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imageBUDAPEST: Housing prices in Hungary rose by 21 percent in 2014 and the first three quarters of last year, much faster than in neighbouring countries but this dynamic growth is not excessive, the National Bank of Hungary said in a report on Monday.

The bank said the strong price rise is not excessive as Hungary experienced the steepest drop in housing prices in the region after the 2008 financial crisis.

"Overall, we view the recovery on the housing market as favourable. The dynamic growth of house prices and the expansion of the volume of new housing loans are not considered to be excessive, thus the current risk level is low," the NBH said.

"However, housing market developments still need to be closely monitored, due to the frictions on the supply side, the significant increase in demand and the external factors affecting the market," it added.

Copyright Reuters, 2016

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