Number of sold flats in Budapest showed a rapid decrease
It has been reported before that the real estate market of Hungary has faced many changes because of the epidemic situation, and now that the second wave of the coronavirus reached Hungary, the changes continue. It has been stated that the number of sold flats in Budapest is still decreasing.
Forbes reported that only 1,000 flats were sold in the Hungarian capital. This number might be higher than last year’s statistics, but it is still the second-lowest one in the history of the Hungarian real estate market. In the last few months, and especially during the summer season, approximately 6,300 new flats were put on the market waiting for new owners. This is a decrease of 7% from last year’s data, and during the spring season, only 300 flats started selling and advertising.Â
The good news is that the prices of newly-built flats have increased by 6.1% from last year’s 9.5%.Â
Most of the flats were sold in the outskirts of Budapest, mostly in Angyalföld (243) and in the districts of Buda. Flats sold in the central parts of the city make up only 5% of all the flats to be sold. The market is waiting for the official date and location of brownfield lands in Budapest to grab the opportunity to either renovate or build new estates and put them on the market. The official announcement has not been made yet, and the market can only wait until that.
Featured image: www.facebook.com/spiceofeurope
Read alsoRent or buy: an analysis reveals the best solutions for flat seekers in Hungary
Source: www.forbes.hu
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1 Comment
This is a fascinating scene unfolding before us.
Prior to February 2021, the property market in Budapest, was “top heavy”.
It was horrendously over valued in price range, driven to the levels it was, principally through vibrant foreign investors.
Property values, there high market purchase level, where being taken away from the younger Hungarian citizens, looking to purchase there first property investment.
Opportunities assistance must be given to first time home buyers by Government.
It was Fact – that prior to February 2020, there was a rapidly growing surplus supply of property’s on the “For Sale” market in Budapest.
It was over supplied.
The novel coronavirus pandemic, what it is doing, the effects on price and sales, there will be greater percentages of lower level’s in the price of property’s – residential and office facilities, in the coming 6 to 9 months.
It would not surprise me, if this downward trend runs longer than 9 months, but much does rest in the discovery of a vaccine that will immunize human beings from contacting this deadly novel coronavirus.
The property market in Budapest, overall will decrease a further 8% to 12% – minimum – from it’s to-day values not February 2020 and prior, the inflated period.
It will be a fascinating scene, could be a drama titled a disaster, that unfolds before our very eyes.