Country: Hungary
27 October 2009
The worst of the Hungary property market downturn is now over, according to Ecostat’s Real Estate Barometer.
The gauge shows that the latest measure of sentiment on the Hungarian property market measured 35.4% in Q3 2009, up 1.54% quarter-on-quarter, the first quarterly rise recorded this year.
The Hungarian real estate sector has endured a torrid time over the past few years, with prices plummeting across the country, as the Hungarian economy struggled to cope with the global economic downturn.
However, the worst of the Hungarian property downturn is now over, according to Pal Belyo, head of Ecostat, who projects that Hungary’s property market will stagnate over the next six months.
The Ecostat retail index increased by 6.35% to 41.4% in the third quarter, suggesting that the number of Hungarian homes sold will increase moderately over the coming months.
The research also shows that demand is currently greatest for homes measuring around 50sqm.
Although property values have fallen, Belyo says that average rental prices have increased 10% over the past three years, making Hungary a more attractive investment proposition for international buy to let property investors.
See Also: Ecostat, Hungary, Marc Da-Silva, Pal Belyo
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