This year’s VI., VII., VIII. is about ever-increasing demand. and IX. on the district real estate market, where the turnaround took place, which of course also affects the prices – it is clear from the compilation of Balla Ingatlan.
The turnaround is primarily due to the moderation and continuous decline of interest rates – indicated Gergely Garaba, Balla Ingatlan VI, VII, VIII. and IX. the professional manager of the district office.
There are more credible buyers, but fewer investors
They have seen more interest in the last few months than in the previous months, when not only the demand but also the number of transactions increased in the real estate market of the inner districts.
February and March have already started to resemble the old market
– said the expert.
Investors are not yet very interested in the demand, we can talk about only a few people interested for investment purposes, according to the expert, who estimates their number at 10 percent of the values of the period before 2020. In addition, state subsidies do not stimulate demand in the inner districts either.
On the other hand, purchases on credit increased significantly in these districts as well, thanks to the more favorable interest rates.
practically now, customers take out loans for every second transaction, and it is expected that their proportion will only increase further if interest rates continue to decrease
the expert pointed out.
Real estate prices developed in accordance with the change in demand, i.e. while the rise in prices slowed down in 2023, and it can even be said that it stopped completely, from the beginning of 2024, the increase in prices started again in the VI., VII., and VIII. and IX. district real estate market. And this is true not only for advertising prices, but also for real sales prices – emphasized the real estate broker.
The supply is overpriced
However, overpricing is still a problem: on average, we can talk about overpricing of 5-15 percent, because the owners approach real estate sales with the basic attitude, saying that the buyers will negotiate anyway. But this
it causes a long sales time in many cases, and sometimes the property is completely sold out, and there will be no interest in it for a long time
explained the expert.
When it’s time to bargain, they also lower the advertised price, like this
on average, we can talk about a 5-10 percent bargain.
At the same time, according to Gergely Garaba, it is possible to come across outstanding first offers that include a 20-25 percent bargain.
| They hold on to unrealistic advertising prices, which makes sales even more difficult in the eastern districts of Pest, where family houses typically sell in more than half a year and apartments in three to six months. Overpricing slows down transactions, at least a 5-10 percent bargain leads to a deal – Balla Ingatlan summarized the housing market situation in the suburbs of Pest, according to which buyers and sellers are waiting. |
If the price is good, the owners can now expect a sales time of 2-4 months, which can sometimes be shorter if the property belongs to a particularly sought-after type. In terms of the types and locations sought, there is not much change: buyers are still looking for well-distributed, frequented but still quiet properties, preferably with a balcony.
Used apartments for sale and apartments for rent are for sale
At the same time, the list of wanted properties does not include newly built apartments, the demand for these in the inner districts is minimal. According to the real estate agent’s experience
buyers prefer brand-new apartments instead of expensive newly built ones,
in other words, they prefer to buy a 10-20-year-old condominium apartment, because its price per square meter is more favorable than a newly built one.
On the other hand, there is strong demand pressure on the rental real estate market, which means that
as soon as an apartment for rent appears in the offer, you will practically find a tenant within a week.
Of course, this has been the case before, that is, it can be said that demand is stagnating at a high level and is constantly strong, while rents have risen slightly in recent months.
Regarding the coming months, according to the expert, the positive mood on the real estate market may remain, of course, if mortgage interest rates continue to decrease. This can bring a continuous increase in demand to the real estate market, but at the same time, the future is quite unpredictable, as the positive trend emerging at any time can be modified by the appearance of an unexpected factor – emphasized Gergely Garaba.
