1. Budapest is home to the largest thermal cave system in the world, with over 120 caves, many of which have thermal springs. This unique geological feature has led to the establishment of numerous thermal baths, some of which date back to the Turkish occupation in the 16th century. 2. The city has a rich literary history and is the birthplace of several renowned writers, including the Nobel Prize-winning author Imre Kertész. Additionally, the famous Hungarian poet Sándor Petőfi wrote many of his works while living in Budapest, making the city a significant literary hub. 3. Budapest is known for its ruin pubs, which are unique bars located in abandoned buildings and courtyards throughout the city. These establishments are often decorated with eclectic furniture and art, providing a vibrant atmosphere that showcases Budapest's creative spirit and community culture.
Budapest's housing market is experiencing significant changes and challenges in 2025. The city has approximately 800,000 households, with 81% of residents living in privately owned properties and only 19% renting. This ownership-heavy market has seen substantial price increases, with newly built flats reaching an average of 3,260 euros per square meter in 2023, a 13.9% year-over-year rise. Rental prices have also surged, averaging 11.3 euros per square meter monthly. For young people, housing costs consume 40-60% of their income. Buying a home is increasingly difficult, with an average 75-square-meter apartment requiring more than 12 years of average income to purchase. The social housing sector in Budapest is marginal and shrinking. To address the housing crisis, the city is exploring innovative solutions, including repurposing unused public buildings into energy-efficient social housing and developing early warning systems for households at risk of housing exclusion. The government is considering measures to alleviate the housing problem, recognizing its severity. Despite challenges, the real estate market is expected to grow, with house prices forecasted to increase by 10-15% in 2025. This growth is partly driven by an influx of funds from government bonds and pension savings, primarily affecting properties in Budapest and major towns.
The current Budapest city administration is actively addressing the housing crisis through several initiatives. Their main goal is to significantly increase the share of affordable housing by 2040, aiming to approach the 30-30-40 split (affordable rentals, private rentals, owner-occupied) seen in other European cities. Key programs and activities include: 1. "Home, for Everyone" strategy: Launched in 2022, this plan includes establishing a housing agency to develop non-profit housing initiatives, oversee renovations, and manage municipal properties. 2. Repurposing unused buildings: The city is converting non-residential public buildings into energy-efficient social housing units. 3. Renovation of existing stock: Funds are allocated to renovate low-quality and energy-inefficient public housing. 4. Rent subsidy program: This initiative aims to support homeless households. 5. Housing agency model: The city is working to include privately owned unused or underutilized housing units in the affordable rental sector. 6. Green Panel Building Programme: This pilot project aims to renovate Soviet-era apartments for energy efficiency. 7. Early warning system: A data-driven system to identify households at risk of housing insecurity and provide support services. 8. Cohabitation and flat exchange arrangements: Experimental support schemes for flexible housing options. These initiatives demonstrate Budapest's commitment to creating more affordable and sustainable housing options for its residents.