MediaTek will release 5g-soc early mid-year for midrange smartphones – Tablets and phones – News

That is not necessary, you have both budget and high end socs for the Mediateks and Snapdragons, the xiaomi redmi note 8 has a snapdragon, and the xiaomi redmi note 8 pro has a mediatek, and the latter is the faster soc.
I also have a Realme x with a snapdragon 710 (midrange) and this phone costs 200 euros.

A 600-700 euro phone should have a high end soc, not a mid end.

The Xiaomi Mi9T Pro is already for sale for 330 euros in the Netherlands, and everything about this device is High end, is of course also because Xiaomi sells their devices pretty much without profit, but that is separate from it.

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