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2017Q3 – Momentum on the housing market is not diminishing

Momentum on the housing market is not diminishing

 

In order to generate the current index value for the indicated period, besides Takarék Group market information and our own observations, data were sourced from the National Tax and Customs Administration as well.

The FHB House Price Index level is more than 26 percent higher than it was at the peak before the crisis, and this is how much the home buyers had to pay more in 2017 than in Q1 2018. In real sense, the change in the previously mentioned period was not as far so severe, moreover, in real sense home prices are moving about the level before the crisis.

Based on the updated data, Takarék Group has finalized the value of FHB House Price Index for Q2 2017 as follows:

FHB House Price Index values:

Q2 2016

220.23

Q3 2016

226.6

Q4 2016

233.61

Q1 2017

242.34

Q2 2017

247.5

Q3 2017

253

 

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

Figure 2. Short based changes of House Price Index (Source: FHB Index)

In 2017 domestic housing prices rose between Q2 and Q3 by 2.2 percent, but in real terms, the growth was 1.39 percent. The tendency of price increase did not change significantly, as following the similar rate of 2.13 in Q2 we can continuously say that based on the data there is no apparent break in the housing price increase. . (Figure 2.)

We had to pay in average 11.65 percent more in Q3 2017 for Hungarian residential properties, than in the same period of 2016, while the annual difference was 12.38 percent in Q2, and 11.5 percent in Q1. In real terms, the housing prices raised less: in Q3 the difference between 2016 and 2017 was 9 percent. During the course of the upswing which started in 2014, the nominal value of index rose by 64 percent, while the real value growth was 60 percent.

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