According to the latest analysis by ingatlan.com, Hungary’s previously fast-moving housing market slowed noticeably in spring. The shift is reflected in longer selling times and a stronger negotiating position for buyers, the real estate portal said in a statement sent to MTI on Tuesday.
Nationwide, the average time needed to sell homes and apartments rose to 95 days between January and April this year, compared to 84 days in the same period last year.
The slowdown is especially visible in Budapest: the average selling time for apartments increased from 45 to 75 days, while for houses it rose from 106 to 112 days. In county seats, apartments now take around 75 days to sell, up from 65–66 days, and houses increased from 117 to 123 days.
In smaller towns and villages, however, the picture is mixed. In towns, apartment selling times improved from 95 to 82 days, and in villages and smaller settlements from 108 to 101 days. For houses, though, the market also slowed in these areas: from 120 to 128 days in towns, and from 126 to 131 days in villages.
According to Balogh László, chief economic expert at ingatlan.com, the market has split in two. Higher prices in larger cities are already dampening demand, making the slowdown more visible there, while in smaller settlements lower prices may still stimulate demand, especially in the apartment segment.
He also noted that the slowdown benefits buyers. In April, average bargaining power in Budapest rose to 3.4%, up from 2.5% in March. It stood at 3% in county seats, 5.5% in towns, and also 5.5% in villages and smaller settlements. Depending on property prices, this could mean savings of up to one million forints for buyers.
Demand remains present, but fast sales are becoming less automatic than a few months ago, he added.
(MTI)
