Around HUF 300 billion flowed into the housing sector from divestments in government securities, Sándor Winkler, department head at the MNB, said during the report’s presentation. This capital primarily fueled the new home market.
The government’s move to allow the use of voluntary pension fund savings for home purchases also spurred demand, though roughly half of those funds were used to repay existing mortgages. By the end of March, pension fund members had withdrawn HUF 38 billion.
Home prices nationwide increased by an average of 15% year-on-year in Q1, while prices in Budapest rose 19.2%. In January-February, home loan disbu rsements grew 47% year-on-year, with the number of contracts up 9%.
Homes sold for an average of 8.3% above the listing price nationwide, and 18% over asking price in the capital.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
