Slow Recovery for Housing Market Expected Next Year

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After this year's sudden decline, a slow recovery may begin on the housing market in 2024, writes profitline.hu. 

The analysis of data from the National Tax and Customs Administration (NAV) from the first three quarters of this year shows a nominal increase of 12% nationally compared to the same period of the previous year, which means a decrease of roughly 9% in real terms. 

As turnover in the capital fell by only 15%, compared to the average of 40-50% for other settlement types, this year, the highest-priced sales and purchases in Budapest, which produced the fastest rate of a 13% price increase, have a greater weight in the price index. 

Cities with county rights rose in price by 12%, the price level of smaller towns rose by an average of 8%, while in villages, there was a decrease of around 1% over the course of a year.

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