Number of homeowners record-breaking in Hungary
According to statistics, 70% of European citizens own the property they live in and Hungarians are one of the main leaders in the field!
Let us start with some important data:
69.8% of EU citizens live in their own property and this number is as high as 91.3% in Hungary.
The country only ranks behind Romania (96.1%) and Slovakia (92.3%) based on the newest data of Eurostat. – Duna House reported. According to Hello Magyar, Hungary is currently sharing the 3rd place with Croatia in the EU ranking. This is especially interesting, considering the fact that home ownership is less common in Western Europe. Only 69% of the citizens own the property they live in in the Netherlands while this number is 64.5% in Sweden and 64% in France. The reason behind the high percentage of homeowners in Hungary is partly the people’s strong desire to have their own property. As Károly Benedikt, PR and Analysis Manager at Duna House, stated: “After the end of socialism, people were able to buy former rental apartments on very favourable terms which triggered a wave of home purchases in the domestic property market. This trend has been going strong ever since.”
Read more: Things to consider when buying real estate in Budapest
Most Hungarians are determined to have their own apartment or house, and this notion has strongly embedded in the Hungarian culture.
There are many customer-friendly loans available for people who, understandably, take advantage of them. However, the significant increase in housing prices in recent years has also enriched the Hungarian population. These are all important factors that explain the steady increase in the number of homeowners in Hungary.
“Although, it is still uncertain when will all this lead to the development of the rental market and a similarly strong service and institutional system that is common in Western Europe?”, Benedikt added. As it is reported in the review of Duna House, 2019 was the year when the highest number of people managed to buy their own property due to the Baby Loan (“babaváró hitel”) and the Family Housing Allowance (“CSOK”).
Author: Mercédesz Hetzmann
Read alsoHere is where you can buy cheap properties near Budapest
Source: Daily News Hungary
1 Comment
Netherlands and France – Major population variance to Hungary.
Netherlands = 17 million.
France = 66 million.
Hungary = 9.5
Important FACT – average age of population – France = 41 years of age.
Netherlands = 43 years of age.
Hungary = 43 years of age.
Population numbers of the Netherlands & France continue to GROW.
Population number of Hungary = continues to Decline – more Deaths yearly than Births.
Larger populations – larger number of apartments, flats and housing – than Hungary.
Wages – in Netherlands & France – across the board are – Higher in the Netherlands and France – than Hungary.
Cost of living in Netherlands & France – substantially higher than Hungary.
Cost of Housing – apartments, flats & housing plus Rental accomadation – substantially Higher in Netherlands & France – than Hungary.
These are additional points of important relevance when looking at the content of this article, that gives additional information, when looking at housing affordability – percentage of population living in property of there ownership, especially comparing Countries – which have variants, that to a degree “cloud” the over-all picture.
Hungary – decade of rising Property – across the board increases.
Hungary – continues to be Top Heavy = sellers market – short of buyers.
Hungary – continues to Build on – Apartments, Flats, Housing – Renovations of Properties – Warehousing & Storage Facilities and continue to Build New Hotels.
Hungary – witnessed post February 2020 – which was NEEDED – disappearance of Foreign Investment into our Property Market.
The Big (3) – over the past decade in this order :
(1) – Chinese.
(2)- Vietnamese.
(3) – Germans.
These (3) – very instruemental a major force that DROVE – the Property Market to the HEMISPHERIC altitude – we see it to-day.
Sellers in a deformity or distortion of number – out number = BUYERS.
Hungary – faced with the on-going ravages of this Novel Coronavirus, the un-known of the latest strain Omicron – the on-going – Jittery & Flippancy in Behaviour – of the Global Financial Markets, what the future trends in the Hungarian Property Market – the direction of the Market = predictions are they HAVE to – Fall out of Bed.///
Interest rates = Rising.
Hungarian Forint = massive on-going devaluation against Major Influencial Currencies of Europe & the World.
National Elections = April/May 2022 – likened to the Future of the Property Market – predicting with Great Confidence who will be in Government next in Hungary.
Inflation – we know it is Happening in Hungary & U.S.A. – big jump and looking a Global “challenge” to Governments.
“Don’t look a Gift Horse in the Mouth” – an expression meaning don’t be unappreciative, thank-less or un-gracious, on receiving gifts from others.
The landscape of the ENTIRE – Property Market in Hungary – walk and tread – CAREFULLY.
Don’t make Rash nor quick decisions.
Bide your Time, before you decide to make what is PROPERTY a lifetime Investment.
Hungary – must because of the SATURATION of Properties on the Market – to SELL – that continues to Increase – in Seller dominance – must continue to build on – further create ways – through Mortgage Lending & Finance – that WILL allow, the entry into the Property Market – to make a Lifetime Investment – the YOUNG of Hungary – from “all stations in life” of the Hungarian population.
The Government – must “Pain Itself” – deepen its PAIN – for the YOUTH of Hungary.
Who are the FUTURE of Hungary ???
If we build a – CORE – into the mechanics or componentry of our population, that in there – YOUTH – they received Opportunies – in this case to enter into purchasing Property – this is WHAT – in this day and AGE – needs Governments to place higher on there list of Priorities – to care and look after – the FUTURE – the youth of Hungary.
Young & Old – Wow – challenging times we live in Hungary.
Think its easier spending a day “on the punt” at Kismet Park – trying to back a winner or two, than predict – the Future of subjects made mention in my commentary.