Drastic change in Hungary’s property market
Prices in the Hungarian property market showed a considerable increase in the last few years. That trend seemed to be unbreakable. However, COVID and the ongoing war in Russia, hand in hand with the brutal high Hungarian inflation and the decreasing forint value, resulted in a significant change. Here are why now is the best time to invest in real estate in Budapest in details.
Trend change on the Hungarian property market
According to telex.hu, the price rise stopped in Hungary’s real estate sector. Furthermore, in some house types, prices started to fall. For example, in Budapest, we may find brick apartments for a 3.5 percent lower price than last December. In the case of the blocks of flats, the rate of price decrease reaches 2.5 percent.
Based on a new analysis of Leading real estate company, in 2022, prices grew concerning all real estate types compared to the 2021 average. That trend stopped in the second half of last year, and the intensity of the price increase declined. In Q4 of 2022, The company noted price reductions in some places. The national average price of permanently-occupied apartments decreased by 4 percent, while in the case of houses, that rate was 5 percent compared to Q3 of 2022.
The trend change reached even Budapest. The trend affects the prices of apartments instead of
houses. In the case of permanently-occupied brick apartments, the prices went down by 3.5 percent.
That rate was 2.5 percent considering blocks of flats.
Now is best time to invest in real estate in Budapest!