Demand for property in the vicinity of Lake Balaton has more or less tanked so that unless the property is located really close to the water (meaning within Route 7 which more or less hugs the southern shore), it’s unlikely to move on the market, napi.hu reports based off an article in Világgazdaság. Demand currently exists primarily for cheaper property currently going for Ft 15 million to Ft 25 million (€54,000 to €90,000) and surprisingly for high end property between Ft 60 million and Ft 120 million (€215,000 and €430,000). Property sales at Lake Velence have also dropped significantly, which is at least still better than the market around Lake Tisza, where no one is even bothering to look anymore.
A piece by portfolio.hu addressed the problem surrounding Lake Balaton, stating that much of the property for sale was developed in the 1970s and 1980s for use by German families separated by the iron curtain. Many of these summer-only houses have not been renovated since, and demand for this type of accommodation has plummeted in favor of resorts and pensions offering modern conveniences.
Coupled with owners not wishing to budge on their prices, a nice chunk of the market’s sluggishness rests on people trying to sell property with low demand at high prices, meaning that until owners adjust to the realities of the current property market, there won’t be anyone to come along and remove that “Zimmer Frei” sign out by the road.
I think that this is a common problem with properties not just at
Balaton but all over Hungary. I don’t live in Bp but I noticed in the
city I live in, in Hungary, that it is a common problem that the
owner determines the worth and after more than a year of trying to
sell the property nothing is sold (despite having lots of offers but
at a lower price). The owner says that my property is not worth that
lower price, but as any business person knows the value is
determined by the price you can sell it for.
Why would anyone want to buy a house at the lake?
It’s crowded, overpriced, the water is dirty, bloodthirsty mosquitoes are in large numbers everywhere.
A swimming pool in your own backyard is fun.
Balaton sucks, but I like to see real estate speculators go broke.
CommonSenseless. Lake Balaton is, for the most part,
a great place for leisure and social activity.
Thermal Spas, Water Parks, Golf Course, and a beautiful wine region and many splendid villages
in the surrounding area.
The Festetics House and grounds in Kesthely are breathtakingly beautiful with all summer long festivals and concerts.
Balatonfured is presently undergoing transformation. It is a beautiful location in its own right.
You stay in the city pumping out your rubbish along with the other air-polluting machines.