Trend reversal in the Hungarian real estate market
As in the European Union, the events of 2022 brought a trend reversal in the real estate market in Hungary. Last year, for the first time in a long time, the pace of price increases finally started to moderate.
The steep price rises in the real estate market since 2015 slowed down last year, napi.hu reports. There were even some places where prices fell. Unfortunately, not in Hungary. However, the price increases were not as drastic as before. According to Duna House, despite the slowdown, price increases in the country were still significant. In spite of that, Hungary remains in the middle of the European property market.
Duna House quoted Eurostat’s housing price index in its statement. They concluded that a trend reversal in house price changes is emerging in the EU Member States. “The events of 2022 have brought the long-awaited easing of prices in the global housing market,” they wrote.
It highlighted that house prices rose by 6.8 percent in the euro area and by 7.4 percent in the EU. The largest increases were recorded in Estonia (+24.2 percent), Hungary (+21.0 percent) and Lithuania (+19.3 percent). Meanwhile, prices fell only in Denmark (-2.4 percent), napi.hu writes.
The statement quoted Károly Benedikt, Head of PR and Analysis at Duna House:
“Based on the transactions closed in the first month of this year with Duna House’s assistance, the average cost of buying a property in the centre of Budapest was over HUF 1 million per square metre. In Buda, the average price per square metre exceeded HUF 1.3 million for second-hand brick buildings. […] The average rent price in the capital reached HUF 200,000. Demand is still very strong in the current rental market. This will lead to a further increase in prices.”
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Source: napi.hu
1 Comment
Then why have in the Districts of Budapest, post February 2020, businesses conducted as Real Estate Property Agents, why in number have they declined over a THIRD from pre February 2020?
Duna House is a PRIME example conducting there offices – business likened to a FRANCHISEE operation, why have they closed high numbers of Real Estate operations?
Is it because as we KNOW the collapse of the property market in Budapest, Hungary and these FRANCHISEE operations experienced Financial difficulties – in repayment to “Headquarters” of the Duna House Group.
Has the BITE of Financial strain, sunk its vicious “Fangs” into the Franchisee / Franchise operations in the “sickly” property market profession?
The FACTUAL picture of the Real Estate game in Hungary, is being “Veiled” from within the profession itself, held up and supported by the present Orban led Government of Hungary, who don’t want ANOTHER piece of Tragedy & Disaster – being REVEALED / Disclosed into the already collapsing Hungarian Economy.
Predictions are still SELLERS outnumbering Buyers in disproportion that is dangerously unbalanced – that at further down value is expected of “mean” of 8% percent.
Buy – at your PRICE and don’t get BRAINWASHED by the “jargon” could be said propaganda that is deep rooted in the DNA of the real estate property game.