We haven't seen such a strong month in the Hungarian housing market for a long time
Hungary's residential property market closed the second strongest month this year, with 11,277 transactions concluded in October, according to Duna House estimates.
This marks a 5.0% increase in monthly terms and a 28.1% jump year on year.
According to DH's estimates, July was the most active month of the year, with November only 2% behind. There is no sign of a slowdown in Hungarians' willingness to buy properties either, so DH experts expect December to be more active than the traditional year-end slowdown, with the market set to close the year around the mid-range of the 110,000 to 130,000 annual range forecast at the beginning of the year.
More than 114,000 residential property transactions were concluded in the first 11 months of the year, according to DH estimates, suggesting that the annual number could be closer to 125,000, which would be a lot closer to the annual readings of the past decade than in 2023 (less than 91,000 transactions).
This is how the first ten months of 2024 look like compared to January-November of the previous three years. The figures in the graph are for November alone.
According to DH data, HUF 100 billion of mortgage loans were contracted in November this year. Compared to the October estimate, the volume shows a 15% decrease, but compared to central bank data for the same month of 2023, the segment still performed 49% better.
The graph below shows that the 28.1% yr/yr growth in November came on the back of a 36.7% growth in October, and the 5.0% m/m increase comes after a 10.1% m/m growth. (The bottom graph below just give you a closer look on the past three years.)
Cover photo (for illustration purposes only): Getty Images
