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A new era in real-estate mortgages and on the real estate market

 

Position - Image Credit:Creative Commons – Barney MossImage Credit:Creative CommonsD. Laird

 
   According to largest Hungarian property portal ingatlan.com a new era could be starting on the Hungarian real estate market, as a 43 % growth was seen in the number of mortgage interest/applications  compared to 2014. Banks will have a key role in the future, partly because they will be dispersing the state subsidized loans.  

     According to ingatlan.com a new chapter can open up on the mortgage and real-estate market, which is partly due to the government’s new subsidized home loans and partly as a result of the improving economic situation in the country.

 

Banks are now able to provide loans

 

The market for home mortgages is still to receive a boost as a result of the new government subsidy “CSOK”, while the majority of the banks prepared their related product portfolio by mid January-February, but growing interest is seen as giving a considerable boost to the process.

According to Péter Gergely of ingatlan.com we can expect a major shift in trend as the process of converting currency based loans has now come to an end and the growth in domestic demand  suggests that households now have more money to spend. The starting point is a nice round number: according to official national bank figures the amount of home mortgages were a little shy of 3000 billion last December.

Current regulations preventing the risk of excessive leverage may result in a sustainable on the future home mortgages market. This is badly needed as this market segment has been stagnating for a while. Meanwhile the banks have the money to provide loans in general, as well as home mortgages.

 

Differences of several millions

 

There may be considerable differences between the loan products offered by banks. In case of a 20-25 year mortgage period, the difference can be as much as several million HUF, so it is advisable to tender some offers by clients.  – explained Péter Gergely.

 

Newly built property is picking up

 

Some new figures just came in about the sales of newly built apartments in Budapest, and the figures suggest a growing trend: there was a 6% decrease in the offer of newly built apartments between the size of 60-100 sqm while their average sales price grew by 8% on average.

This size category (60–100 sqm) is important as it is the most popular due to the relatively high price level of newly built apartments. Newly built apartments sell very quickly and growing demand will result in higher sales prices.

 

Read more at ORIGO

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