Negotiation potential grows for buyers in the Hungarian real estate market

Significant changes have begun in the Hungarian real estate market in recent months. The increasing supply and simultaneously decreasing demand have increased the negotiation opportunities for buyers.

As a consequence, it is clear that sellers are being forced to drop prices. However, the question arises as to how much they would be willing to reduce. This issue was explored by origo.hu with the help of Balla Ingatlan (Hungarian real estate agency).

Which types of properties are sellers willing to negotiate on?

We have previously reported that the only properties not affected by the price fall in the Hungarian property market are the sustainable panel apartments in good condition. You can read our article on this topic HERE.

Origo.hu also confirms this point:

Currently, the greatest demand is mainly for panel apartments, but even among those, it is mostly for properties in good condition or that have been fully renovated.

However, the prices of other properties in worse condition have started to decrease.

Read alsoNegotiation potential grows for buyers in the Hungarian real estate market

How much cheaper are properties currently?

For now, therefore, it is mainly the lower-quality apartments in need of renovation that can be found at better prices. As an example, origo.hu describes a panel apartment for sale in not such a good condition, which could be bought for HUF 42 million (EUR 105,800) in March 2022. At this time, the real estate market was at its peak. At the end of 2022, however, an apartment in the same condition in the same area was selling for HUF 38 million (EUR 95,724).