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FHB House Price Index Q4 2015

FHB House Price Index

House price increase slowed

In Q4 2015 FHB House Price Index continued to grow, the index value rose from 196.16 to 197.6, indicating a 0.7 percent nominal and a 0.6 percent real increase in prices compared to Q3. In order to prepare the current index, FHB used its own updated market information and observations, as well as all the data of the National Tax and Customs Administration (NAV) processed for the indicated period.

Based on FHB House Price Index data, house prices are currently at their early 2008 level, barely 1.5 percent below their pre-crisis peak, which also indicates historically the highest price level on Hungary’s housing market (Figure 1). Real house price levels are close to the 2000 and 2010 values.

Based on the updated data, Q2 and Q3 2015 data of FHB House Price Index was finalized as follows:

FHB House Price Index values:

Q3 2014
164.95

Q4 2014
169.21

Q1 2015
181.13

Q2 2015
188.26

Q3 2015
196.16

Q4
197.6

 


Figure 1. Development of FHB House Price Index (Source: FHB Index)

 

 

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FHB House Price Index

  • House prices are currently at their early 2008 level, barely 1.5 percent below their pre-crisis peak
  • Since April 2014 through end of 2015  residential property prices increased by approximately 28 percent in both nominal and real terms.
  • From  2016  significant  increase is expected in newbuild dwellings due to VAT reduction (from 27 to 5 %). The new  family housing allowance (CSOK) will also stimulate the mortgage market.

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