• Hungarian forint
  • Budapest
  • Police news
  • HelloMagyar
[gtranslate]
[gtranslate]
Good news for home buyers: Hungarian housing market reaches a trend changeoverGood news for home buyers: Hungarian housing market reaches a trend changeoverGood news for home buyers: Hungarian housing market reaches a trend changeoverGood news for home buyers: Hungarian housing market reaches a trend changeover
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Important
  • The Hungarian government has been called a homophobic, kleptocratic, Putinist lapdog in the EU

  • VIDEO: Serbian protesters in Kosovo cheer Viktor Orbán

Support us
Hetzmann Mercédesz Hetzmann Mercédesz · 31/03/2023
· Business

Good news for home buyers: Hungarian housing market reaches a trend changeover

According to László Balogh, leading economic expert at ingatlan.com, housing prices have been stagnating since autumn 2022. He added that since January this year, even a decrease in prices can be seen in some places. László Balogh talked to Index about the ongoing trend change in the Hungarian housing market.

Trend reversal in the housing market

This year has seen a radical change in the real estate market compared to what we have been used to in the past seven years, said László Balogh, chief economic expert at ingatlan.com, to Index. He believes that there has been a drastic turnaround. According to him, between 2015 and 2022, buoyant demand absorbed supply. This resulted in fewer properties for buyers to choose from at higher prices.

Mr Balogh said that since the trend reversal, demand has halved year-on-year and supply has started to increase dramatically. “The number of advertisements for property for sale and rent has already surpassed the psychological 200,000 mark,” he said. That is 30 percent more than in March last year.

  • Read also: Is this the turnaround in the Hungarian property market? Experts are positive!

What is the reason?

According to the expert, the increase is mainly due to the expansion of properties for sale. In this situation, the bargaining power of buyers has also increased one and a half times compared to a year ago. The prospects clearly favour buyers who are staying in the market or are now entering the market.

The expert also said that house prices have tripled in the past seven years. This has not been a headache for buyers, Index writes, because as state subsidies have increased, interest rates on housing loans have become cheaper. Many people have therefore took out more loans.

“As a result, we have reached the point where every second home purchase is financed by some kind of loan”,

Mr Balogh added.

“Since January, we have already seen a drop in prices in some places, which is due to a fall in demand,” the expert said. He added that the fall in demand and increase in supply has happened very quickly accross the whole country.

Demand has halved in Budapest and in the county seats as well. There is currently no segment of the housing market that is not affected by the trend reversal.

Read also:

  • Hungarian economy is weak in the EU, but is it considered weak outside of it?
  • Two Hungarian banks are merging: look out if you have an account with them!
If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here
housing Hungary property real estate
Share

Hot news

  • Hungarian opposition: Payment of EU funds should be contingent of education reform

  • The Hungarian government has been called a homophobic, kleptocratic, Putinist lapdog in the EU

  • Hungarian FM: Egypt needs more support to cope with migration pressure

  • VIDEO: Serbian protesters in Kosovo cheer Viktor Orbán

  • Holidaymakers’ nightmares are back, but what can we do about it?

  • One Hungarian soldier needs surgery as unrest continues in Kosovo – videos

Related posts

Hungarian forint state budget
30/05/2023

2024 budget submitted to Hungarian parliament


Read more
food store spar inflation price hungary (2)
30/05/2023

State-mandated sales are coming to Hungarian supermarkets, but is there a gimmick?


Read more
the six-storey housing project on the Algiers high coast at Balaton
29/05/2023

Get ready: Lake Balaton will see significant price increases this summer


Read more
balaton_sound_beach_fun
29/05/2023

LIST – Here are the paid beaches at Lake Balaton: expect a 30% increase


Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US
  • Facebook
  • Twitter
  • Instagram

Must read

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

About us

Contact us

Copyright rules

Privacy policy

Advertise with us

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V
Hungarian opposition: Payment of EU funds should be contingent of education reform

Hungarian opposition: Payment of EU funds should be contingent of education reform

Read More
The Hungarian government has been called a homophobic, kleptocratic, Putinist lapdog in the EU

The Hungarian government has been called a homophobic, kleptocratic, Putinist lapdog in the EU

Read More
Hungarian FM: Egypt needs more support to cope with migration pressure

Hungarian FM: Egypt needs more support to cope with migration pressure

Read More
VIDEO: Serbian protesters in Kosovo cheer Viktor Orbán

VIDEO: Serbian protesters in Kosovo cheer Viktor Orbán

Read More
Holidaymakers’ nightmares are back, but what can we do about it?

Holidaymakers’ nightmares are back, but what can we do about it?

Read More
One Hungarian soldier needs surgery as unrest continues in Kosovo – videos

One Hungarian soldier needs surgery as unrest continues in Kosovo – videos

Read More
2024 budget submitted to Hungarian parliament

2024 budget submitted to Hungarian parliament

Read More
Hungarian opposition to file lawsuit demanding Russian gas contract details

Hungarian opposition to file lawsuit demanding Russian gas contract details

Read More
Hungarian JusticeMin: EP does not respect democracy, rule of law

Hungarian JusticeMin: EP does not respect democracy, rule of law

Read More
Traffic restrictions incoming in Budapest

Traffic restrictions incoming in Budapest

Read More
  • 0
  • 1
  • 2
  • 3
  • 4
Have you read it?