Capital's New Housing Market Shrank by Half Last Year

Residential

Image by Shutterstock.com

Based on the primary demand and supply indicators, the capital's new housing market shrank by half last year, according to OTP Jelzálogbank's latest Budapest New Home Value Map, writes profitline.hu.

In the second half of 2023, the plunge in the capital's new housing market that started at the end of 2022 and had become apparent in the first six months of last year continued.

Due to the generally deteriorating conditions, after 1,570 apartments built in buildings of two or more apartments in the first half of the year, only 1,390 were sold from July to December, the fewest since the first half of 2014.

"The annual sale of 2,960 units is a drop of around 50% compared to 2022 and is also the lowest volume in the past nine years," says Dávid Valkó, senior analyst at OTP Jelzálogbank.

ADVERTISEMENT

Insurers' Premiums Revenue Climbs 5% in 2023 Figures

Insurers' Premiums Revenue Climbs 5% in 2023

Fidesz-KDNP Nominates Constitutional Court Head for Presiden... Government

Fidesz-KDNP Nominates Constitutional Court Head for Presiden...

Wider Margins Lift Magyar Telekom Earnings Telco

Wider Margins Lift Magyar Telekom Earnings

Hungarians Prioritizing Travel Over Renovations This Year Tourism

Hungarians Prioritizing Travel Over Renovations This Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.