The drop, however, reflects a high base rather than a broader market downturn.
The platform noted that December 2024 had already been marked by strong demand driven by investors reallocating funds from government securities. Compared to that exceptionally strong base, the latest decline is seen as a temporary pause ahead of regulatory and financing changes taking effect from January.
Despite the year-end slowdown, overall demand in 2025 remained robust. More than 3.5 million phone inquiries were registered during the year, representing a 5% increase compared to 2024 and a 24% rise over 2023 levels. Nationwide demand was last stronger in the post-pandemic peak year of 2021.
According to László Balogh, chief economic expert at ingatlan.com, one of the key takeaways from 2025 was a clear geographical shift in market momentum away from Budapest.
Demand in the capital declined by 2% over the year, while county seats and cities with county rights recorded a 5% increase. Demand for homes in smaller towns rose by nearly 12%, and in villages by more than 16% year-on-year.
On the supply side, new listings fell seasonally in December, but less sharply than a year earlier. Compared to November, the number of newly advertised homes dropped by 31%, with just over 21,000 properties entering the market. By contrast, December 2024 saw a steeper, 37% month-on-month decline due to the holiday period.
On an annual basis, however, the number of new listings rose by 20%, making December 2025 the strongest year-end month for fresh supply since 2021.
Balogh said the pickup in supply suggests that sellers are positioning themselves ahead of a renewed demand wave expected in early 2026.
According to ingatlan.com, seller optimism is underpinned by several measures coming into force from January. Public sector employees will be eligible for a one-off, non-repayable housing subsidy of HUF 1 million, which could generate additional demand.
In addition, the preferential 3% Otthon Start home loan scheme has been extended to cover properties in outlying areas and garden zones, making previously cash-only homes more marketable. From February, changes to condominium construction rights are also expected to simplify off-plan purchases of newly built apartments, potentially supporting demand in the new-build segment.
Balogh added that sellers entering the market can also rely on seasonal trends, as January has consistently been the strongest month for demand in recent years.
While the first quarter of 2026 is expected to be active in terms of transactions, price dynamics remain mixed. A 0.1% month-on-month price decline in December signaled that buyers may be reaching the limits of affordability.
The rapid price growth seen in 2025 is unlikely to be repeated, as the market has already priced in known incentives. Further price increases may depend primarily on wage growth, particularly through improved borrowing capacity.
At the same time, external economic risks could weigh on sentiment. Balogh pointed to recent developments in Venezuela as an example of geopolitical tensions that could feed through energy markets, inflation and interest rates, eventually affecting housing demand.
According to ingatlan.com estimates, the housing market may have closed 2025 with as many as 160,000 transactions. Barring unexpected domestic or international shocks, between 155,000 and 160,000 transactions are expected in 2026, with the focus shifting from rapid price growth to higher turnover and expanding supply.
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