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New Housing Market in Budapest Shrank by Half Last Year

• 22 Jan 2024 11:15 AM
• Budapest Business Journal

Based on the primary demand and supply indicators, the capital's new housing market shrank by half last year, according to OTP Jelzálogbank's latest Budapest New Home Value Map, writes profitline.hu.

In the second half of 2023, the plunge in the capital's new housing market that started at the end of 2022 and had become apparent in the first six months of last year continued.

Due to the generally deteriorating conditions, after 1,570 apartments built in buildings of two or more apartments in the first half of the year, only 1,390 were sold from July to December, the fewest since the first half of 2014.

"The annual sale of 2,960 units is a drop of around 50% compared to 2022 and is also the lowest volume in the past nine years," says Dávid Valkó, senior analyst at OTP Jelzálogbank.


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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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