All properties for sale in Hungary could be bought from Amazon’s 6-month profit

English2021. jan. 24.Növekedés.hu

There are multinational companies that could buy all residential properties for sale in Hungary from their profits alone. The total value of Hungarian properties on the market is 13 billion dollars.

Although there is a settlement in Borsod County where a detached house was for sale for 300 thousand forints last year, buyers have to dig much deeper into their pockets for most real estate purchases. Buying a home without family support is usually a serious challenge for most young people.

In Hungary, the average first-time buyer is 27 years old, but statistics only include those who own at least one property.

It is telling that according to an international survey, 

those who earn average wages in Hungary would have to save their full monthly pay for seven years in order to be able to buy a 70-square metre apartment.

However, if it was only a matter of money, a larger multinational company would be able to buy the total housing stock advertised for sale in Hungary relatively easily.

All palaces, mansions, blocks of flats, country houses and any other type of residential properties for sale could be bought by a Samsung-size conglomerate without even burning all their profit.

Just to see what kind of amounts are involved: the total value of the listed properties for sale on ingatlan.com in the first week of November 2020 was 3,768 billion forints, which is about 13 billion dollars.

County

Total value of properties for sale (million HUF)

Budapest

1 643 282

Pest

734 293

Győr-Moson-Sopron

84 114

Somogy

177 518

Hajdú-Bihar

126 548

Veszprém

125 319

Fejér

100 117

Zala

92 693

Csongrád-Csanád

90 658

Bács-Kiskun

84 160

Baranya

74 693

Szabolcs-Szatmár-Bereg

57 645

Vas

53 832

Heves

53 395

Komárom-Esztergom

44 023

Borsod-Abaúj-Zemplén

43118

Jász-Nagykun-Szolnok

32 887

Tolna

19 743

Békés

18 385

Nógrád

11 701

Total

3 768 133

Source: ingatlan.com, November 2020

With a turnover of 13 billion dollars companies can’t even make it into the 160 largest companies in Europe.

Even in our region there are several companies that reach higher revenues on an annual basis. Apart from the MOL Group, the Czech Skoda and the Polish oil company PKN Orlen belong to this category. A company like Nestle, for example, has an annual turnover more than seven times higher than that amount. Even the profit of big corporate giants would be enough to pay the price of all Hungarian houses and flats for sale several times.

Google’s parent company, Alphabet, could buy the entire housing stock on offer almost three times from their annual profit alone.

And Amazon has made so much profit in the last two quarters alone that they could buy almost the whole housing stock currently on the market.

The picture is a little different if we look at not only a week but a whole year. As we learned from ingatlan.com, 11,645 billion forints (about 39 billion dollars) worth of residential properties were advertised on the site in 2020. Although this is a staggering amount, it still lags behind Microsoft’s 2020 profits by 5 billion dollars.

Total value of residential properties for sale (million HUF)

 

2018

2019

2020

Capital city

5 444 961 

6 966 730 

5 626 403

Villages and small towns

1 021 107 

1 348 800 

1 365 061

Big towns and county seats

1 849 949 

2 399 970 

2 065 881

Cities

2 208 981 

2 848 030 

2 587 700

Total

10 524 997 

13 563 529 

11 645 045

Source: ingatlan.com

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