OTP expects clients to request HUF 50 bln in home development loans this year
jessica fejos
OTP Bank in the last two and a half months reviewed 4,500 financing applications for home construction for investment purposes and judging by this the bank expects clients will require HUF 40-50 billion in credit for property developments this year, OTPʼs Vice-CEO László Wolf said yesterday.
OTP analysts see demand for new housing growing as last year 4,100 homes were sold in Budapest, several times the average sales figure of previous years, said Wolf.
With the government revamping its home purchase subsidy program for families and reducing the VAT rate for new home construction, home market supply and demand could pick up in the second half of 2017, creating an attractive investment opportunity in property development for companies, he added.
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