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Government decision turns Hungarian property sector upside down
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Thousands of Hungarian families may sell their small flats and houses in the next few months and buy new, larger ones. That is because the government is to abolish the CSOK family property allocation scheme in the big cities and Budapest in 2024.
According to Pénzcentrum, the purchases will bring a new boom to the shrinking Hungarian property market. Based on the latest analysis of ingatlan.com, families having three or more children will probably sell their properties to buy a larger one before the government’s family real estate buying support scheme expires.
Mostly families with 35-45-year-old parents will sell their small properties by the end of this year to buy a new one. Based on data, 120,000 households are raising at least three children. By the end of 2022, 80,000 of them utilised the CSOK support.
Read also:
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