Property 1 October 2024, 5:00pm

Residential property transactions go up in Hungary in September

Portfolio

Real estate brokerage Duna House estimates that 9,754 residential properties changed hands, up 21% year on year, and that HUF 112 billion worth of housing mortgages were taken out in September 2024, more than double (+106%) of the base period's data. The number of transactions in the first nine months of the year shows a nearly 40% yr/yr increase.

The autumn kicked off well on the Hungarian residential property market, with 9,754 transactions concluded in September, according to Duna House estimates.

This marks a 4.6% increase in monthly terms but a 20.9% jump year on year.

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

A total of 30,615 residential properties were sold in the third quarter of 2024, which exceeds not just last year's figure (+36,8% over 22,387, the lowest since 2012), but also the 2022 print (+9.6% over 27,926).

92,261 DWELLINGS WERE SOLD IN THE FIRST nine months OF THE YEAR, a 39% year-on-year growth, and a figure PROPORTIONATELY sufficient TO REACH the middle of THE 110,000 TO 130,000 TRANSACTIONS DUNA HOUSE expects FOR THE YEAR.

With resources and buyer confidence in place, real estate experts expect significant buyer interest and a high number of closings for the rest of the year.

This is how the first nine months of 2024 look like compared to January-September of the previous three years. The figures are for September alone.

According to DH data, the summer lull has also ended in the mortgage market, with HUF 112 billion of mortgage loans contracted in September this year. Compared to the August estimate, the volume shows a 7% growth, and compared to central bank data for the same month of 2013, the segment performed 106% better.

The graph below shows that the 20.9% yr/yr growth in September came on the back of another relatively strong growth of 13.5$ in August, and the 4.6% m/m increase comes after a 19.2% m/m contraction. (The second graph below just give you a closer look on the past three years.)