Property 2 December 2025, 8:10am

Home Start housing market frenzy has come to an end: sales have fallen sharply

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According to the Duna House Group's monthly transaction estimate, 9,503 residential properties changed hands in Hungary in November 2025, representing a 15.7% decrease compared to the same period last year and a 17.5% decline compared to the previous month. This indicates a significant slowdown in real estate market activity. However, 4,724 more residential properties were sold in the four months covered by the Home Start Programme than in the same period last year, so the state programme has clearly boosted the number of transactions overall.

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According to Duna House's estimates based on its own data,

9,503 residential properties changed hands nationwide in november,

which is a 15.7% decline compared to the same period last year, and a 17.5% drop over October.

The number of transactions increased dramatically in August and September due to the market-stimulating effect of the Home Start Programme. However, this quickly subsided and,

after reaching a peak of 13,426 sales in September, the company recorded a decline in October. This trend continued in November.

Overall, however, 4,724 more residential properties were sold during the four months covered by Home Start (August to November) than during the same period last year, representing an 11.5% annual increase. This shows that the government programme increased the number of transactions. (The mortgage with a preferential 3% interest rate was launched in September but it started to have an impact right after its July announcement.)

The graph below also shows that, in the last five years, the November tally was lower than currently in 2023 and 2022, but higher both last year and in 2021.

There were 118,698 transactions in the January-November period, 3.9% more than in the first 11 months of 2024 and the eighth highest figure since 2011. The Jan-Nov average of the ten years between 2011 and 2020 was lower than this (114,392), while the 14-year average of the 2011-2024 period was higher tat 125,902.

The credit market saw another record monthly increase in November. According to Credipass, the international financial brand of Duna House, the volume of mortgage loans for housing purposes is estimated at HUF 300 billion for November, which is 53% higher than in October. Compared to the MNB's statistics for the same month last year, there was an unprecedented 165% increase on an annual basis. (The annual growth to DH's Nov24 estimate was 200%).

Based on data from November, the demand generated by Home Start in August and September resulted in a record lending volume in November, surpassing all previous records.

Cover image (for illustration purposes only): Getty Images