According to real estate agency Duna House, home sales fell 16% year-on-year in August, with 11,945 homes sold, meaning that summer 2019 was the weakest summer on the market in the past four years.
Compared to last summer, home sales plummeted 15%. Still, when considering the first eight months of this year, the fall in sales is not as significant, thanks to the strong market activity at the beginning of 2019, Duna House notes.
The first eight months of 2019 saw a total of 102,104 sales conducted, representing a much lower decrease of 3% year-on-year.
“According to real estate brokerage experience, this summerʼs downturn may have been caused by longer and frequent holidays in the market due to the booming economy, and the expected positive effects of family protection measures are not yet felt demand-wise,” said Károly Benedikt, head of analysis at Duna House. “The effect of the latter may be realized in the real estate market in the upcoming fall months,” he added.