At the end of July and in August, 89.2 percent of respondents indicated that they would buy residential property for their own use, which is a slight increase compared to the March result of 86.7 percent, based on a survey of more than 11,000 home seekers conducted by ingatlan.com.
The announcement quoted László Balogh, chief economic expert at ingatlan.com, who said that while 51 percent of home seekers were considering taking out a loan in March, the proportion had risen to 71 percent in August.
This is a significant shift compared to the data from the beginning of the year and is primarily related to the launch of the Home Start Program (Otthon Start Program), which allows people to apply for a home loan with a maximum interest rate of 3 percent to purchase their first home. This also indicates how much Otthon Start will stimulate the housing market.”
Research by ingatlan.com also revealed that nearly 60 percent of those planning to buy would like to purchase a home within six months, compared to only 52 percent in March. Thus, Otthon Start has not only increased the willingness to take out loans, but has also brought forward the actual intention to buy for many people.
Photo: Pexels
Since the announcement of Otthon Start, demand for apartments for sale has been gradually increasing, based on data from the real estate advertising portal. According to the latest statistics, in the 33rd week prior to August 20, there were already 90 percent more telephone inquiries about apartments and houses for sale than in the 26th week prior to the announcement of Otthon Start. In week 34, which included the national holiday, demand was up 77 percent compared to the end of June.
The largest increase in demand occurred in Budapest and in county-level cities and county seats, where the number of inquiries about apartments and houses for sale jumped by 94-110 percent in week 33.
Via MTI; Featured photo: Pexels
The post Home Start Program Sparks Surge in Housing Market appeared first on Hungary Today.
