These are the losers of the real estate market turnaround in Hungary
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It is taking longer and longer for properties to sell in Hungary. However, apartments and flats are still selling within weeks, according to the latest analysis from ingatlan.com. With less demand, landlords have started to lower their asking prices. But who are the losers in this situation that the Hungarian real estate market is in?
Turnaround in the real estate market
There is already uncertainty in the housing market. This is partly due to slowing economic growth, high inflation and rising household spendings. As a result, purchasing power has also weakened, which is dampening housing market dynamics, Index reports.
However, to avoid a serious slowdown, sellers also need to adapt their pricing to the situation. According to an analysis by ingatlan.com, this can be measured by the time it takes to sell, so they have now looked at how long it took for residential properties in different municipalities to find a buyer between October and mid-November.
Smaller apartments are selling well
The trend in selling times clearly shows that the smaller floor area, less than 40 square metres, prefabricated and brick-built apartments are selling very quickly in Budapest and in the big cities. On the one hand, they are cheap because of the floor space, and they are also the most attractive for investment buyers. In the period under review, the average time to market for a panelled apartment in Budapest was 45 days, with those under 40 square metre taking only 36 days to sell.