In 2023, 38% of homebuyers exceeded their budget compared to initial plans.

The main reason for halting searches was that the found properties exceeded the available budget (58%).

In 2024, buyers anticipate price decreases for homes, while owners expect increases.

Intentions for 2024

A significant portion of those planning to make a real estate purchase in 2024 anticipate a decrease in home prices (60% of respondents).

At the same time, owners looking to sell or rent largely expect prices to rise, both for apartments for sale (39% of respondents) and rental properties (40%).

Regarding the evolution of mortgage interest rates in 2024, the majority of respondents (38%) predict a decrease, according to the latest survey conducted among Storia users, the real estate platform launched by OLX.

Homebuyers completed purchases in 2023 in less than 3 months

In 2023, 60% of study respondents stated that they intended to buy a home, and 14% intended to sell. 10% stated they were interested in renting, and 1% said they intended to rent out a property. However, 15% of respondents stated they had no real estate intentions.

For respondents who purchased a property in 2023, the process from starting the search to completing the purchase lasted less than 3 months (56%), while for 21% of respondents, it lasted between 3-6 months, for 11% - between 6 and 12 months, and 12% needed over 12 months to search for and complete the purchase of a home.

Asked how easy they expected the entire search and purchase process to be, most respondents answered that they expected a moderate level of difficulty (48%), followed by an easy one (40%). 12% of platform users mentioned they expected the process to be difficult.

Ultimately, the majority stated that the process was as they imagined (43%), 30% said the process was easier, while 27% said the process was harder than anticipated.

38% of those who purchased a property stated there were moments when they paused the search for the desired home, with the main reasons cited being: properties of interest exceeded the budget (58%) or difficulty finding suitable properties (35%). Another 35% stated they waited to see price developments.

Regarding the compromises made, 38% stated they had to increase their budget, and 19% changed the search area. However, another 17% of those who purchased said they did not have to make any compromises in choosing a home.

When asked about financial challenges in the process, 32% stated they did not encounter significant difficulties. However, 18% highlighted an increase in the rate for a property previously purchased through credit, and 12% specified that the down payment exceeded the budget, while another 10% highlighted an increase in sale prices for homes.

Expectations and forecasts regarding sales and rental prices

Asked about real estate intentions for 2024, study respondents provided similar responses to those in 2023. Still, the majority of respondents (66%) declare they would like to buy a home, and 13% want to sell. 10% of respondents state they have no real estate plans, while 8% want to rent a property, and 3% want to find tenants.

Regarding the evolution of sales prices, 60% of those interested in buying state they expect prices to decrease, 16% expect them to increase, and 14% expect them to remain stable.

Similarly, the majority of those interested in rentals expect prices to decrease (43%) for properties rented out.

However, 28% expect increases, and 22% stated that prices may remain stagnant. At the same time, owners looking to sell or rent largely expect prices to rise, both for apartments for sale (39% of respondents) and rental properties (40%).