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Massive changes coming to the Hungarian real estate market: sellers are suddenly willing to negotiate?
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The changes in property prices are barely noticeable at the moment. However, based on the data of otpotthon.hu, sellers have started responding to the shifting trends in the real estate market, and more and more contemplate price reductions.
Real estate for sale up by 40 percent
In the second quarter of 2023, compared to the same period in 2022, the number of real estate ads for sale increased by nearly 40 percent. At the same time, properties for rent dropped more moderately, by 18 percent. In the period from April to June 2023, the most ads for real estate for sale were posted in Budapest, followed by Pest County, while the fewest were listed in Tolna and Vas Counties, writes penzcentrum.hu. In terms of average square meter prices, in the second quarter of 2023, they rose the most in newly built residential parks, by 26.7 percent compared to the same period last year. During this period, the price of apartments shot up by 5.36 per square meter, and that of houses by 3.7 percent. Compared to the previous year, however, the prices per square meter of vacation and weekend houses fell by almost 11 percent.
Real estate owners are willing to reduce prices
The plummeting prices can already be observed when we look at ads posted earlier than the second quarter of 2023. Based on the data of the real estate advertising portal, between January and June 2023, there was no change in prices in the majority of the ads (68 percent), however, in more than a quarter of the cases (28 percent), prices moved downward; and in only 4 percent of the cases did the advertisers increase the prices compared to the originally stated figures.
FACTUAL – continual are the SELLERS placing property’s for Sale, in Budapest, Hungary.
The DISTORTION in the ratio of SELLERS over Buyers – HORRENDOUS variation.
The property market is WEIGHED down with growing Sellers, which a MAJOR factor, is the completing of new flats, apartments, houses and renovations – that are on-going HAPPENING – that just ADD to the SELLERS market which is HUMONGOUS in number to Buyers interests.
The CARNAGE in the Property -Real Estate Industry will continue.
It is competing – it’s existence and functionality – in an Economy environment that Hungary is currently COLLAPSING -and still to WORSEN deeper, the Real Estate Property Market – that will continue to witness it being PULVERIZED.
There is miniscule foreign investment, into the Real Estate Property Market.
The BIG Picture being looked at closely from outside into Hungary – has SCARED investors away, through the MASSIVE un-stable Economic & Financial – Political in-stability situation – that is Hungary – right at this point in time, that will WORSEN.
Wait – be Patient – sizeable down valuation WLL Happen – sooner than later.