Oct 4, 2011

Latest Trends: Luxury Property Market in Budapest

The luxury residential real estate market in Budapest has changed little in the last year. The market remains active as the busiest period of the buying period begins. At Home Budapest Sales Manager, Viktória Berkesi, runs down the current market conditions and what to expect in the coming months.

The luxury real estate segment in Budapest is, to a certain extent, immune to triggers that affect the overall real estate market. The Budapest residential real estate market is expected to fluctuate due to pending government legislation allowing borrowers holding Swiss Franc loans to pay back their mortgage in one lump sum at  fixed rate of 180 HUF/CHF (the current exchange rate is close to 240 HUF/CHF). According to Ms. Berkesi, owners of luxury property are less affected as most don't hold mortgages, and those that do only have a very small percentage on their property. 

Mortgage holders may express interest in repaying their Swiss Franc loan between now and December. This deadline, combined with the seasonal increase in buying activity experienced in September and October, means the next few months may be slightly busier than normal.

Consistent with last year’s observations on property prices in Budapest, buyers will seek the perfect property with a great location and high quality built-in materials. Properties with a unique feature sell quickly. Houses and apartments with a special architectural design, a view, ideal geographical feature (next to a stream or beautiful forest), or a favorable price disappear from the market quickly, Ms. Berkesi says.

The average price of residential real estate throughout Budapest and Hungary will likely drop so that mortgage holders can access funds to repay their loans and ease their financial burdens. Prices in the standard real estate market usually respond to negative economic triggers or news affecting mortgages. Ms. Berkesi emphasizes that the luxury real estate market is not as sensitive. High-end and luxury properties in districts like II and XII or city center properties like V, VI (Belvaros) tend to decline at a less significant rate compared to the market average, she says. Just as the initial asking price in the luxury segment depends on a unique set of factors for each property, any possible price negotiations will vary by property.

For further information on making a property purchase in Budapest, contact Viktória Berkesi, Sales Manager, at At Home Budapest.

Telephone: +36 1 202 1360
Visit our website: www.athome-network.com/hu

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