In modern market economies residential real estate prices, price shifts and their correlations with macroeconomic factors are surveyed quite frequently. However, in contrast with the wide scope of foreign examples, so far existing analyses in Hungary have ignored examining relation and extensity of macroeconomic indicators and failed to examine their effect on real estate pricing. The scope of this survey is to highlight these potential correlations and thus develop new aspects of analysis. Although the examination needs further extension both in time and space, the results of this survey may help to understand the importance of the responsible management of the most precious element of national wealth from the perspective of sustainable rural development.
Based on my preliminary results, there exists a strong correlation between the number of inhabitants of a settlement and the average real estate prices. Nevertheless, the correlation seems to be significant only for cities. In the case of smaller settlements the correlation still exists but at a lower level. As opposed to the results of former publications and my own expectations, no direct link could be tackled between the amount of income tax paid by private individuals and real estate prices either in the cities or in the villages within the territory and time span examined in my analysis. Although this correlation is measurable on a macro-economic level, my micro-regional analyses revealed the complexity of asset pricing and price volatility. Continuing this survey, my goal is to identify the hidden factors influencing real estate prices, whose thorough mapping may promote conscious rural development.