Number of homeowners record-breaking in Hungary

According to statistics, 70% of European citizens own the property they live in and Hungarians are one of the main leaders in the field!

Let us start with some important data:

69.8% of EU citizens live in their own property and this number is as high as 91.3% in Hungary.

The country only ranks behind Romania (96.1%) and Slovakia (92.3%) based on the newest data of Eurostat. – Duna House reported. According to Hello Magyar, Hungary is currently sharing the 3rd place with Croatia in the EU ranking. This is especially interesting, considering the fact that home ownership is less common in Western Europe. Only 69% of the citizens own the property they live in in the Netherlands while this number is 64.5% in Sweden and 64% in France. The reason behind the high percentage of homeowners in Hungary is partly the people’s strong desire to have their own property. As Károly Benedikt, PR and Analysis Manager at Duna House, stated: “After the end of socialism, people were able to buy former rental apartments on very favourable terms which triggered a wave of home purchases in the domestic property market. This trend has been going strong ever since.”

Most Hungarians are determined to have their own apartment or house, and this notion has strongly embedded in the Hungarian culture.

There are many customer-friendly loans available for people who, understandably, take advantage of them. However, the significant increase in housing prices in recent years has also enriched the Hungarian population. These are all important factors that explain the steady increase in the number of homeowners in Hungary.

“Although, it is still uncertain when will all this lead to the development of the rental market and a similarly strong service and institutional system that is common in Western Europe?”, Benedikt added. As it is reported in the review of Duna House, 2019 was the year when the highest number of people managed to buy their own property due to the Baby Loan (“babaváró hitel”) and the Family Housing Allowance (“CSOK”).

Author: Mercédesz Hetzmann

Source: Daily News Hungary