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14th November, 2019

Investors losing interest in property market

Hungary’s property market is on track for a strong year in 2019, despite weaker growth in the spring and summer months, according to the monthly barometer of real estate brokerage Duna House.

The number of transactions in October exceeded 13,000, a 4% year-on-year rise, but sales in the January-October period were down 1.8% year-on-year.

The report points out changing trends in the composition of buyers. Purchases made in Budapest for investment purposes fell to 40% of the total from 45-46% in the preceding months. In the countryside, the figure fell from 30% to 22%.

Prices continue to rise steadily across the country. In Budapest, prices went up by 23% in the last 12 months on average.

Duna House estimates that mortgage lending expanded from Ft 69 billion in August to Ft 76 billion in September and Ft 79 billion last month.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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