The National Bank of Hungary's new house-price index records a nationwide quarterly decline of 1.1% in the second quarter of 2026. Prices fell 0.6% in Budapest and other cities and 2.8% in villages. The nationwide annual rate remained 12.3%, so the quarterly reversal shows slowing momentum rather than an annual fall.
Budapest's annual rate slowed from 15.9% to 8.3%, the rate in other cities from 20.3% to 15.6%, and the rate in villages from 14.4% to 9.3%. Following data-source and methodology improvements, the MNB now publishes the index by the end of the first month after the reference quarter. It also cautions that MNB and KSH indices may differ because their methods are not fully identical.
Related coverage includes our analysis of the 16.5% system-level overvaluation estimate and our report on the KSH first-quarter house-price index. The next MNB house-price index, covering the third quarter, is due on 26 October and will show whether the quarterly decline continued.
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Budapest Global Review: House prices fell across every settlement type. Budapest Global Review, 11 October 2026. https://globalreview.hu/en/cikk/mnb-lakasarindex-2026-masodik-negyedev