In Budapest in 2016 more than 5,000 new homes went on sale, 2,800 of them are already purchased

Aug. 12, 2016

In Budapest in 2016 more than 5,000 new homes went on sale, 2,800 of them are already purchased

The Hungarian newspaper Világgazdaság with reference to data of OTP Mortgage Bank reports for the first half of 2016 in Budapest's real estate market were added more than 5000 new homes. More than half of them (2800) have been already sold. David Valko, Bank analyst, notes that the growth of investment activity is due to the VAT reduction when buying new housing. Demand is growing due to government subsidies. And people are now willing to finance the construction of their future homes.


One of the new trends is that big investors report in advance where they plan to build a new houses for the next 4-5 years.


In March of this year, the national Bank of Hungary reported that the real estate market is recovering after a 7-year recession due to the economic crisis. Prices started to rise since the beginning of 2014 and continued their upward movement last year. At the moment they have reached a level they had before crisis.

Based on the materials of hungarytoday.hu

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