Recession hammers Hungarian housing market
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It looks as if the worst is yet to come for Hungary’s housing market, despite several years of weakness. The lack of new credit, combined with the economic recession, is likely to lead to sharper house price falls in 2009 and 2010.
Nominal prices in Budapest had previously been flat, or only declined slightly, since 2004. House prices fell by an average of 4.2% in 2008, 5.7% in 2007, 5.3% in 2006 and 2.7% in 2005 in inflation-adjusted terms, according to the Hungarian Central Bank (MNB). MNB used figures from Origo, a news website.
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