BOOM! Hungary's Exploding Real Estate Market in February
March 6th, 2016
In February there was an excessively high growth in real estate market according to estimations based on its own calculations and data of real estate franchise system Duna House Holding (DH). Almost 12.000 properties changed hands in Hungary. It exceeds data from last year by 10 %. Supply has grown by 10% compared to last year. Family Housing Government Benefit (CSOK) and exchanging all loan capitals to HUF can be in the background.
The numbers of sales of the first month of 2016 were identical with rates from the last year according to analyses by Duna House. The impact of supply growth in January was also very significant in the number of transactions. There were more working days this month, still these data have been outstanding.
Factors That Drove Real Estate Market in February:
- increased demand
- increased supply
- Sales boom due to exchanging all loan capitals to HUF
- increasing willingness to sell properties of the families who aim to move into new apartment due to the Family Housing Government Benefit (CSOK)
The first 2 months of this year has a surplus with last year of 5 % as a whole. The real effects of the real estate market trends, however, may become more apparent over the next few months.