Giant boom in real estate sector at Balaton – 2020 a record year

We have met with a threat never seen before and it forced us to stay in our homes for just about an entire year now. People cannot really travel abroad and living in a small apartment can be challenging. Everyone expected that the real estate market would plummet in Hungary big time. But that is not what has happened.

A lot of people who had money saved for travelling but could not go abroad due to the coronavirus measures went ahead and visited Balaton, the Hungarian sea. But some people decided to purchase real estate in Hungary’s largest lake and this has lead to a record-breaking year in 2020 on the real estate market. The very opposite of what most people have expected.

Index asked two realtors about the phenomena and their experience. For the most part, both László Gyarmati from Lido Home and Jószef Máhl from Duna House have agreed that despite expectations,

the real estate sector is booming and the demand for houses near Balaton are very high. They also said that most buyers prefer to pay with cash.

“There has been an outstanding demand for properties around Lake Balaton before, but even that has increased due to the coronavirus. More people want to buy real estate than there are properties to sell, meaning that a demand-market has emerged. As a result of the pandemic, the demand for higher-priced real estate has also increased, as many people expect the long-term growth of domestic holidays, so

they are looking for quality, more expensive houses, holiday homes and newly built flats for their own use, but also for investment purposes,” – said Jószef Máhl to Index.

Development is also underway around one of Hungary’s most beloved holiday destinations with a new reform beach to be built. To really see how Lake Balaton has changed, you would need to travel back in time and see it for yourself.