Expert shared when prices will start to increase again in Hungary’s property market

In February, buyers retained their upper hand in Hungary’s property market. However, experts shared when prices can rise again. And that will happen sooner than most people expected.
According to 10perc.hu, in some segments of the Hungarian property market, experts expect a price decrease. However, this summer, buyers will face a slow increase in prices again. It may last 3-4 years until prices reach the pre-crisis level. Interestingly, property prices in Hungary are still lower than in the neighbouring countries.
The fall in Hungary’s real estate market started eight months ago when it became clear that the government’s utility price cap scheme was no longer retainable. As a result, houses and apartments with high utility costs suffered significant price decreases. Furthermore, thanks to inflation, demand dwindled, and supply remained constant.
Zoltán Gadanecz, the owner and founder of the GDN Ingatlanhálózat, a real estate agency, said a slow increase in the sector would start during summer. However, nobody expects a spike like what we saw after the pandemic.
Furthermore, Mr Gadanecz highlighted that investors would also return to the market. Moreover, there will be a lot of companies which will no longer rent an office because that will not be worth it. Instead, they will buy one. That is how they can save money later on the utility prices.
Banks offer loans with an interest rate of around 8 percent, which is not very high, he cleared.
Source: 10perc.hu