The housing market picked up at the end of the year. One reason for the upturn was the activity of first-time homebuyers. The tax exemption for first-time homebuyers expired at the turn of the year, prompting them to enter the market. Simultaneously, the transfer tax for residential and real estate shares dropped from two percent to 1.5 percent. Although the law changed at the turn of the year, the tax rates are retroactively applied from the government's proposal date on October 12, 2023. The Tax Administration automatically refunds any overpaid transfer taxes.

A second reason can be attributed to changes in the European Central Bank's interest rates. It is predicted that the ECB will lower the policy rate faster and more forcefully than previously anticipated. Market assessments suggest that the rate cut will commence at the beginning of the year or, at the latest, in early summer.

A third reason for the upturn is the release of pent-up demand. People have a need to move for various reasons, and for many, it is not economically sensible to leave their property for rent. Long chains of conditional home sales are still observed. It is positive to note that these chains are more likely to reach completion when there is increased buyer activity.