Although the price increase is higher, the price per square meter is still 28% lower than in the capital city compared to 2024.Continue reading
The time to sell residential property in Budapest, as well as in cities with county rights and county seats has shortened significantly in the first quarter of the year, reads the latest analysis by Ingatlan.com.
The extremely buoyant demand is shown by the fact that owners of residential property in Budapest found a buyer in an average of 64 days in the first three months of the year, compared to 110 days a year earlier.
Almost all types of housing were in high demand during this period. For detached houses in the capital, the selling time fell to 133 days from 168 days previously. Brick-built apartments sold in 68 days, compared to more than 100 days in the first three months of last year.
The drop was sharp for the capital’s panels, selling in 31 days in the first quarter compared with 91 days last year.
In cities with county rights and county seats, it took 106 days for residential properties to sell, down 23 days year-on-year. For detached houses, there was a minimal change, with a reduction in the time to sell to 182 days from 186 days. In metropolitan areas, owners were able to sell their homes in 90 days, compared to 118 days at the beginning of last year. The time to sell for apartments in county seats fell to 61 days, down from 101 days last year.
Photo: Pexels
However, the time to sell properties in villages and towns increased year-on-year. In the smallest municipalities it took 222 days to sell a residential property, up from 178 days, while in towns it took 184 days to sell one, up from 160 days.
László Balogh, chief economist at Ingatlan.com, explained that smaller settlements need more time to get an accurate picture of the housing market dynamics.
The decreasing selling time in big cities also suggests that while in the past buyers could choose from the supply on the market for a longer period of time, this year they had to decide quickly.
In the most popular locations and types of housing, there has been strong competition between prospective buyers, resulting in higher prices.
The analysis points out that the question remains how long the demand market that dominated the first quarter will last.
Most investment buyers have already bought the property they have in mind, said Balogh. In the coming weeks, the main focus may be on private buyers, but their purchasing power is not unlimited, he noted, adding that this suggests more subdued price increases. It is possible that the selling time could be lengthened for the rest of the year, he concluded.
Via Ingatlan.com, Featured image: Pexels