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27th January, 2020

More first-time buyers on property market

The proportion of first-time home buyers increased to 22% in Budapest and 24% outside the capital in 2019, according to data from real estate brokerage Duna House.

The figure could rise further this year due to government measures, with the purchase of 35,000 homes.

The number of home sales dropped last year to 146,037 from 163,695 in 2018.

First-time buyers typically look for cheaper and smaller properties on the market, said analyst Károly Benedikt, adding that prices keep rising.

The growth in prices is expected to slow or stagnate in 2020 and buyers may be able to choose from a larger supply of homes, he added.

The average size of homes purchased by first-time buyers in Budapest was 55m2, at an average price of Ft 30 million. Outside the capital the respective figures were 74m2 and Ft 17 million.

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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