Brutal price fall expected on Hungarian property market in next 2-3 years
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Second-hand flats and houses may lose HUF millions (EUR thousands) of their value in the next 2-3 years. Will Hungary become a new Mecca for property investors again?
The last couple of years saw a brutal hike concerning real estate prices in Hungary. Currently, a couple with an average net income has no chance to buy a flat even in the long run because they cannot save that much money and interest rates are very high due to the high base interest rate introduced by the Hungarian National Bank in 2022 to protect the forint’s value.
According to Blikk, a Hungarian tabloid, in the next 2-3 years, even a 10-15% price decrease is possible on Hungary’s second-hand property market. Based on the latest data of the Hungarian Central Statistical Office (KSH), the price of second-hand flats decreased by 3% compared to H1 2023. László Balogh, a leading expert, said that property worth HUF 70 million lost HUF 1 million of its price in just months. He added that on an annual level, there is a stagnation in the market. Provided the trend continues, property prices could settle at a lower price level.
Greed there “Modus Operandi.”
The escalated – unjustifiable – no true Economic RATIONAL – no attention paid – to the state of the Hungarian Economy, that even prior to February 2020, the arrival of the Corona Virus, those that new Economic where being transparent in telling the Orban Government – and ALL – that property prices skyrocketing in Hungary, to buy into that market was FRAUGHT with high RISK.
The Real Estate industry, predominantly by there own GREED, – they pushed the property market in Hungary, and the rightful CARNAGE that has been evident in this industry, for over 2 years nearing 3 years continues – and will WORSEN.
Fundamentals haven’t CHANGED post February 2020.
SELLERS to Buyers ratio – dangerously disproportioned.
SELLERS are dominant.
Hungarian Economy – continues in all its componentry to WORSEN – horrendously.
We build on – new apartments, flats, houses, renovations, new hotels, renovated hotels MINDBOGGLING – in the MASSIVE fragility of the Hungarian Economy – our FUTURE.
We build on.
Relax….it’s like this everywhere in the western world….they will all collapse