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12th December, 2019

Growth in home prices slows down

The average price of prefabricated concrete building homes in Budapest went up by 5% over the last six months, a slowdown from the 10% rise in the first half of the year, according to estimates by property agency Ingatlan.com.

Now such homes sell for Ft 578,000 per square metre, on average, up by 18% from 12 months ago.

The turning point was experienced in the summer, as demand for used homes has dropped significantly, said the agency’s analyst László Balogh.

“But panel flats have always been exceptional in the market,” he observed. “They sold very quickly, due to their relatively low cost, good layout and good accessibility to public transport. In recent years, there has been a double-digit rise in prices. But the momentum here is broken.”

The price of brick-built homes in Budapest was Ft 801,000 per square metre on average in December, little changed from a year ago.

In large cities other than Budapest, the average price of concrete homes was up only 1% in the last six months and that of brick homes was only 3% higher, in contrast to the 12-month price increases of 25% and 18%, Balogh added.

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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