Trend change? Hungarian real estate prices are falling
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Based on a new survey, real estate prices in Hungary fell by 10 percent, while the number of foreign investors increased by 30 percent in June. An expert of ingatlan.com says the reason is the weak forint. Below you can read the details.
According to Forbes, the Hungarian real estate market is changing because of the weak forint. As we reported, the euro rose above 410 forints, while the dollar also broke the 400 mark on Wednesday morning. That means another historical low for the Hungarian currency. At the beginning of 2022, 1 EUR was 360 HUF. In May, it rose to 380 HUF. Meanwhile, in the last few days, it has been breaking all previous records.
The weak forint considerably affects the Hungarian real estate market since most foreign buyers do not pay with forint. Ingatlan.com says that the number of real estates priced in euros is not high in Hungary, but
their number is constantly growing.
“Classical buyers, meaning people, families moving from one flat to another, pay in forint and calculate with the Hungarian national currency. Those using the euro are investors and foreign owners.” Therefore, primarily villas, big downtown flats and more expensive real estate are priced in euros, László Balogh, an expert of ingatlan.com, told Forbes.