Budapest enters 2027 with a strong forint, slower property-price growth and more homes on the way, giving euro-based investors a possible currency discount if the forint retreats from today's unusually firm level.
Research date: 27 September 2026
A HUF 70 million Budapest apartment cost roughly EUR 192,000 at the official 25 September 2026 rate. At HUF 400 to the euro, the same unchanged forint price would cost EUR 175,000. The property would be almost 9% cheaper before the seller reduced a single forint.
That is the overlooked 2027 story. The forint is strong, Budapest price momentum has cooled and developers have started making selective concessions. A weaker currency is not guaranteed, but it could give foreign investors a second discount on top of better negotiating conditions.
In Brief
- The official EUR/HUF rate was 364.42 on 25 September 2026. A move to 380 or 400 would reduce the euro cost of an unchanged forint-priced apartment by about 4% or 9%.
- Budapest apartment prices fell 0.6% quarter on quarter in Q2 2026, while annual growth slowed to 8.3%.
- Asking rents in Budapest were still 5.2% higher year on year in August, preserving an income-growth story even as purchase-price momentum weakened.
- The new-build pipeline is large, but 78% of available units were scheduled for completion only in 2027 or 2028. The best opportunities are likely to be project-specific.
The Strong Forint Is Part of the Property Price
The Hungarian National Bank's official rate was HUF 364.42 per euro on 25 September 2026, an unusually firm 2026 level. For a foreign buyer, that makes Budapest more expensive in euros today even when the local asking price does not move.
| Unchanged Budapest price | EUR/HUF rate | Cost to a euro buyer | Difference from 364.42 |
|---|---|---|---|
| HUF 70 million | 364.42 | EUR 192,086 | Base |
| HUF 70 million | 380 | EUR 184,211 | 4.1% cheaper |
| HUF 70 million | 400 | EUR 175,000 | 8.9% cheaper |
Forint weakness is plausible because the currency remains sensitive to fiscal news, energy imports, risk appetite and the future interest-rate gap. MBH analysts said in September that the earlier optimism had faded and adverse news was again moving the exchange rate more visibly.
It is not a one-way consensus. KBC's September outlook kept EUR/HUF near 362 to 365 through the first half of 2027, while MBH forecast a 365 annual average. The investment case should therefore use scenarios, not pretend to know the exchange rate. A buyer waiting for HUF 400 risks a higher property price, while a buyer entering now risks a lower euro value if the forint weakens after purchase.
The useful principle is simple: compare Budapest property in both currencies. For a new euro-funded buyer, a weaker forint improves purchasing power. For an existing owner measuring wealth in euros, it reduces the euro value of the asset and its rent unless local prices and income rise enough to compensate.
The Market Has Changed Speed
After an exceptional rise, the Hungarian National Bank's house-price index recorded a 0.6% quarterly fall in Budapest in Q2 2026. Annual growth slowed from 15.9% to 8.3%.
Prices were still higher than a year earlier, but sellers could no longer use the previous surge to validate any asking price.
Budapest had become expensive faster than its rental income could follow. The central bank estimated Hungary's nationwide housing market to be 22.5% above the level justified by fundamentals at the end of 2025. It also found investors becoming more cautious as yields fell.
A slower market gives buyers time to compare buildings, inspect condominium finances and negotiate on imperfect units.
The 2027 Supply Wave Is Real but Uneven
The May 2026 Housing Market Report counted 22,000 homes in projects under development or sale in Budapest, up 46% in a year. By March, 9,490 were available to buy, a record in the central bank's series.
The local detail is more useful. The Budapesti Lakáspiaci Riport survey reported 9,747 available new homes in Q3, but 37% were scheduled for 2027 and 41% for 2028. Only 9% were complete. Sales fell 38% from the previous period, and 54% of units with a changed asking price were marked down.
Many developers have inventory, but a discounted unit due in 2028 is not equivalent to a completed apartment producing rent in January.
Small one- and two-room apartments made up 63% of Q3 new-build sales. That supports liquidity, but generic investor units will face more competition. Layout, transport and the immediate tenant catchment will matter more than a new-build label.
Rental Demand Still Gives Budapest an Edge
Purchase prices paused before rents did. The Hungarian Central Statistical Office and ingatlan.com rent index showed Budapest asking rents rising 0.9% in August and 5.2% over twelve months.
A consistent September 2026 Global Property Guide asking-data comparison put the gross yield on three-bedroom apartments at 5.63% in Budapest, above Bratislava, Vienna and Prague, though below Warsaw. The central bank's broader model produced roughly 4.2% in early 2026. The methods differ, but both require costs to be deducted. A weaker forint would improve the euro entry price while also lowering euro rent at unchanged local rates.
Use gross and net yield consistently. Vacancy, maintenance, management, common charges and tax all sit between an asking-rent calculation and cash received.
One District Has Already Repriced Its Rental Strategy
District VI, Terézváros, banned short-term apartment rentals from 1 January 2026 after Hungary's Supreme Court allowed the local rule to take effect. The municipality has since monitored online platforms and opened enforcement proceedings against suspected illegal operators.
According to data reported by Telex, enquiries for long-term rentals in District VI rose 32% year on year while demand for Budapest rental listings as a whole fell 11%.
Do not capitalise prohibited tourist income. Apartments returning to long-term use may deepen the conventional rental market, but district policy is now part of the asset.
What an International Buyer Should Price In
European Union citizens can buy on the same conditions as Hungarian citizens. Many non-EU buyers require government permission. Property transfer duty is generally 4% up to the statutory threshold, before other costs.
Model the property in both forints and the investor's home currency. Do not count a favourable exchange-rate move inside expected property appreciation.
See What EUR 250,000 Buys in Budapest and compare new-build with existing property before choosing a completion or renovation risk.
The 2027 Investment Test
| Signal to watch | Positive reading | Warning reading |
|---|---|---|
| EUR/HUF | A weaker forint lowers the euro entry price | Existing euro value and rent also translate lower |
| New-build inventory | More choice and negotiable terms | Delayed delivery and undifferentiated small units |
| Rents | Continued growth supported by tenant demand | Rent growth falls below ownership-cost growth |
| Resale pricing | Wider discounts and better building selection | Sellers continue to price from the previous boom |
| Regulation | Clearer long-term rental rules | District restrictions change the intended use |
The base case for 2027 is a slower, more selective market with no dependable currency windfall. Strong assets should still benefit from Budapest's transport, universities, international demand and accessible entry price compared with Prague or Vienna. Weak assets will no longer be carried as easily by general momentum.
That is a healthier setup for an investor willing to inspect the details. Budapest's pipeline may improve choice before it materially expands completed supply. If the strong forint also retreats, a euro buyer may receive a currency discount that the local price index never shows. The opportunity is real, but it belongs in the upside case until the exchange rate moves.
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This article is for general educational purposes and is not personalised investment, legal or tax advice.