Investor appetite for Hungary property pushes transactions up

 

Investor appetite for Hungary property is pushing sales up, according to the country's top broker.

Transactions so far this year have climbed to 70,000, Offthon Centrum announced this week, a rise of 10 per cent compared to the first nine months of 2011.

Early forex mortgage repayments were attributed as the main cause for the rise, according to Hungarian site RealDeal , with repayments pushing up sales by 40 per cent in the first three months of the year. Since then, though, sales have steadily decreased again, with OC predicting a total of 90,000 transactions across 2012 – about the same as last year.

Prices were lower than 2011 in the first nine months of the year, although quarterly figures suggest that the decline is slowing down. Indeed, price drops may stop altogether by the end of the year, OC adds. In the third quarter, values dipped "minimally" in Budapest for non-prefab properties, while some country homes actually saw values rise.

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