Credit dumping in Hungary
As we have been doing lately, we are seeing new and more recent lending records. February 2019 is still out. As they say, “Attention, the following data is good for disrupting your peace of mind!” The real estate market, and with it the credit market, is really buzzing.
Awesome February numbers
We don’t even know where to start. Let’s say personal loans . According to the latest data, banks have issued more than HUF 41 billion to the population. This is an increase of about 37 percent compared to February 2018 performance.
As for mortgages, growth is also noticeable. New loans alone amounted to nearly HUF 61 billion. This represents a 14 percent increase over the one-year mortgage loan.
If we look at both January and February, then obviously we get even higher numbers. There are HUF 76 billion in personal loans and HUF 122 billion in home loans. This represents a 31% and 12% increase in the two month totals compared to the 2018 figures.
What is expected for the remainder of the year?
Let’s be objective! We expect even greater growth. We also say what facts we base this on.
First, interest rates on loans are still very low . Although, as we have written about it, interest rates have already risen to a minimum, but for the time being, there is no significant change, that is, no rise.
Let’s not forget that for the time being real estate prices are not rising to the point of deterring the public from acquiring a new home.
And our third and strongest argument is that July 1st is here. From here you can sign up for the Baby Room for 10 million HUF and other discounts. Complemented by Family Home Discount, the state provides a level of assistance unprecedented.
We can recommend one thing. Don’t hurry or get caught by credit fever. And here it is not with credit, but with haste. Contact us! Our experts are here to help you carefully.