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 info@drlittner.hu

Residential property market report

napi.hu, 12.05.2017 – According to a recent residential property market report published by MNB, the National Bank of Hungary, prices in Hungary grew by 15.4 per cent on average last year. This increase can continue at a more subdued rate in 2017. Budapest witnessed the highest increase with 22.5 per cent, which is, however, still lower than the 25-30 per cent seen in previous years. Domestic residential property market is still shaped by rising prices and a growing turnover, and the supply side responded to increased demand with a significant boost of construction activity. The report, which was published for the third time this year, says the increase in demand was supported by favourable household income and labour market trends and low interest rates. MNB experts say neither the increasing volume of residential loans nor the growing average apartment prices are a sign of overheating.

Residential Property Market Slowdown

napi.hu, 04.05.2017 – According to the estimate of a major property agency a total of 10.6 thousand apartments changed owners in April, 16 per cent less than a year ago. Poor weather and the Easter holidays were bad on the property market which, following the boom in March, closed with significantly more modest numbers in April. That said, 10,575 transactions are still one of the highest figure since last summer though, despite being 16 per cent less than a year ago, the survey says. According to the agency’s estimate 40,175 properties were sold in the first four months of the year, 13 per cent less than the 46,000 transactions recorded in the same period of the previous year.

Decreasing apartment prices on the horizon?

napi.hu, 29.11.2016 – There are signs of slowing of the property market, not only in downtown Budapest but in the outlying districts such as South-Pest, too. Prices are stagnating but experts believe they may even start to decrease in the near future. Real estate agents agree that the selling price hike has stopped and is hovering at previous, high levels, but any further growth of supply may result in lower prices. One source of such growth could be the consequence of the exchange rate limit that may increase the monthly instalments of loans denominated in a foreign currency and this, in turn, can force owners to offer their properties for sale. This could bring about a price drop of 5-10 per cent. However, the bargaining margin has not increased yet. Owners of condominium apartments seem very tough negotiators and are not prepared to give discounts exceeding 5 per cent. For detached or semi-detached houses buyers can achieve a little more: 5-12 per cent.