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Experts: twist expected on the Hungarian property market in 2024
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Hungary saw a decrease in the average property prices. However, a twist is expected in 2024. Here is what experts say.
According to infostart.hu, the website of Infórádió, a Hungarian news radio station, Hungary saw a decrease in real estate prices in November. The average fall was 0.2%, but there were significant regional differences.
Based on László Balogh, the leading analyst of ingatlan.com, a Hungarian property search website, 0.2% is not a significant decrease on a national level. However, in an annual comparison, that rate is 2-3%. In some cases, mainly in big cities, that means HUF millions.
The most significant increase happened in the North Great Plains region (NyÃregyháza and its neighbourhood), while the highest decrease was in the West Transdanubia, close to the Austrian border. The latter can be strange since more and more Hungarians try to work in Austria and live close to the border to use the higher wages they get in Austria for having a higher standard of living in Hungary.
The on-going capitulation of the Real Estate-Property Market in Hungary, it succumbing to internally Hungary’s magnitude of serious deepening financial & economic problems, then from outside, the reluctance of foreign investment into Hungary, through the grave deepening both of the Economic & Political “scene” environment and atmosphere, the downside still, has percentages to go lower substantially.
The Real Estate / Property Market remains SELLER heavy over buyers, that in percentage or ratio, has a factual differential, that won’t reverse in the pro-longed period in time.
We build on, we build on, renovate on, that as at this immediate period in time and over the past 24 months, the “carnage” that has been happening in-side the Real Estate & Property Market in Hungary, that has lacked CANDOUR in being exposed to Hungarians, but very much “veiled” from within the Real Estate/Property Industry and the Orban Government, competing with an Economy in rapid decline in Hungary, that has witnessed greater mass number of SELLERS of Property’s entering the market.
This continues with listed property’s for sale increase of numbers through completed new property’s and renovated property’s coming on the market for SALE.
Scales heavily weighted still of further DOWNSIDE – in the Real Estate/Property Market.