Lawyer's addressLövőház utca 20/A.
1024 Budapest Hungary

Attorney's phone number Tel.: +36 1 316 9233
Law office's fax number Fax.: +36 1 336 0107
Attorney's office e-mail

Pandemic catches up with residential property market, 24 March – The Coronavirus hit the property market in a period of consolidation and its effects will undoubtedly depend on how fast and effectively the individual governments respond to the pandemic. There is a suggested (and not obligatory) quarantine, i.e. people tend to stay at home which resulted in a reduction of propensity to buy and even the number of property visits by 60 per cent compared to previous months. However, urgent sales transactions are still completed rapidly. The effects of the new virus are mostly felt in Budapest – there are significantly less inquiries. In the country, on the other hand, the market is still seeing some brisk activity and there are almost no signs of a panic. That said, the situation is changing rapidly in response to the latest news and government measures. During first couple of weeks of the month we were witnessing the usual March market slowly waking up from its winter sleep. Last week, however, the number of new inquiries suddenly fell by more than 60 per cent and also the volume of new assignments given to property agents has fallen by 30 per cent.