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Hungary’s property market past its nadir, prices will increase again
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2022 marked the nadir of Hungary’s property market, experts agree. However, 72 percent expect slow but gradual increase in 2023. Based on a survey of Duna House, they believe the deciding factors in that process will be the change in interest rates, inflation, and the international political and economic situation. February transactions show a 7 percent rise, showing that the market is becoming revitalised.
According to Pénzcentrum, last year was the time of significant changes in the international and Hungarian property market. That is because of the soaring inflation, the high interest rates, and the uncertainties caused by the ongoing war in Ukraine. As a result, people started to search for rent instead of buying property in such incalculable environment. Therefore, supply grew while demand decreased, so prices fell.
Duna House is present in every region in Hungary. Therefore, they have data on the latest trends from almost everywhere, Károly Benedikt, the PR and analysis leader of the Hungarian real estate agency, cleared. Thus, they created a questionnaire which was filled by a lot of real estate agents. 72 percent of them remained hopeful about 2023. They calculate a slow expansion for this year and acknowledged that the end of 2022 was the nadir.