Elimination of Real Estate Purchase Price Limit

 

Removing the GFI property purchase price cap is a serious step. As a result, when buying a second-hand apartment, you no longer have to pay attention to the value of the property not exceeding HUF 35 million. This change has significantly increased families’ room for maneuver, as a result of price increases in the real estate market has reduced the range of qualifying homes from the range of qualifying properties.

With the introduction of the new Family Support Package, the government wants to give every help to young spouses to start a family. Within this framework, the family home improvement allowance (GFI) was extended. With the new rules in place, more and more families have access to the new home. For more information on the amount of support available, visit our GFI page.

Why is it important to remove the GFI property purchase price cap?

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According to the experts, the removal of the GFI real estate purchase price limit in the real estate market for used homes and houses will have a significant impact. With the removal of the upper limit of $ 35 million, many may choose to move to a larger or more up-to-date property with discounts. The ceiling so far has prevented many from taking this step, as real estate prices have risen significantly in recent times.

According to the latest surveys, more than 13% of the total real estate market turnover is accounted for by the sale and purchase of real estate over 35 million properties, representing more than 21,000 transactions. That is why it was important to abolish the GFI property purchase price limit!
Of course, the abolition of the ceiling did not affect the requirements for other properties, so the legal requirements for the technical design or the floor space must still be met.

Affect the market of non-rural GFIs

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According to experts, the change will primarily affect the market of non-rural GFIs where property prices were so high that the ceiling was a barrier to access to discounts.

If you would like to apply for extended GFI support or are interested in discount home loan schemes, please fill out our form and our credit brokerage specialists will be looking for you!