An unprecedented change occurred in the Hungarian real estate market!
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The Hungarian real estate market is undergoing a massive change. The demand for apartment buildings for sale and rent in Budapest remains the same though. However, all in all, fewer buyers are looking for apartments, and people are more willing to sell their properties for a cheaper price. Read our article to find out what to expect in the Hungarian real estate market!
High demand for Budapest apartments remain the same
Since the beginning of November, the demand for Budapest rentals and apartments for sale had been essentially the same, writes 24.hu. Throughout November, ingtalan.com data showed only a slight 2-4 percent fluctuation rate among rentals and properties for sale. Interestingly, this occurred despite the fact that there are way more apartments available for sale than for rent. Buyers in Budapest could choose from 31,250 apartments, while those looking for a sublet in the capital could only pick from 7,150 offers.
What triggered the change in Hungarian real estate?
According to László Balogh, a leading economic expert of ingatlan.com, the reason behind the new trend was that buyers usually waited out the right time to buy or rent real estate. “Due to the current uncertain economic climate and the high-interest rates on home loans, even those with urgent plans had to postpone purchasing a new home. Many buyers bridged that period by renting. In addition, at the end of the year, the number of inquiries for apartments for sale is traditionally lower”, says László Balogh.
