Corona crisis: Only one year interruption expected for the Hungarian real estate market
The Hungarian real estate boom of the past 4-5 years has collapsed this year due to the Covid situation, but after the end of the crisis the market can recover very quickly.
Ernő Takács, President of the Round Table for Real Estate Development Association (IFK) said that the volume of real estate investments decreased by 35-40 per cent by the end of September compared to the last nine months of the year, including a 64 per cent drop in the third quarter. He added that the Corona crisis could bring permanent changes in the real estate market: new demands will be made on offices, where home office will be chosen on a larger scale.
Apart from the revival of hotel construction, Takács mentioned the logistics sector, which is the clear winner of the changed situation, and the housing market, which could recover quickly as a result of the government's housing promotion measures.