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Real estate market closes weakest summer in 4 years

Real estate market turnover was significantly weaker than usual in August, as a result of which the market closed its weakest summer period in the last four years, according to data by Duna House Barometer.

However, due to the strong start to the year, the first eight months are not lagging far behind the same period of previous years, Duna House adds.

In Buda, 26% of real estate market transactions had a value of more than HUF 900,000 per sqm. This represents an increase of 19 percentage points compared to August 2018. Some 24% of the real estate market transactions were worth more than HUF 70 million.

In Pest, the proportion of deals conducted above the HUF 900,000 per sqm threshold was 14% this year, which is a ten percentage point increase compared to the previous year. 

In the countryside, the purchase price is between HUF 300,000-350,000 per sqm, depending on the type of property. In Budapest, by contrast, in most cases the price is more than HUF 500,000 per sqm, while in the frequented neighborhoods the average is already close to HUF 1 mln per sqm.

There is no noticeable change in the time needed to make a sale, with a minimal decrease observable in most cases. On the other hand, a minor increase was observed in the Hungaryʼs western counties and Pest districts too in the case of panel apartments (communist-era buildings made out of prefabricated elements).