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Real estate prices to keep rising - GKI

Real estate prices are set to rise in every category in the next 12 months in Hungary, with prices of resale homes rising the most, economic research institute GKI said on Wednesday based on its representative survey conducted in April.

The survey shows that the average price of resale homes is expected to rise by 5.3% in the next 12 months from April, while the price of new homes should rise by 6%, according to a summary of the findings by state news wire MTI. Office building prices could rise by 2.3%, while store facility and warehouse prices could be up by 5% and 3.3%, respectively.

On the office market, average occupancy in Budapest fell to 90.6% in the first quarter, from 91.6% three months earlier. In the eastern part of the country, occupancy rose to 87% in April, from 84% in January, while in western Hungary the index rose to 92% in April, from 90% in January.

GKIʼs gauge of plans and prospects of real estate companies as well as households in the property market reached 12 points in Budapest, up by three points from the previous survey in January, while the national index was down by more than one point at 9 points.