Key regions: United States, China, Japan, Germany, United Kingdom
The Real Estate market in Hungary has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Hungarian customers have shown a strong preference for investing in real estate, considering it a safe and reliable investment option. This preference is driven by the desire for long-term stability and the potential for capital appreciation. Additionally, many individuals in Hungary view real estate as a means of generating passive income through rental properties. The demand for both residential and commercial properties has been steadily increasing, leading to a rise in property prices and a thriving real estate market.
Trends in the market: One of the key trends in the Hungarian real estate market is the increasing demand for urban properties, particularly in major cities such as Budapest. The rapid urbanization and population growth in these areas have fueled the need for housing and commercial spaces. As a result, developers have been focusing on constructing high-rise buildings and mixed-use developments to meet the growing demand. Another trend in the market is the rising popularity of sustainable and energy-efficient properties. Customers are increasingly conscious of the environmental impact of their choices and are willing to pay a premium for properties that are eco-friendly. Developers have responded to this trend by incorporating green building practices and technologies into their projects, making them more attractive to environmentally conscious buyers.
Local special circumstances: Hungary's favorable investment environment and government policies have contributed to the growth of the real estate market. The country offers various incentives for real estate investors, including tax breaks and subsidies. Additionally, the government has implemented measures to streamline the process of buying and selling properties, making it easier for both domestic and foreign investors to enter the market.
Underlying macroeconomic factors: The strong performance of the Hungarian economy has played a significant role in the development of the real estate market. The country has experienced steady economic growth, low inflation rates, and favorable interest rates, creating a favorable environment for real estate investment. Furthermore, Hungary's integration into the European Union has attracted foreign investors, who see the country as a stable and lucrative market. In conclusion, the Real Estate market in Hungary has been thriving due to customer preferences for real estate as an investment, trends such as the demand for urban properties and sustainable buildings, local special circumstances including government incentives, and underlying macroeconomic factors such as economic growth and integration into the European Union. These factors have created a positive environment for real estate investment and contributed to the growth of the market in Hungary.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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