Hungarian Real Estate: Government Loans Benefit Few, Burden Many with Soaring Prices

BUDAPEST, Hungary – A recent analysis by independent real estate expert Csorba Dániel highlights significant concerns regarding the Hungarian real estate market, particularly the long-term effects of government-backed loan programs. According to Dániel, while a 3% interest loan scheme may benefit approximately 30,000 individuals, an estimated 100,000 people are projected to face financial hardship this year, with this number potentially exceeding 500,000 over the next five years. He states that internal banking information suggests an 8-10% increase in property prices within the last month alone, attributing this surge to the anticipated injection of around 3,500 billion Forints into the real estate sector. Dániel argues that such state interventions effectively 'price in' the market, pushing property ownership further out of reach for many. He calculates that the time an average earner needs to save for a down payment has drastically increased from 4-7 years to an estimated 20-40 years, depending on their savings rate. He concludes that these policies, regardless of which political party implements them, consistently exacerbate housing affordability issues.

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