Property 3 June 2024, 4:20pm

A home is sold every four minutes on average in Hungary

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Real estate brokerage Duna House estimates that 10,969 residential properties changed hands, and that HUF 110 billion worth of housing mortgages were taken out in May 2024.

The Hungarian real estate market has shifted into regular speed, with a total of 10,969 transactions concluded in May, down by only 2.1% month on month, according to Duna House estimates. Compared to May 2023, however, this figure still marks a 7.7% increase.

In theory, this means that on average a home is sold every four minutes in the country.

More than 52,000 dwellings were sold in the first five months of the year, which is proportionately in line with the pace necessary to reach the 110,000 to 130,000 transactions duna house projects for the year.

This is how the first four months of 2024 look like compared to January-May of the previous three years.

THE may FIGURE MARKS A MERE 2.1% MONTH-ON-MONTH drop, BUT A 7.5% growth OVER may 2023.

In contrast to the real estate market, the mortgage market shows further strength in the Group's data, with HUF 110 billion in mortgage loans for housing in May this year. The May figure represents an increase of 123% compared to the central bank (MNB) data for the same period last year.

The graph below shows that the moderate 7.7% yr/yr growth in May came on the back of an impressive 65% yr/yr jump in April, and the 2.1% m/m contraction comes after a 1.4% m/m increase. (The second graph below just give you a closer look on the past three years.)