Demand in Hungary's residential property market remained subdued in August, holding at similarly low levels to July. According to data from property portal zenga.hu, enquiries nationally were 28% weaker than in the same period last year, while in Budapest the decline reached 47%, largely because last summer's figures were boosted by the announcement of the Otthon Start programme.
Despite the overall slowdown, buyers remaining active in the market are increasingly accepting higher price levels. Nationally, the share of enquiries targeting properties priced below 50 million forints fell from 66% last year to 58% this summer, while the share for properties above 50 million forints rose from 34% to 42%. "Last year 66% of national demand was directed at properties below 50 million forints; this summer that share has already dropped to 58%, while the share of properties above 50 million forints has risen from 34% to 42%," said Péter Futó, head of analysis at zenga.hu.
The shift is even more pronounced in Budapest. The proportion of buyers searching for properties below 50 million forints fell from 42% last year to just 19% this summer, while interest in properties above 100 million forints rose from 14% to 24%. As a result, more Budapest buyers are now searching above the 100 million forint threshold than below 50 million forints. The most sought-after price band in the capital is 50 to 75 million forints, while nationally the 25 to 50 million forint range remains the most popular. Outside Budapest, Pest county records the highest share of enquiries for properties above 100 million forints at 18%, followed by Veszprém county at 14% and Somogy county at 9%.
The trend is visible even in more affordable regions. Last year nine counties had the sub-25 million forint band as their most searched category; this year the figure is still eight, though the 25 to 50 million forint bracket is gaining ground in those areas too. In Békés, Jász-Nagykun-Szolnok and Nógrád counties, interest in properties above 100 million forints remains marginal.
Looking ahead, zenga.hu does not expect a sharp rebound this autumn, though a moderate recovery is possible given the typical seasonal pattern of stronger spring and autumn markets. "Any announcement tightening the conditions of the Otthon Start programme could activate buyers who have been waiting on the sidelines," Futó added, noting that growing supply and improving negotiating positions for buyers may also draw some additional interest, even though investors are not currently driving the market.
