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For the time being, the housing market’s biggest activity doesn’t come from applicants of CSOK (New Government Support Family Benefit) – instead, investors appear to be in the lead. On the other hand, the growing global intent to buy new properties seem to indicate the effect of the state benefits.
Apart from a greatly increased level of inquiry, there are no notable signs or proofs of the effect of CSOK on the real estate market. According to Duna House’s most recent analysis, the first month of 2016 had the results previously expected, as in January, more than 9000 properties switched owners across the country – only a single percent less than this time last year. The number of registered buyers-to-be, however, has risen 10% in the course of a year, which is in fact probably due to the introduction of CSOK.
January saw a very high number of investment purchases in Budapest, approximately half of the transactions were of that nature – as included in DH’s report. These flats and apartments changed ownerships for an average price of 23.5 million HUF, with an average area of 56 m2. First-time owners were responsible for 16% of the total agreements: as for averages, these people bought their new homes for a median of approximately 14 million HUF, with an average size of 45 m2. Outside the capital-in the country, the most populous group of buyers were of those who decided to move to bigger tenements, taking up 28% of the entire market, spending an average of 18.5 HUF for apartments with a medium size of 114 m2.
In the country, 19% of agreements involved properties greater than 100 m2-s of size in January. A year before, this group of estates only comprised 10% of the market. The majority of deals again were made involving estates between an area of 40 and 60 m2-s. Pest county saw a growth in the value of properties purchased in the first month of 2016, in comparison to tendencies from this time last year. Tenants of Buda have also presented demands for apartments of bigger size: in January 2015, 8% of sales involved flats bigger than 100 m2, while this year the percentage has risen to 17%, indicating a rise almost twice as much as the previous rate. The amount of deals involving properties greater than 160 m2 has jumped from 3% to 8%. The increase of expenses is also tangible in the prices per m2, as the ratio of deals made in the 400 000 HUF category has risen from 28% to 48%.
In January 2016, the average price per m2 for an apartment flat was 142 000 HUF in East Hungary, while in West Hungary, the average was 155 000 HUF – the same median cost in Pest that month was 255 000 HUF, while it was the highest in Buda with 282 000 HUF. The average per m2 prices for brick houses turned out as follows:
· Budapest, city centre – 510 000 HUF
· Buda – 417 000 HUF
· Pest – 303 000 HUF
· West Hungary – 199 000 HUF
· East Hungary – 190 000 HUF
CSOK flourishes in Győr
The complete amount of real estate properties in the country that the 10 + 10 million benefit allows owners to buy is 9% of the total market. The same ratio in Győr-Moson-Sopron county is 16%, while in the city of Győr, people can apply for a million forints benefit in case of almost 1/3 of the properties for sale – as it was reported at the first leg of the ‘CSOK-roadshow’ in Győr, organised by Propeller, FHB, savings associations and Otthontérkép. “As far as distribution goes, tenants and properties from the capital dominate: approximately 35% of the applicants are from Budapest, while the citizens of Győr-Moson-Sopron take up 7.5%. People from Jász-Nagykun-Szolnok county and Tolna county both take up 1%” – as explained by Gábor Tokodi, vice president of FHB Bank Ltd. in his lecture at the event.
(Source: http://www.vg.hu/vallalatok/ingatlan/befektetok-porgetik-a-fovarosi-ingatlanpiacot-465299)
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