Property Market News from Budapest
Read our latest articles about recent regulations, market trends and real estate prices in Hungary.
Criteria about paying back the allowances and loans in the CSOK program did not change, however the 30 million Forints upper value limit of buying or building new apartments was abolished. The Hungarian government is not changing the conditions of applying for the CSOK as in applicants are still going to need social security coverage and be employed to get into the program. Other criteria however were broadened so the CSOK could reach more families. The price of 30 million Forints of for those who...
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Investors may lose ground on the real estate market of the Hungarian capital with the expansion of the government support family benefit (CSOK), but in the last month of 2015 the number of speculative transactions grew spectacularly in the city. Looking at the transaction numbers seasonality seemingly had no effect in 2015. Instead of continuously stronger quarters we saw a strong but roughly unchanging turnover in every quarter. Experts estimate the total number of transactions at 135 thousand...
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The Hungarian real estate market is characterized by a bipolar consolidation. In popular areas more and more homes are built along with the rising of prices, however economically underdeveloped areas could see a prolonged catch-up. The FHB House Price Index has increased to 182.2 points from 179.36 at the beginning of the year, which means nominal prices increased 2.7, real prices 1.7 percent compared to 2014. The price increase is continuous on the Hungarian market for over a year and it seems...
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Family houses and larger apartments are also becoming more popular and expensive as the market continues to grow. But differences are huge: while one m2 costs 268 thousand Forints in the capital, it is only 48 thousand in the countryside. In the past year the price of used flats risen by 10 on average, while overall tradeoff in the market grew by 30 percent, according to data published by the Hungarian Central Statistical Office. Data suggests that this growth can be almost entirely attributed to...
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Deloitte has published it's study of 17 European real estate markets, among them the Hungarian market. It seems that despite Hungarian estates being cheaper than estates in other countries, Hungarian buyers have to work more to afford a home. According to the data the opportunity to purchase an apartment is below the European average in the country: on average people have to work for 7.8 years to earn sufficient amount of money for the purchase, while this number is only 7.1 years in the Czech Republic...
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In larger Hungarian cities the turnover of family houses increased by more than 10 percent while prices are slowly reaching the pre-crisis levels. In some parts of the country estates that are a few years old and are in a good condition are more expensive than newly built ones. Market of family houses in the Hungarian countryside is picking up speed, traffic and prices are both closing in on the levels they were on before the financial crisis hit. Compared to 2013 in some cities including Nyíregyháza,...
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