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Resale home market slowing in Budapest

Sustainability

The real estate market outside Budapest continues to grow. This year homes put up for sale increased by 5% in major cities, while in Budapest owners are advertising 8% fewer. This indicates that potential buyers prefer new homes, index.hu portal says.

Buyers in Budapest are increasingly oriented towards purchasing new homes, which has caused the resale homes market to stall, index.hu reported, citing real estate site ingatlan.com. 

The fastest sellers in this category are apartments in prefabricated housing blocks (dubbed "panel houses" in Hungarian), which sell on average in 48 days. Houses are also a popular target for potential buyers; they sell on average in 146 days in Budapest.

While the number of homes posted for sale has decreased, the overall offer has not changed, which means that there are many homes "stuck", hard to sell on the market, László Balogh, an expert at ingatlan.com said. Those that sell are mainly homes posted recently.

The situation is different in urban areas outside Budapest: compared to last year, resale homes sell ten days quicker, on average in 81 days. Balogh noted that despite a slower sale, the demand is still high for private real estate and recommends sellers "fine tune" the price or advertise their homes in a more appealing way.

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