Digital innovation in the Hungarian real estate sector

There is a digital innovation in the Hungarian real estate sector that buyers and sellers can feel. Digitization has increased accessibility in the real estate sector, with almost all panel floor plans in Budapest available on the internet. The sales information for the first ten months of 2022 is out. According to the data, there is a huge difference in the number of transactions between 2021 and 2022.

According to napi.hu, all panel apartment floor plans in Budapest will be available on ingatlan.com. The real estate website works hard to ensure all the floor plans are listed. This will be helpful for buyers and property advertisers because it will reduce the time and effort used to visit different locations physically.

Thanks to digitization, everyone can view plans and prices in the comfort of their home. The chief economic expert at Ingatlan.com, Laszlo Balogh, believes that digitization is already here, and we should take full advantage.

What are last year’s figures

The Hungarian Central Statistical Office (KSH) recently published a report consisting of the sales figures for the first nine months of 2022. The data shows a 4.6 percent drop in the number of houses sold in 2022 compared to the same period in 2021. Prices increased in the first quarter but decreased gradually in the next quarters.

The sales of second-hand and new homes dropped by 3 and 7% each quarter. Also, the rate of new housing was below 5%, compared to the 10% peak in the first quarter of 2021. Apart from sales figures, people who applied for loans for used houses also reduced. There was a 26 percent decrease in loans in the first quarter of 2021.

Some regions experienced a rise in property prices.

The capital, Budapest, was the only region where property prices increased. For instance, Budapest’s number of homes sold increased by 15 percent. Also, the property prices for used apartments increased from HUF 8.1 million in 2021 to HUF 46.2 million in 2022. The price per square meter increased from EUR 461.57 to EUR 2,305. Apartments in districts V and XII were more than EUR 5,128 per square meter, which translates to HUF 2 million.

Other cities also experienced higher-than-average price increases. The cost per square meter was high in Gyor, Siofok, and Debrecen. Note that the rapid increase in price in the first quarter didn’t last in smaller towns. Prices only increased in Budapest and county seats.