Huge upheaval in the Hungarian property market: you can see for yourself if you rent an apartment in 2023
Source: www.penzcentrum.hu
The rental market is about to go crazy, with students flooding Budapest and other university cities in search of rentals. But what can you expect if you're looking? Well, experts say not much good, as rising borrowing rates, among other things, are driving more and more people to the rental market by default, and supply is not keeping up with demand. The experts interviewed by Pénzcentrum agreed that it is worth starting looking for a home as soon as possible. We also found out whether the rent industry is still in the market, and roughly when we can expect rents to at least stop rising.
The economic and political events of 2022 began to shape the real estate market almost immediately. The rising interest rates, the rising cost of housing loans, inflation and the fluctuations of the euro exchange rate have already pushed many people to the rental market instead of buying a home last year, and since then the interest has not diminished - explained Károly Benedikt, head of PR and analysis at Duna House, in response to a question from Pénzcentrum. He added that the demand for rentals is essentially constantly increasing, but supply is still tight.
Although house prices have stopped rising and demand will have fallen back significantly by the end of 2022, it is still not common for owners to sell their investment properties this spring. The first quarter of this year ended with a slow recovery in interest and an increasing number of transactions. In terms of rents, the segment has seen an increase of roughly 20% compared to a year ago, and summer is approaching, which is the peak season for rentals, with the round of contracts and the announcement of admission scores, which will trigger a rush of students looking for rentals, giving rise to further price increases. Investors are typically not looking to sell, but more and more are turning their savings into property.
Declaration: the short content published on our site is based on the original article cited as the source. The data and information published in this article are as stated in the source article, and we accept no legal or moral responsibility for its content.
Our site is the AirTheCash community information portal and only publishes articles that are of interest to the community and useful for its positive development.
