start.
Otthon Start Has Changed Who Can Buy
The MNB’s May 2026 housing market report shows how strongly the programme has affected the market. In Budapest, the share of first-time buyers increased from 25% to 40% within a year. The share of homes purchased with credit rose above 60% in the first quarter of 2026, compared with 36% before the programme.
The mortgage market changed even more dramatically. The share of subsidised housing loans increased from 23% of housing loans to 81% by the first quarter of 2026. By March 2026, banks had signed 33,200 Otthon Start loan contracts worth approximately HUF 1,161 billion.
The average Otthon Start loan was around HUF 35 million, while roughly 90% of these loans financed used homes.
The growth in first-time buyers has occurred alongside the rapid expansion of Otthon Start lending, suggesting that access to lower-cost financing has become one of the main drivers of transaction activity.
Sellers Are Increasingly Dealing With Financing Questions
For sellers, the important question is no longer simply whether a buyer likes the apartment. The important question is whether the buyer can secure the loan, provide the deposit and satisfy the bank's lending criteria.
This does not make mortgage-financed buyers weak. Many serious buyers now rely on financing because current prices make using financing unavoidable.
A purchase that once required savings and a standard mortgage may now depend on Otthon Start eligibility, family support for the deposit, an additional borrower and bank approval arriving on schedule.
As a result, buyers who appear equally serious during a viewing may be in very different positions once the financing process begins.
The Route To Ownership Has Changed
Higher prices have not removed buyers from the market. Instead, buyers have adjusted how they finance purchases.
Some qualify for Otthon Start. Some rely on family support to increase their deposit. Some purchase smaller apartments than originally planned. Others move their search towards less expensive districts.
A few years ago, many purchases could be completed with savings and a standard mortgage. Today, the same purchase may depend on Otthon Start eligibility, family support, an additional borrower and bank approval. The properties themselves have not changed. The way buyers finance purchasing them has.