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Hungary, housing prices. The hottest real estate market in the European Union is slowing down

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Housing prices in Hungary in the fourth quarter of 2022 fell by 4 percent compared to the previous quarter, Bloomberg wrote. According to the agency, this may mean that the most heated real estate market in the entire European Union may have reached its peak.

The Hungarian real estate market, the hottest in the European Union in the last decade, has reached its peak. This is according to the data of one of the largest real estate brokers on Lake Balaton, which was written by the Bloomberg agency.

Housing prices fell by an average of 4 percent. in the fourth quarter compared to the previous quarter, Otthon Centrum reported on Tuesday. Despite the reduction in the last months of last year, housing prices are on the rise Hungary increased by 25% throughout 2022. compared to the situation a year ago.

Apartment Price in Hungary

The Bloomberg agency pointed out that the record low interest rates, housing subsidies and wage spikes fueled Hungarian housing construction. Property prices in this country have increased by 156 percent. since 2015, the most in the entire EU – according to Eurostat data at the end of the third quarter of 2022.

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The agency noted that the trend changed as Hungary struggled to bring its economic situation under control after the start of the invasion Russia to Ukraine. The highest inflation in the EU forced the Hungarian central bank to raise the main interest rate to 18 percent, significantly limiting the demand for mortgage loans.

Main photo source: Shutterstock

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