The Hungarian real estate market last year accounted for nearly 40 percent of transactions in the largest rural cities and in Budapest, according to GFI and Good Finance.
Number of sales and purchases
Although the number of sales and purchases in the big cities of the country increased moderately, in the smaller towns, this resulted in a steadily increasing number of transactions at the national level, which meant the sale of 153,770 properties nationwide last year. Professionals are expecting around 160-180,000 transactions this year.
As a result, the former 47 percent real estate market share of big cities fell to 39 percent last year. Thus, over the last four years, the percentage of total traffic has been reduced by 8 percentage points in relation to the TOP 10 city.
Percent of the total market
On a national level, Budapest saw the most significant change, as in 2014 and 2015, the capital still had a share of over 30 percent. This represented more than 40,000 transactions in 2015 and last year just over 36,000 sales, representing nearly 24 percent of the total market.
According to Good Finance analytical manager: “Looking at the big cities in the countryside, there has been a significant expansion of the real estate market in Győr, Debrecen and Miskolc in the last period, mainly due to the many newly built projects. However, in addition to the largest cities, the smaller rural cities have grown the most in terms of proportion and number of transactions. ”
“There are many small and medium-sized rural towns that have grown over 10 percent in sales and purchases over the past year, such as Tiszafüred, Fonyód, Dunaföldvár, Ajka, Szekszárd or Jászberény.”
In conclusion we can say that the increasing price level explains the restructuring of the domestic market.
While the majority of real estate transactions took place in the capital and in major cities during the crisis. In recent market movements, it has been noticeable that the rise in prices and the recovery of the market were first felt in the big cities, which are constantly spilling over to other cities.
Professionals expect the real estate brokerage role to be strengthened in the capital city and county towns, which have become increasingly expensive, as the market sentiment is increasingly demanding help with sales and search.
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