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2017Q1 – Growth not slowing down on the housing market

In Q1 2017 FHB House Price Index continued to grow, the index value rose from 233.61 to 243.03, which increase is greater than in the previous quarter

In Q1 2017 FHB House Price Index continued to grow, the index value rose from 233.61 to 243.03. The price increase was again higher than in the previous quarter but still, it did not reach the record level from Q1 of the previous year. For residential property, in Q1 2017 we had to pay in average 4% more than in the previous quarter. In order to generate the current index, besides FHB own market information and observations, data were sourced from National Tax and Customs Administration as well, for the indicated period.

At this time, FHB House Price Index level is more than 21 percent higher than the pre-crisis peak. In this meaning, today buyers have to pay for the property one fifth more than in Q1 2008. In real terms, the prices are getting about the level recorded at the beginning of 2008. (Figure 1.)

Based on the updated data, we have finalised the value of FHB House Price Index for Q4 2016 as follows:

FHB House Price Index values:

Q4 2015

199.33

Q1 2016

217.35

Q2 2016

220.23

Q3 2016

226.6

Q4 2016

233.61

Q4 2017

243.03


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 Q1 2017, the prices in Hungary were 4 percent higher than in the previous quarter. This means that the rise was accelerating during Q3 and Q4 of the previous and during Q1 of this year, as well. In the same time, it falls well behind the record-holder rise of over 8 percent, experienced in 2016. (Figure 2.) At the end of Q1 2017 in Hungary one would need to pay in total 21.6 percent more for residential property, than at the end of the year of 2015, and almost 12 percent more than in the same period last year (both in terms of real and nominal value).

During the elevation curve, starting from Q2 2014, the index nominal value rose almost by 58 percent, while real value rose nearly by 59 percent, which means that buyers today have to pay in average more than a half as much again for the property than three years ago.

Közzétéve: 7/31/2018 1:50 PM
A(z) 2017Q1 – Growth not slowing down on the housing market az Takarék Ingatlan Zrt. közleménye.

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