Hungarian real estate demand trends: Sustainability and cost-effectiveness
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The Hungarian housing market has experienced a shift in demand towards sustainable, cost-effective options. Experts believe the market has reached a turning point after nine years of growth, which was temporarily disrupted by the COVID-19 pandemic. The demand for energy-efficient housing, particularly panel apartments, has increased, while other types of housing may see price decreases due to decreasing demand and increased negotiation room for buyers.
Prudent buyers
The Hungarian newspaper Magyar Nemzet recently contacted OTP Ingatlanpont (a Hungarian real estate agency network) to find out more about the current trends in the Hungarian housing market. In their response, they explained that
buyers are more prudent, assessing their financing options and risks, and the level of maintenance costs has become a much more important consideration than before.
As a result, the demand for homes with good energy efficiency has increased.
Meanwhile, in terms of other types of housing, the sellers may experience a decreasing demand. Although some sellers are not willing to reduce the prices, buyers have an increased negotiation room. However, according to the experts, the rising credit rates, economic uncertainty, and growing winter utility costs may cause even the most determined sellers to adapt to the declining demand. Therefore, there is a high possibility that these sellers will reduce their prices by early 2023.
