Vibrant property market expected this year in Hungary

Thanks to spirited demand, Hungary’s property market is likely to be exceptionally vigorous in the following months, according to an analyst for real estate firm ingatlan.com.

László Balogh told current affairs channel M1 on Saturday that demand in the first half of the year had already been strong, but

the number of people seeking out property deals jumped by an annual 15 percent in July, by 20 percent in August, and by 40 percent in September.

Demand, he said, is likely to pick up further before preferential VAT rates on properties are abolished. More to the point, however, are changing rules that strengthen safe borrowing. From Monday on, besides taking into account borrowers’ income and the value of collateral, rules on mortgage interest rates will be more predictable.

As we wrote before  about a comparison regarding rent and student jobs:

while a student in Vienna has to work 97 hours a month to pay for a single-room flatlet with furniture, a student from Budapest would have to work in a fast food restaurant for 179 hours monthly to have the same flat, read more HERE.

A special solution: the local government of Ófalu offers 6,000 Euros in the form of a financial aid to anyone who decides to live in the tiny village. The amount does not have to be reimbursed, and it aims to prevent the town from depopulation, read more HERE.

Photo: Daily News Hungary – Alpár Kató

Source: MTI