What Experts Predict for Hungary's Property Market in 2024

Published: December 17 2023

The property market in Hungary experienced a decrease in average prices in 2023, but experts predict a positive turn in 2024. This article highlights the key insights shared by experts regarding the property market in Hungary in the coming year.

While the average decrease in property prices across Hungary was relatively small at 0.2%, there were significant regional differences. The North Great Plains region saw the most considerable increase, while the West Transdanubia area near the Austrian border experienced the highest decrease. Interestingly, despite the inflation rate in the EU, property prices in Budapest remained largely stagnant.

Experts anticipate a more favorable year for property purchases in 2024 compared to 2023. The number of transactions in Q1 and Q2 of 2023 saw significant declines, but experts believe that new state-supported loans and lower interest rates offered by Hungarian banks will stimulate the market. It is estimated that there will be a 10-20% increase in property transactions in Hungary in 2024, potentially leading to a price increase in the market once again.

Foreign buyers, including Germans, Slovakians, Chinese, and Romanians, are increasingly investing in Hungarian property. The popularity of certain locations among foreigners is also explored in related articles.

Stay informed with the latest updates on Hungary's property market to make well-informed decisions.

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=== Did property prices in Hungary decrease in November? Yes, property prices in Hungary saw a decrease in November.

What was the average fall in property prices in Hungary in November? The average fall in property prices in Hungary was 0.2%.

Were there any significant regional differences in property prices in Hungary in November? Yes, there were significant regional differences. The most significant increase happened in the North Great Plains region, while the highest decrease was in the West Transdanubia region.

Why was there a decrease in property prices in the West Transdanubia region of Hungary? The decrease in property prices in the West Transdanubia region of Hungary may be attributed to more and more Hungarians trying to work in Austria and live close to the border to take advantage of higher wages there.

Did property prices in Budapest increase in November? No, property prices in Budapest experienced stagnation, with only a 0.1% increase.

What is the expected trend for property purchases in Hungary in 2023? The number of property transactions is expected to decrease in 2023 compared to previous years.

What factors may contribute to a better year for property purchases in Hungary in 2024? In 2024, new state-supported loans will be available on the property market for families raising or planning to have children. Hungarian banks are also expected to create loans with lower interest rates.

What is the expected range for property transactions in Hungary in 2024? Experts expect 120-130 thousand property transactions in Hungary in 2024, representing a 10-20% rise.

Could the rise in property transactions in Hungary in 2024 lead to an increase in property prices? Yes, the increased number of property transactions may result in a price increase spiral in Hungary.