Unexpected turn on Hungary’s property market concerning sales
Certain types of apartments become problematic to sell in Hungary. Based on a representative survey, more and more vendors ask for professional help when they decide to market their real estate. Although in 2021, only three out of ten did so, OTP Ingatlanpont, the Hungarian bank’s real estate company, reports a considerable change in that respect. Professionalism is becoming more and more important in the market. They believe new contracts will remain to come easily. However, it is getting harder to sell the properties.
“Fewer apartments sell themselves” is the title of profitline.hu‘s recently published article regarding the issue. “Last year, it was enough to put on advertisements, and we sold them in no time”, Csaba Laczi, the Budapest regional director of the OTP Ingatlanpont, summed up his experiences. Their representative survey shows that in 2021 only 31 percent of the vendors asked for the professional help of real estate agents.
Demand skyrocketed for apartments in Hungary in the last few years. However, it seems that the market changed over the spring-summer period. Owners say they received significantly fewer phone calls from private individuals after they put their real estate on sale. Therefore, more people turn to professionals if they plan to market their apartments. Interestingly, the trend is present not only in Budapest but also in rural cities. “We have never received more contracts in the second-hand housing market than this September”, Szilvia Piros, the South Alföld regional director of the company, highlighted.
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Their survey showed that people sold their property without professional help partly because they wanted to save the commission and thought the process would not be too hard. Since the business environment changed and new questions were raised, concerning details of the energetic properties of the flats, more vendors need the help of professional agents. Of course, agents must be up-to-date with the latest regulations and changes and need to be able to communicate continuously between the parties.
Csaba Laczi warned that some Hungarian owners still think property prices go up monthly. However, that was only true half a year ago. The trend is now that the prices are decreasing everywhere in Hungary, including even the newly-built flats.
Read alsoUnexpected turn on Hungary’s property market concerning sales
Source: profitline.hu