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MNB: Housing market slowed before coronavirus

The novel coronavirus epidemic hit a housing market that had already slowed down, said Tamás Nagy, head of department at the National Bank of Hungary (MNB), writes

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Among other things, the MNB’s latest housing survey showed that at the end of 2019, house prices were already stagnant nationwide, and a fall in prices was even observed in the capital.

Compared to this, house price dynamics of 12.3% were observed nationwide by the end of the first quarter, while in Budapest it was only 9.5%.

Moreover, in April this year, the average number of flats in Budapest was 6% higher than in April 2019.