This marks a significant rebound from the weaker demand seen in the past one to two years, with the surge in interest starting to absorb the available supply in the market, according to data released by Ingatlan.com on Monday.

The real estate advertising platform reported nearly 300,000 inquiries via phone for residential properties listed for sale last month, MTI wrote citing info by Ingatlan.com. This figure represents an 18% increase compared to August of the previous year and a 12% rise from August 2022.

Despite the overall 18% year-on-year increase in demand, the growth in certain regions was more modest. In Békés and Pest counties, the demand grew by only 3% and 8%, respectively. The relatively weak performance in Pest County suggests that the housing market in the suburban areas surrounding Budapest has not yet fully recovered from last year’s slowdown.

In contrast to the weaker performance in the suburbs, demand in the inner districts of Budapest, particularly in Districts V, VI, and VII, was significantly stronger. These areas experienced a year-on-year increase in demand ranging from 33% to 62%, and a 45% to 51% increase compared to August 2021. According to Ingatlan.com, this robust growth can be attributed to the continued return of investors to the market.

As of the end of August, there were 145,000 homes and apartments listed for sale, which represents a 1% decrease on a monthly basis and a 3% decrease on an annual basis. This reduction in supply is attributed to the growing demand gradually absorbing the available properties, according to László Balogh, the lead economic expert at Ingatlan.com.