GDN Real Estate Network: real estate market expected to stagnate

English2020. szept. 21.Növekedés.hu

Because of a congested supply and demand due to the pandemic, the real estate market in Hungary already reached last year's levels in June and July; but the various factors affecting the segment are cancelling each other out, so further stagnation is to be expected, GDN Real Estate Network told.

In the statement they pointed out that if the second wave of the epidemic hits Hungary in the autumn, it may have less perceptible effects.

They explained that after the appearance of the coronavirus infection in March the economy practically came to a standstill, and the real estate market was no exception. As restrictions were eased, sales started to pick up gradually, and in the summer months they already reached 2019 levels.

Zoltán Gadanecz, the founding owner of GDN pointed out in the statement that since the restart it has been a motivating factor that people want to keep their money in a safe place and they consider real estate to be such an option. Prices have not risen; they have even fallen slightly in some places, which is also helping to boost sales. In June and July, the market already returned to last year’s levels.

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