The end of summer has come, and the renting market blooms, since a lot of university and college freshmen are looking for an apartment for rent from September. Thus for those who're planning to buy an apartment as an investment, it's worth to look around at the market now. Especially, since the prices have dropped even lower: now it's easier to get an apartment than any time in the past 13 years.
Those who have an apartment they don't use as an own habitation, can sublet it easier at the end of summer. The college and university students who live outside of Budapest but study in the capital, usually look for a place to rent for next year in these few weeks. Those who're looking for an opportunity for an investment, it's worth to buy an apartment and sublet it. Especially, since there was no change at the Hungarian real estate market in the first quarter of 2013: the prices dropped even lower – this time 2 percent – compared to the previous quarter. The real estate prices have been dropping for 4 years now. The number of the newly built apartments has also decreased: by June 2700 apartments have been built. The largest decrease was experienced in Szabolcs-Szatmár-Bereg, Hajdú-Bihar and Heves County, as the smallest one at the central part of the country. Because of the decrease of inflation and the interests of the loans and the increase of salaries the power of demand is growing. Besides the college and university students who live outside of Budapest but study in the capital, buyers looking for an apartment to renovate are most likely to determine the demand side of the real estate market.
Lower Interests, Higher Subsidies
The annual percentage rate (APR) of the apartment loans is under 10 percent, and the interest of the state subsidies is only 6-7 percent. A loan with an interest of 6 percent is also available for those who're planning to buy or build a new apartment. Due to the interest subsidies and the tax discounts it's never been easier for the families to get a new apartment since 2004.
Easier than Ever to Get an Apartment
Thanks to the increasing salaries and the decreasing real estate prices, in 2013 the future buyers have to work less for an apartment than any time in the past 13 years. The financial crisis has no influence on the real estate market anymore in several countries, but in Hungary the decrease of the prices continues, just like in most of the South-European countries. Property owners have a better opportunity to sell this time.
Now the market is busy, students and their parents are looking ofr a good apartment they can buy. Instead of paying rental fee during their studies they can have they own home and also a heritage for the future.Sources:
hvg.hu
resourceinfo.hu
