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Hungary: Real Estate agents sustain increasing losses

  In the Transdanubium the gap between the target prices of properties to be sold and the actual prices in the sales contracts has recently widened considerably, property agents working in the region told the daily Napi Gazdaság.


In Budapest the difference is 5-10%. There used to be a 20-25% gap between dreams and reality in the past few years, but today it can be even 40%, said Péter Jámbor, managing director of the property agency and valuator company Immobilie Balaton Kft, which has offices in several towns.

The most conspicuous differences can be seen in townships along the shore of Lake Balaton, where there are significant developments started recently. Sellers tend to overlook the fact, it is not enough if a property is located in a developing region, he added.

In Pécs (south Hungary), 4-5 years ago there was a 10-15% difference at most, it grew to 20-25% two years later, and today it is around 30%, said Ibolya Petrovics, leading agent of the property agency Mecsek Ingatlanközvetítő Kft.

In Győr (west Hungary) the difference is still below 25%, said Tamás Szekeres, managing director of the property agency Szekeres és Társa Kft. (Napi Gazdaság)