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Foreign Investors Virtually Disappear from Real Estate Market

MTI-Hungary Today 2020.11.11.

Foreign buyers and investors have virtually disappeared from Hungary’s housing market this year due to the coronavirus pandemic, according to pro-government Magyar Nemzet.

Citing ingatlan.com data, foreign participation in Hungary’s real estate market dropped by an annual 80 percent between January and October.

Foreign buyers purchased more than half of properties in Budapest, mainly the inner districts, and it is inevitable that sooner or later their absence will be reflected in lower prices, the paper said.

Central Statistical Office (KSH) data show that foreigners bought around 7,000 apartments last year. Most were German and Chinese nationals.

Austrians and Germans were interested in holiday homes around Lake Balaton and they typically sought expensive houses with a view.

Construction Sector Contraction Slows in August
Construction Sector Contraction Slows in August

Output of Hungary’s construction sector fell by an annual 13.6 percent in August, an improvement after a 21.0 percent decline in the previous month, data released by the Central Statistical Office (KSH) on Friday show. Output of the construction sector started dropping in March, when the first pandemic restrictions were introduced, and the decline reached […]Continue reading

In the capital, the main interest was in buying apartments in the city center to rent out, while preferring a larger family house on the leafy Buda side of the capital for themselves.

featured image via László Róka/MTVA