I've been perusing the Hungarian State Opera website, and I believe I see why the tickets are so cheap. It is not at the main Opera House, but at the Erkel Theatre. That is not say it is not a helluva deal. The cast is all Hungarian with no big International stars. I see even cheaper tickets at the matinee on the 17th. The supertitles will be in Hungarian only (sung in Italian of course)
As a comparison, Parsifal will be at the main Opera House and prime tickets going for 18000 FT (64 USD!). The supertitles will be in both Hungarian and English (sung in German). Again, all Hungarian cast, so they don't have to pay the big bucks for International stars.
About 10 years ago, I got to see Don Giovanni at the Estates Theatre in Prague. All Czech singers, many teachers at the National Conservatory and recent top graduates. Great production and wonderful singing and music in the same theater where Mozart himself conducted the premier.
So I think you found a real gem!
At the Lyric Opera in Chicago, where prime tickets go for $200+, it seems that all of the top singers these days are coming from Russia, Poland, and elsewhere in Eastern Europe.