Industry revenue of »buying and selling of own real estate« in Hungary 2011-2023
Revenues of the Hungarian ‘buying and selling of own real estate’ industry are projected to fall from 2.9 billion U.S. dollars in 2011 to 1.4 billion U.S. dollars by 2023. One of the main reasons is the rising real estate price that is affecting demand. In fact, Hungary had the highest House Price Index amongst all the EU member states in Q2 2018, at 131 index points, nearly 14 points greater than neighbors Romania. Additionally, demand for office real estate has also been affected due to the rising prices. Between 2013-2019, the prime rent of office space in Budapest increased by 108 euros, to a total of 300 euros per square meter per year as of the end of 2019.
Covid-19 outbreak shrinks market
Owing to the outbreak of the corona virus, the country’s housing market witnessed a 58 percent year-over-year decline in April, as per the findings of hungarytoday.hu. Between January-April, 40,105 flats and houses were sold in the country, down 24% from the same period in 2019. Property sales have also witnessed a drastic decline.
Covid-19 outbreak shrinks market
Owing to the outbreak of the corona virus, the country’s housing market witnessed a 58 percent year-over-year decline in April, as per the findings of hungarytoday.hu. Between January-April, 40,105 flats and houses were sold in the country, down 24% from the same period in 2019. Property sales have also witnessed a drastic decline.
