MNB: Improved Macro Fundamentals Support Pickup on Home Market

MNB

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Improving macroeconomic fundamentals have supported a pickup in activity on Hungary's home market and caused price rises to accelerate, the National Bank of Hungary (MNB) said in a biannual report on the market published on its website this week.

Improving consumer confidence, more favorable credit conditions and a revamped state subsidy scheme for home purchases will positively impact the market, which is evident already in the first months of 2024, the MNB said.

First-quarter home sales climbed 30% from the same period a year earlier, following a 20% full-year decline for 2023.

Home sales were up 55% in the capital and 41% in county seats and cities with populations of more than 50,000.

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