Despite rising real estate prices on the domestic market, the proportion of young people looking to buy their first home has not declined, according to research by real estate specialist Duna House.
“Finding a first property” has been the most prevalent among real estate buying goals for quite a few years, with 20-25% of people naming this as the reason behind their purchase.
According to the press release, the proposed extension of a reduction on the real estate transaction fee by the National Bank of Hungary (MNB), coupled with a continuous review of the upper value limit of such reductions in the case of new properties, could facilitate more than 30,000 sales.
The proportion of first home buyers has been stable in recent years, both in the capital and in the countryside. However, as a result of government measures helping families and home building, their number may grow in the coming years, according to the real estate market expert.
“In the current real estate market, young people looking for their first home are choosing an apartment of 50-60 square meters on average, for about HUF 25-30 million,” says Károly Benedikt, chief analyst of Duna House. “In the countryside, they are looking for 70-80 sqm properties, for which they pay around HUF 15 mln. The MNBʼs fee reduction would be a relief for young people from the additional costs of buying a home, which can further grow their purchasing motivation.”