Hungarian real estate market shrinks by 12 percent in 2020
EnglishDue to the restrictions introduced during the first wave of the coronavirus pandemic, only 131,460 properties changed hands in Hungary last year, 12 percent less than in 2019, according to estimates by Duna House based on their own data.
In March, April and May 2020, the turnover of the real estate market was almost 40 percent lower than in the previous year.
The largest decline was reported in April with an almost 60 percent decrease, while in December there were 10,354 transactions, which is a 2 percent rise compared to the same period of the previous year.
According to the statement, demand in the real estate market is expected to increase from January this year, partly due to the home creation subsidies provided by the government, which may lead to an increase in the number of transactions, as well. Therefore, according to forecasts by Duna House, the number of transactions may range from 130 to 150 thousand in 2021.
