Eyes on our fourth market presentation during the “International Tour of Luxury Real Estate ». The fourth country presented during the 4th Prestige MLS Congress is auspicious Hungary! Our newly joining Member Otthon Centrum, represented by Gergely Salusinszky, was all set to present Hungary Luxury Real Estate.
The marketing team at Otthon Centrum made a terrific job of putting together their insightful and smartly analyzed data, with some appealing parts
How lucky are we that the Prestige MLS Signature is expanding so rapidly internationally? From a Western European-centric vision, we reached to overseas, even the Indian Ocean area, and of course closer to our borders, towards Eastern Europe. Hungary is a land of opportunities, and that is what our new Member Otthon Centrum was here to present.
Our Hungarian Member was represented by Gergely Salusinszky. The interview allowed not only for other Members to get to know Hungary Luxury Real Estate. It also allowed them to get to know Gergely, and Otthon Centrum, a little better.
With a continuous great attitude, Master of Ceremony Matthew Ferrara interviewed Gergely Salusinszky and allowed the audience to grasp very relevant data on the market, and some fun too! Indeed, the marketing team at Otthon Centrum made a terrific job of putting together their insightful and smartly analyzed data, with some appealing parts. A fun video presenting Hungary made an especially strong impact on the rest of the audience.
Key elements on Luxury Real Estate in Hungary presented included:
- Declining sales
- Turnover similar to 2011
- Lower construction volumes
Declining sales of newly-built homes
At the national level, the share of newly-built homes within total sales decreased from the level of 10 percent in 2008 to 3 percent in 2012. In Budapest, the sale of newly-built homes dropped from 15 percent to 5 percent. And all that, on a market stagnating at a level of about ninety thousand transactions, since 2009.
A turnover similar to 2011
The turnover experienced in the first quarter of the year is comparable, most of all, with the turnover measured in the first quarter of 2011. Turnover in the first three months of 2013 was roughly identical with the sale and purchase figures observed in the first quarter of 2011.
Lower construction volumes
From 2011 to 2012, the number of occupancy and construction permits decreased by 17 and 15 percent, respectively, in Hungary. The decrease is a continuation of the hedge-hopping seen since 2009, even though the recession is increasingly modest.
For those who missed it or for the early afficionados, (re)discover the video of presentation of Hungary shown at the Congress:
Interested in knowing more ? Discover luxury homes and luxury villas listed in Hungary by Otthon Centrum.