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Ecostat property market index rises for first time in a year in Q3

Ecostat's Real Estate Barometer, a measure of sentiment on Hungary's property market, measured 35.4% in the third quarter, up 1.54 percentage points from the previous quarter, rising for the first time in a year, Ecostat said.

The worst is past for Hungary's property market, but it will still stagnate for the coming six months, Ecostat head Pál Belyó said.

The Ecostat retail index rose 6.35 percentage points to 41.4% in Q3, suggesting that home sales will increase in the coming months, if only modestly.

Demand is highest for homes around 50 square meters.

Belyó said home prices have risen 10% in real terms over the past three years.

Property investors are pessimistic, however, real estate agents do not expect the market to contract any further. The index for developments by local governments dropped further, and few companies plan property developments for their own purposes. (MTI – Erconews)