Hungarian estate agents divided by the impact of the crisis
Most estate agents in a recent survey said they expect the price of existing properties to fall, according to a report released on Tuesday.
In the quarterly survey conducted jointly by economic research firm GKI and Masterplast in November, 48 percent of 91 estate agents said price of properties in Budapest would stagnate and 33 said they would drop by 1 percent, while only 19 percent said they expect prices to increase.
Property prices in western parts of the country could decrease by 4 percent and in the east by as much as 6 percent, the report said.
Nationwide, 33 percent of agents expect the price of new builds will increase while two-thirds see prices stagnating. New builds in Budapest are seen as rising by 5 percent while increasing by 3 percent elsewhere in the country.
Rents are likely to increase by 4 percent in Budapest and by 2 percent in western parts, while they could drop by 6 percent in the eastern regions, the survey found.
- read also: Huge change in apartment prices in Budapest!
Residents are more cautious with their investments than earlier, with the number of those expressing an intention to buy or build an property 17 percentage points below the level three months ago.
The housing market has dropped steadily in 2022, suggesting a gloomy outlook. The November GKI-Masterplast Budapest housing market index fell by 10 points on a quarterly basis and by 26 points on an annual basis. For the entire country, a contraction of 9 points on a quarterly basis and 27 points on an annual basis is forecast.
2 Comments
The lack of integrity talking fact & truth, not dominated by “what’s in it for them” – coming out of the Property /Real Estate Profession in Budapest, Hungary at this time, that CARNAGE is factually occurring in-side their profession is APPALING.
Sustainability – Stabilization – property / real estate markets – certainly have NOT sustained there overly escalated price range of 2021 and back level of 6 years, the rising prices in the entire markets, that saw – driven by Foreign Investment being in this order – Chinese, Vietnamese & German investors – catapulting the property / real estate markets to the ZENITH prices at year end 2021.
What is near end 2022 – what is going to SUSTAIN the over-all real Estate/Property Markets in Budapest, Hungary???
What is near end of 2022 – what is going to STABILIZE – the Hungarian Economy???
Prevalent questions to ASK and if they can Property/Real Estate Agents – these (2) two questions – and see their capabilities of factually answering them with an understanding of what is occurring in the SHAMBOLIC state – declining position of the near collapsing of the Hungarian Economy.
Buyers – do your homework with DILIGENCE – before you sign any Contract of Sale, as prices still have and are not near reached the BOTTOM – in the Property/Real Estate Markets.
There are MASS numbers of holders of “oral” titles given out and KNOWN in the Property/Real Estate Profession that are KNOWN to TALK with a Forked Tongue.
When the crisis ends, let’s say for sake of argument 2024, it will be like rocket fuel to prices. If possible, owners, especially investors, should hold tight.