Investors, take note! Property searches in Hungary soar – is the market on the brink of a boom?

There is a large increase in property searches nationwide, with interest in rural properties approaching, and in many cases exceeding, that in Budapest and its agglomeration area, state secretary Miklos Panyi said in an interview with public radio broadcast on Sunday.

Talking about the government’s Home Start Programme, Panyi said that the new housing market is also expected to pick up. The construction of tens of thousands of homes has not started in recent years because there were not enough buyers, now, however, these developments will be started.

Panyi said tens of thousands of new homes will be built, so the supply market will grow, and there will be more to choose from in addition to the 100,000 resale homes currently on the market.

The state secretary said the Hungarian construction sector has the capacity to immediately double its output from the current, very low, 15,000 homes per year. He said he also expects a very significant increase in the construction of detached houses, which will be a great opportunity for SMEs by providing many thousands of new orders.

The home purchase programme will launch on September 1, offering a 3pc fixed rate Home Start credit for first-time home buyers for the full 25-year term without exchange rate risk.