Hungarian Property Market Crisis Sharpens

Professional ServicesReal Estate ♦ Published: March 1, 2014; 14:30 ♦ (Vindobona)

In 2013, the building activity in the residential property sector fell dramatically. A soon recovery is more than unlikely.

Hungarian Property Market Crisis Sharpens / Picture: ©

Last year, the number of new housing units fell substantially for the fifth year in a row. Only 7,300 housing units were built in 2013. Compared to the prior year, this corresponds to a decrease of 31%. As a result, the Hungarian residential property market has reached a new record low. Since 2008, the number of built housing units fell by 80%.

The main reason behind the property…