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Average Budapest Mortgage Over HUF 19 mln

Banking

Photo by Fabio Balbi / Shutterstock.com

Mortgages taken out by homebuyers in Budapest averaged HUF 19.3 million in the second quarter, one-third to over 50% more than the size of home loans in other parts of the country, news agency MTI reports, citing data compiled by listed real estate broker Duna House.

The average mortgage for home purchases in the west of Hungary was HUF 14.2 mln in Q2. The average mortgage in the east of the country stood at HUF 12.5 mln.

There was no such marked regional variation in loan-to-value ratios which stood at 33% in the capital, 38% in the west, and 32% in the east of the country.

Twenty-year mortgages accounted for 37% of the new contracts signed in Budapest, 53% in the west, and 60% in the east of Hungary in Q2. The rate of mortgages with interest periods fixed for at least 10 years was over 80pc across the country.

In Budapest, one-quarter of mortgage loans were accompanied by applications for awards in the framework of the Home Purchase Subsidy Scheme for Families (Csok). The rate reached 37% in the west and 26% in the east of Hungary.

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