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December 13th, 2017

Decreasing Increase in Real Estate Prices

While in the second quarter last year the new housing prices increased by 12.2% and the prices of second-hand homes increased by 13.5%, in the second quarter of this year we could only count on a 4.5% price increase in the price of new homes, by 7.8%. Of course, growth is still a growth, even if its rate has declined compared to the previous year.

Based on the calculations of ingatlan.com analyzing the data of the Hungarian Central Statistic Office (CSO), it appears that the price increase continued in 2017, albeit in a slightly slower way. According to László Balogh, Chief Business Expert at ingatlan.com, this trend was expected, but significant differences could also be expected in the country.

On the supply side of the housing market, while in Budapest the average square meter price was around 1400 euros at the beginning of October, for example in Győr the same was 1000 euros, 950 euros in Debrecen, 780 euros for Szeged, and for Szekesfehérvár for 940 euros, while for Salgótarján 300 euros. This level of territorial discrepancy is not unique in the surrounding countries either.

Customers are rather looking for cheaper solutions; this is also reflected in the data of CSO. And although the market for new homes has begun, the cost of construction and building construction is growing, and the cost index for housing is not very positive. In the second quarter of this year, construction increased by 6.6% compared to the same period of the previous year, and labor costs and material costs also underwent significant growth.

In addition, there is an increasing demand for rental, especially in the right place, cheap solutions. As it has been previously read, panel houses have renaissance because of their affordability. Depending on the location, a monthly rent is between 230-450 euros in the capital.

Source:

Pénzcentrum

 

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