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Renovation subsidies could raise home sales to 160,000

Residential

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Home purchase and renovation subsidies have supported the real estate market and could help raise the number of home sales this year to 160,000 from 135,000 in 2020, OTP Bank's real estate broker arm OTP Ingatlanpont said, according to napi.hu. 

At the beginning of the year, due to the consolidation in 2020 and the coronavirus pandemic, slow growth in turnover was expected at most. However, mainly due to government subsidies, the real estate market recovered faster than expected, the broker said. 

OTP Ingatlanpont chief analyst Dávid Valkó said as long as subsidies are available, the market could keep booming, but even without the support and with the end of the loan repayment moratorium, a crash looks unlikely. 

Growing inflation could provide new momentum to real estate investments, he added.

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