Downtown real estate market is booming in Budapest
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Despite inflation, the city centre property market is booming. Those who had given up on renovation and resale are becoming active again. AirBnB is also on the rise. Read below for more information on the newest trends on the Hungarian real estate market.
Deterioration in credit conditions resulted in less buyers
“Of course, the real estate market is not unaffected by what is happening in the world and especially in the Hungarian economy,” says Ben-Ezra Orran, an expert at Central Home. Raising the base rate is an important tool to curb high inflation, napi.hu writes. This in turn will, of course, drastically reduce the number of loan applicants. And although new-built properties have clearly been the best-selling in recent years, the deterioration in credit conditions has led to a marked fall in the number of buyers.
The most attractive apartments on the real estate market
Ben-Ezra Orran added: “In our area, in the centre of Budapest, it actually seems that the number of potential buyers who are specifically looking for good bargains has increased.” He also said that right now, the most attractive ones are the apartments that are being renovated and which, after some renovation, could be suitable for AirBnB activities, i.e. short-term rentals.