Hungarian house prices increase by 40 percent in just two years

Hungarian house prices have increased by a huge 40 percent in just two years, it has been reported today.

According to Hungarian news agency MTI, mortgage bank FHB reported the rise up until March of this year, following the past two year's data.

Adjusted for inflation, home prices have reached their highest level since the middle of 2009, the bank reported.

Compared to last year as a whole, average prices in the first quarter of the year, focused on central Hungary, saw the highest rise of 18 percent.

In the same year, western Hungary rose by 17 percent and northeastern Hungary by 16 percent, while in northern Hungary prices were up by 6 percent, data compiled by FHB shows.

The news follows a credit rating upgrade by rating agency Standard and Poor's, which has upgraded Hungary to investment grade

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