Rush to buy homes before CSOK extension increases prices

Sustainability

According to Hungarian real estate specialist Duna House, customers were the quickest to react to the governmentʼs announcement of new family support measures, with the number of registered property seekers in the companyʼs network up 15% year-on-year last week.

Usually the high demand experienced at the beginning of each year gradually dies down in February and March, Duna House told the Budapest Business Journal in a press release. However, this year demand has been increasing in Duna Houseʼs system in February.

"Based on customer interest, we experience that the market expects a price increase due to the governmentʼs family support system," says Károly Benedikt, head of analytics at Duna House. 

"The recent announcement of the support and the later implementation has a dual effect on real estate seekers," Benedikt explains. "On the one hand, there are those who want to use some form of the support, wait until it comes into effect, and push back their purchase by a few months. On the other hand, some either cannot or do not want to take part in the scheme due to their life situation. They are the ones who try to conduct their purchases as early as possible, as they expect real estate prices to keep on rising."

The jump in demand underlines the fact that the majority of buyers belong to the latter category on the current market, Benedikt concludes.

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