Seven-year record broken: many people started to advertise their property in Hungary
We are only at the beginning of the economic and energy crisis, but it is already affecting the property market in a strange way. Until now, property has been a relatively predictable investment, but now even the most reputable experts cannot say for sure.
According to ingatlan.com, Hungary’s leading real estate advertising website, more than 37,000 apartments and houses for sale were advertised by owners and agents in September, the same as in 2021, but 4 percent more than last month. Expert László Balogh wrote that not since 2015 have so many houses been advertised for sale as this year. This could be because many people are still trying to sell their higher energy consumption and larger floor area houses at a good price, and could be a harbinger of a wave of house sales that could peak from the winter months.
According to Balogh, the fall in demand as supply expands could slow down housing market appreciation, especially for single-family houses in need of renovation. He says the question is how many of the owners who sell their houses will enter the housing market as buyers and how much extra demand will be generated for them. In fact, people moving from houses to flats may support the price of the flats for sale, at least for a while.
The Hungarian premium real estate market is changing: the rate of foreign investors in Budapest decreases, but they are still very active around Lake Balaton. Here is the analysis of the Duna House, one of the biggest Hungarian real estate agencies, details HERE.
Forget ALL – the Economic & Financial “robust” discussion, that could be conducted on the Real Estate & Property Markets, in Budapest Hungary – it comes back to the FACTUAL situation – that has been EVIDENT for the past 18 months – that SELLERS continue to disproportionally – outnumbered BUYERS.
The past 18 months, go back further – to February 2020 – the commencement of the Novel Virus World Changer, the Real Estate & Property Markets in Budapest, Hungary at that time – overpriced massively but that SELLERS disproportionally – outnumbered BUYERS.
Opinions of the direction or trend Real Estate & Property Markets are GROWING that they will continue to “slide” downwards.”
Prior to February 2020 – foreign investment – into the Real Estate & Property Market was DRIVEN – for near on a decade – to the levels we witnessed, from investors from the following countries – in this order ;
(1) – China.
(2) – Vietnamese.
(3) – Germany.
(4) – Dutch.
We are in Very DIFFERANT times – than February 2020, in Hungary.
Foreign investment – all but dried up.
Hungary – talk investment – inclusive of the Real Estate & Property Markets – who is going to RISK investing in Hungary – in these Treacherous times ?
Interest Rates – will not DECLINE in Hungary, that could see them “Explode” to 18% by Christmas.
Real Estate & Property Market in Budapest, we are DISTANCED – from seeing/witnessing the DRAMATICS – the massive losses – from the SELLERS over Buyers disproportioned numbers, that in these DECLINING economic & financial “landscape” time – the growing picture occurring in Budapest, Hungary – is that financial ruination could occur – to numbers in the Real Estate & Property Market profession.