Nobody thought this could ever happen in Hungary’s real estate market
More and more people must give up their dream to own a flat or family house. Furthermore, it is getting difficult to sell properties in Hungary. Buyers’ positions are improving, which nobody would have thought even a couple of months earlier when owners could expect bidding buyers on even mediocre flats and houses.
The real estate market of Hungary is currently restructuring. That is because of multiple reasons, for example, the changes in the government’s utility price cap scheme or the skyrocketing bank interests fueled by the rising base rate of the Hungarian National Bank. As a result, demand drastically decreased in the past few weeks. Moreover, as we wrote earlier, foreign investors almost disappeared from Hungary’s property market, Világgazdaság wrote.
Duna House said buyers did not disappear, but intentions changed. Many people and families gave up their dreams to own a flat or house because of the rising loan interest. Meanwhile, the rate of those preferring to buy property for investment aims increased. Since the number of those who cannot purchase property is increasing, the rental market may start to flourish soon because of the growing demand, Duna House, a Hungarian real estate company, suggests.
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What will happen with the energetically outdated flats or houses? Experts of the Duna House believe those properties will find their way to the rental market. A real estate professional can help a lot in that process, they added. Those who cannot buy a flat since they do not have enough official revenue to get a loan with good conditions may enter the rental market and increase demand.
As a result, those who have enough money and do not have to take up loans can make good deals on the Hungarian property market. Nobody would have thought that before but investors’ positions are getting better in Hungary. Meanwhile, owners tend to need more help from real estate professionals to sell their flats for an acceptable price.
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Source: vg.hu