Huge change coming to the Hungarian real estate market in January?
According to experts, a huge change is coming to the Hungarian real estate market at the beginning of 2023. They believe that there will be properties that will lose their value. Within a few months, the Hungarian real estate market will also adapt to international market trends.
Real estate experts discussed the future of real estate in Hungary at the first Forbes Money Summit. Editor-in-Chief Márton Galambos talked to Ákos Balla – owner and managing director of Balla Ingatlan, László Balogh – leading economic expert at ingatlan.com and Balázs Sándorfi – founder and managing director at Bankmonitor.
These will be the changes in the real estate market
“[…] There is no such scenario where the price of real estates cannot fall”, emphasised Balázs Sándorfi from Bankmonitor. This is also true for the Hungarian market, since the price of several forms of investment and assets is falling because the market affects it. “The European real estate market will experience price increases later, while the American one reacted earlier,” he added. In addition, Ákos Balla from Balla Ingatlan expects a change in the real estate market. Until now, it was a demand market, but now the market has reached a turning point, which is only further supported by the fact that utility costs are also a consideration when buying apartments.
Is a crisis coming?
László Balogh, the leading economic expert of ingtalan.com can already see a coming crisis, writes forbes.hu. In the last period, demand and supply roughly equalised each other. However, in the last one or two months, the situation changed. There are more advertisements than interest in properties, and demand has decreased. László Balogh also points out that the European or American real estate prices are not always relevant for Hungary. As the real estate market is very local, incomes and the proportion of self-owned apartments are different.
Real estate market splits to energy-efficient and inefficient properties
According to László Balogh, after the increased utility bills, the first major move of the real estate market may come in January 2023, reports Index. The real estate market has divided into energy-efficient and inefficient properties. The price of energy-efficient properties may increase at a nominal level, but at the same time, we may be in trouble in real terms. The prices of new apartments, which have produced the greatest growth in recent years, are starting to lag behind the increase in real value. According to the expert, there are enormous opportunities from an investment point of view. If someone buys the properties in poor condition for a good price, renovates and modernises them, they can sell the properties with lower utility costs.
Read also5 things you should know about Hungarian people before you travel to Hungary
Source: Index, Forbes
GLOOM – continues, the 1st of January 2023 just ANOTHER piece of PROPAGANDA – out of the Real Estate – Property Market Profession, “ticked off ” approved from the desk of the responsible Hungarian Politician of the Victor Orban led Government, that LACKS substance of FACT and TRUTH – in what is written contained in this article.
Elementary – “my dear Watson.”
NOTHING has changed for the past 18 months, just in this one important category component of the Real Estate – Property Market game – remembering the VASTNESS of “other” factual reasons – why the Real Estate – Property Markets in Budapest, Hungary – is going through a CARNAGE.
SELLERS over BUYERS – the malformed imbalance – distortion ratio of sellers over buyers – SCARY and WORSENING.
1st January 2023 – PROPAGANDA.
Those people who rent (apartments) are finding it difficult in many countries. Those who have bought condos are in a good position since their monthly condo fee can’t go up without some reasons, usually. Those who already own a house are in the best position if they live in a high demand area w. lots of jobs nearby or places of higher education such as college or university campuses, and their lot is large enough to add a rental unit in the back or side yard. It was like this when I was in my mid 20s and buying my 1st house, it is like that now at age 70 having just bought 2 new houses this summer. The prices have gone up so much for property all around me, but decided that it will keep climbing, even if more slowly. Spare time all has to be used as a way to invest in yourself thru further education or DIY if you want to be wealthy so working away at fixer-uppers has huge rewards in the future.