Biggest fall in real estate prices since 2009 in Hungary
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The decline in real estate prices has accelerated in Hungary, according to the latest data from the Hungarian Central Statistical Office (KSH) for the second quarter of 2023. On a Q-on-Q basis, prices fell by almost 3% in the worst period of the coronavirus epidemic and at the end of 2009. This percentage is similar to the second quarter of this year, according to a recent analysis by ingatlan.com.
Fall in real estate prices
24.hu writes that in the second quarter of this year, the price of second-hand residential property fell by 2.9% compared to the previous quarter, according to KSH data. A similar decline was recorded in the last quarter of 2009. Even during the months of the pandemic lockdowns, the quarterly price decline was only 2.8%. László Balogh, Chief Business Expert at ingatlan.com, says:
The latest data confirm the trend that was already apparent from the evolution of supply market prices. The fall in prices is mainly due to a fall in demand caused by high interest rates, which can no longer be ignored by home sellers. Owners interested in selling are now having to reduce the price of their properties, which could be good news for buyers.