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Demand for residential properties continues to grow in Budapest

According to the report released by the Hungarian National Bank (MNB), the Hungarian housing market continued to intensify in the first half of 2018, which in addition to the dynamic rise in the apartment prices, was reflected in the increase in the sales volume.

Demand for residential properties continues to grow in Budapest

According to preliminary calculations, the annual dynamics of the property prices accelerated again in Budapest in the third quarter of 2018, and it was 23.9%, while the national average was 16% higher at the same time.

 

As reported by MNB, the supply side of the Hungarian housing market is still unable to keep up with the strong demand, which is well demonstrated by the fact that the pre-sale of new homes under development in the capital is steadily increasing, and in the third quarter of 2018, it has been 68%.

 

In Budapest 2019 can be the peak year of the new home handovers. In 2018 7.4 thousand new homes can be finished, and in 2019 it is expected that 15.7 thousand new apartments will be made available for the owners. However, the supply may fall due to the abolished 5% VAT rate by 2020, which is confirmed by the unanimous opinion of the market participants. In 2020, another three thousand properties are expected to be available for handover. Due to the scarcity of capacity, 60% of the projects are already behind schedule, so a large number of the delivery planned for 2019 expected to be shifted to 2020.

 


Source:

http://www.mnb.hu/kiadvanyok/jelentesek/lakaspiaci-jelentes/lakaspiaci-jelentes-2018-november


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