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Housing Prices Soar to 22.8% Rise in Hungary

• 14 Oct 2022 7:26 AM
• Hungary Around the Clock

Housing prices were up 22.8% year-on-year in the second quarter, and rose by 5.2% from the previous quarter, the Central Statistics Office announced as it released its preliminary figures on Thursday.

The annual price increase is outstanding, as such high figures have not been recorded since 2007, Portfolio observes.

The rapid price increase is presumably driven by investors turning to the property market in order to escape the uncertainty in the economy caused by the war, Portfolio comments.

In addition, rising interest rates pushed early purchases, further boosting demand.

In previous years, the price increase between Budapest and the countryside was uneven, but now a general rise was observed.

The price of new homes has been rising significantly faster than that of used ones since 2020, but a convergence occurred this year.

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