The Paris-based OECD (Organisation for European Economic Co-operation), which has 35 member nations found Hungary the third best place where nine out of ten person lives in his or her own property. Recent property market trends prove the increase of purchasing intentions.
Home ownership is a strong part of identity
The CEE countries are in the first places on statistics of home ownership. According to Dr Andrea Dúll, environment sociologist the Hungarian society is ”soil-bound”, therefore owning a home is a strong factor in identity among formerly socialist countries. People tend to identify home ownership with grown up life and independent lifestyle, says a report of Pénzcentrum, a Hungarian news portal.
A little less than one quarter of the Hungarians indicated buying an own home as an important aim states the research conducted by the commissioned by OTP Ingatlanpont. There are other reasons as well such as:
Self-empowerment and investment properties
Hungarian news portal Vg.hu calls the attention to the fact that the latter data is a bit misleading because more people are considered to be investment buyers than it is assumed. Purchasing a property to sell it later depending on the life circumstances is also often regarded as investment.
Therefore one can buy an apartment to ensure it as a financial contribution to buy a bigger property in the future. People can also provide good conditions for themselves for the senior years when aging or can also help their children. In this aspect buying a property can also have aims like self-empowerment or investment, explained Dávid Valkó, lead analyst of OTP Ingatlanpont.
Decision takes time
Tőzsdefórum, Hungarian financial magazine emphasizes that thorough consideration grounds the amount of time needed for property seeking. Only 6 percent of Hungarians chooses the property to purchase within a month. The vast majority (51%) dedicates 2-6 month to the search. Further one sixth of them needs even more time that that but they can decided on the property within a year. There is also a small group (10%), who spends even one and a half or two years on deep home search.