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Duna House commissions revenue down 8.9% in Q4

Commissions revenue of listed real estate broker Duna House fell 8.9% year-on-year to HUF 1.9 billion in Q4, Hungarian news agency MTI said citing a recently released preliminary report by the company.

Duna Houseʼs management said the companyʼs networks had "underperformed" in Q4 as the market stabilized "slightly below" the 2018 transaction volume after the launch of the governmentʼs Plus bond for retail investors in June drew some interest away from the real estate market.

The management said it assumes the group "will be able to compensate [for] such weakness within 1-2 quarters through increase in market share as more sellers will seek support from real estate agents", noting that the first increases in property listings could be seen already in Q3.

Duna Houseʼs intermediated loan volume jumped 48.6% year-on-year to HUF 51.8 bln. Volume in Hungary shot up 65.7% on an almost 30% increase in mortgages and the launch of prenatal baby support loans as part of government family support measures. Volume in Poland increased by 37.9%, lifted by organic growth beyond the acquisition of Polish peer Gold Finance.