Districts
Geographically, Budapest is divided by the Danube to Buda in the west and Pest in the east. Administratively, the city is made up of 23 districts, each with an independent administration and municipal government as well as having distinct historical, architectural and urban characteristics, which determine the character and the typology of the home.
Buda, the western part of Budapest, has always been a more residential-oriented and exquisite zone for the city dweller. Quieter, mountainous and less densely built than the other side, Buda is constituted of the districts I, II, III, XI, XII and XXII, of which districts I, II and XII are the most highly priced in terms of one square metre of floor space.
Pest, located on a plain at the east side of the Danube, has a very urban feel and is the political, administrative and financial centre of the city. The greater part of the city’s population lives in Pest. With the expansion of Budapest and the development of the infrastructure, the city has incorporated various, formerly peripheral districts, which have also become targets for investors on the real estate market.
Pest is constituted by districts IV, V, VI, VII, VIII, IX, X, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX, XXI and XXIII. The Pest districts with the most perspective, where investments have undergone the highest revaluation during recent years are the districts V, VI, VII, VIII, IX, XIII and XIV.
To give a more in-depth overview of the various groups of districts, the following major classification can be made in Buda and Pest:
Districts II and XII
Situated on the prestigious Buda hills, these districts are preferred by the Hungarian upper class, diplomats, foreign expatriates, etc. Newly built developments here are of high quality, with the exterior and interior design of buildings harmonising with their natural environment. Prices in these choice districts are in the range of €2,500-4,000/m2. Real estate operations in these districts ensure certain profits taking into consideration the substantial revaluation expected on the long run.
Districts V, VI, VII
These central Pest districts are tourist centres of high historical and architectural value. Most ministries, the financial centre and the best hotels and restaurants are situated here. The famous Andrássy Avenue, a World Heritage site is located in district VI. The Opera House, several theatres and various high-profile commercial outlets of international fame are found in the neighbourhood. District VII is the famous Jewish quarter of unique architecture. Prices of new homes in these districts are in the range of €1,600-4,000/m2, and even €5,000-6,000/m2 in some centrally located luxury developments. Most new buildings consist of medium and high-quality homes and luxury apartments in some developments.
Districts VIII and IX
The main attraction of these central districts, situated close to the historical city centre, is the steady increase of domestic demand due to the major rehabilitation programs of entire blocks carried out by the district governments and the high number of new residential developments. The average prices in these districts are in the range of €1,300-1,800/m2. Considering the currently low prices of residential property, these districts bear the promise of major revaluation in the future.
Districts XIII and XIV
District XIV is a traditional residential district whose attraction lies in being an extensive green zone within a largely urban Pest, while still being close to the city centre. Recent years have seen the completion of a great number of new residential developments in these districts, including housing estates with a wide range of services. Average prices in district XIII are in the range of €1,300-1,700/m2. Prices are slightly higher in district XIV, due to the more residential character of the area, ranging between €1,400-2,000 per square metre. Demand for homes in these districts is high. Flats tend to sell before completion, promising a high rate of revaluation due to their currently very reasonable prices.
