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Nobody thought this could happen in Hungary’s property market
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The last few years were about the skyrocketing prices in the Hungarian real estate market. It seems that trend not only ended but even reversed these days. Based on the latest data provided by OTP Bank, many owners wait instead of purchasing their properties quickly. But a minority was forced to lower their prices, which had not happened for years before. As a result, provided you have money to invest and you are able to modernise properties, Hungary is becoming your place to generate solid profit.
Most of the property owners wait
According to index.hu, the property search system of the OTP Bank, Hungary’s biggest bank, has 9 thousand offers in Budapest and Pest county. Owners modified the price of those advertisements 29 thousand times, which means many people changed their minds on multiple occasions. 90 percent of those adjustments included a decrease in the cost.
According to the statistics of otpotthon.hu, owners decreased their prices by an average of 6 percent. However, those increasing prices did so by 9 percent. But most owners wait. In the case of 78.2 percent of the properties, there were no modifications during that time. The price decreased only in the case of 18.7 percent of them.
The results are interesting if we compare the trends in Budapest and Pest county. The numbers show that, in Budapest, the prices did not go down. Meanwhile, in Pest county, the decrease reached 4.7 percent.
Keep WAITING.
The BOTTOM of the Budapest, Hungary Property Market, is FAR from reaching the LEVAL place it should RIGHTFULLY sit.
WHAT – just ask yourself this simple question – what at these decreased levels, the “Carnage” occurring in the Property Market, in the DECAYING collapsing Hungarian Economy, what is going to SUSTAIN prices in the Property Market?