With the end of the year approaching, fewer people are keen to make a purchase, and the first big wave of demand from the state-subsidised Home Start Programme is fading, it said.

Although buyer activity was down 12pc from a year earlier in Budapest, demand picked up 3pc in other cities, 5pc in towns and 16pc in the smallest municipalities, it added.

According to the data, the smaller a settlement is, the bigger the increase in demand it registered, partly due to the pick-up in investor demand emerged in large cities in October last year, and partly to the fact that the Home Start Programme kept the market in smaller settlements buoyant in the autumn, it said.

Demand for properties complying with the conditions of the Home Start Programme fell 23pc from a month earlier in October, while the decline was only 4pc for other properties, it added.

Days on market indicator continues to fall

The number of days it took homes to sell after they were listed continued to decline in October as the Home Start subsidised credit scheme for first-time home buyers entered its second month, real estate broker Duna House said.

The days on market indicator fell even as demand gradually eased from a record high in August.

The days on market indicator for flats in centrally-located brick apartment buildings on the Pest side of the capital fell to 80 days in October from 114 a year earlier, while the indicator for homes in communist-era pre-fabricated apartment blocks declined to 61 days from 70.

Elsewhere in Hungary, the days on market indicator dropped to 106 days from 150 for brick homes and to 71 days from 91 for pre-fab homes.
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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