Beware: these real estates will soon be unsellable in Hungary!

Change has begun in the real estate market due to the increase in overheads. More and more people are deciding to sell their properties with high utility bills, but the question is whether there will be buyers for these properties in the future.

No significant shifts yet but changes can already be seen and felt

In the short term, the new overheads rules have not yet caused a shift in the real estate market, changes can be expected in the coming months, writes azenpenzem.hu. It is expected that the bills in November and December will show how many savings have been made or how much maintenance costs may increase.

“Traditionally, most people decide on a possible housing change at the end of the year, during the Christmas period, which will only be felt in the housing market in 2023,” says László Balogh, chief economic expert at ingatlan.com.

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At the same time, change has already begun, with many people thinking about selling their large family home. Zoltán Gadanecz, the founder and owner of GDN Real Estate Network, said that more and more desperate clients are coming to the real estate offices to calculate the new energy and gas price regulations.

Sustainability is the future

Gadanecz reported that there have been cases where a prospective buyer has withdrawn from a house of higher value because the rent would have been so high that it was worth walking away from the deal even if the down payment was lost.

According to Gadanecz, everyone will look for something that is unique and low-consumption, and that is likely to remain economical to maintain in the long term. Heat-pump and electric solutions, even with the addition of solar panels, are popular solutions.

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According to Csaba Nagy, an expert at Balla Real Estate, the increase in overheads is also completely rearranging the rental market, which does not favour larger properties with outdated heating. For the types of property affected by the rent increase, either the landlord will be forced to make significant rent reductions or there will be no tenants.

For the time being, it seems that more and more landlords are trying to avoid the risks of rising overheads, as shown by the fact that the percentage of people asking for a 3-month deposit for their rental property was not this high two years ago, according to Rentingo.com’s analysis of July data.