House Prices in Budapest Dropped Significantly Last Year

  • 11 Aug 2021 10:51 AM
  • Hungary Around the Clock
House Prices in Budapest Dropped Significantly Last Year
Some 80% of homeowners in Budapest reduced the offer price of their property in 2020 by an average of 4.3-4.5%, according to real estate listing site ingatlan.com.

The trend has continued in 2021, it added.

This figure remained below 70% during the 2016-19 period.

The change is a clear signal that many homes are overpriced and that owners who want to relocate need to lower their asking price to strike a deal, according to the report.

The housing market has started to recover from the shock caused by the pandemic and this is reflected in the number of transactions, but double-digit price growth is now a thing of the past, ingatlan.com analyst László Balogh commented.

The property market outside Budapest is showing different tendencies as the proportion of sellers lowering the price of their homes has dropped to 70-75% this year.

In rural areas, the home subsidy scheme is lending support to the market, which is especially true for villages near popular holiday destinations.

Ingatlan.com projects home sales transactions to reach 135,000 this year, which would still remain below the 160,000 registered in 2019.

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