According to Open4business, Budapest’s residential real estate market began showing signs of cooling off following Hungary’s parliamentary elections: in April 2026, the capital’s housing price index fell by 0.1% after rising by 1.1% in March. This marked the first monthly price decline in Budapest in about a year and a half, according to Hungarian real estate market data.
The decline appears moderate so far, but it has sent an important signal to the market, which in recent years has remained one of the most expensive and overheated in Central Europe. Annual price growth in Budapest slowed from 13.7% to 10.9% and, according to market participants, could fall below 10% for the first time since November 2024.
The market cooling comes amid a sharp political shift in Hungary. In April, Péter Mádár’s Tisza party defeated Viktor Orbán’s Fidesz, ending his 16-year rule. The new government was sworn in on May 12, and Tisza secured two-thirds of the seats in parliament—141 out of 199. Fidesz holds 52 seats following the election.
A direct link between Orbán’s defeat and the decline in housing prices has not been proven, but political uncertainty and expectations of a shift in economic policy may have increased caution among buyers and investors. The new government has stated its intention to restore predictability in economic policy, reduce the budget deficit, step up the fight against corruption, and secure the release of frozen EU funds.
An additional factor weighing on investment sentiment may be the situation surrounding the assets of business groups linked to the former government. The Guardian reported that following Orbán’s defeat, some influential figures close to Fidesz began transferring assets abroad, particularly to countries in the Middle East, the U.S., Australia, and Singapore. Péter Magyar also publicly stated that businesspeople linked to Orbán are attempting to move tens of billions of forints out of the country.
For the real estate market, this could mean a decline in activity in the high-end price segment, where wealthy investors and buyers linked to domestic capital have played a significant role. If some of these players are indeed withdrawing funds from Hungary or adopting a wait-and-see approach, this could reduce demand for expensive apartments and houses in Budapest.
At the same time, the fundamental reasons for high housing costs in the Hungarian capital remain. Supply remains limited, and new housing construction is proceeding slowly.
Ukrainian companies reduced their consumption of rolled metal products by 0.96% in January–April of this year compared to the same period last year, down to 1,187,400 tons.
According to a press release from the Ukrmetallurgprom association, 506,400 tons were imported during this period, accounting for 42.65% of the domestic rolled metal consumption market.
According to Ukrmetallurgprom, in January–April 2026, Ukrainian steel companies produced 1.802 million tons of rolled steel (90.9% of the figure for the same period in 2025), of which, according to the State Customs Service of Ukraine, approximately 1.121 million tons, or 62.2%, were exported. In January–April 2025, the export share was 62.3% (1.234 million tons out of a total rolled steel production of 1.982 million tons).
The share of semi-finished products in export shipments in January–April 2026 was 39.25%, which is higher than the figure for the same period in 2025 (32.06%). The share of flat products in export shipments in January–April 2026 significantly exceeds the figure for January–April 2025 (51.29% and 44.89%, respectively). The share of long products, however, is significantly lower than in January–March 2025 (9.46% in 2026 versus 19.04% in 2025).
The import structure in January–April 2026 is characterized by a significant dominance of flat products over long products (61.99% and 25.38%, respectively), however, in January–April 2025, the dominance of flat products over long products was significantly greater (78.86% and 19.12%, respectively).
“In January–April 2026, the domestic market capacity was 1,187,400 tons of rolled steel, of which 506,400 tons, or 42.65%, were imports. In January–April 2025, the domestic market capacity was 1,198,900 tons, of which 450,900 tons, or 37.61%, were imported. Thus, in January–April 2026, there was a 0.96% decrease in domestic market capacity compared to January–April 2025, accompanied by a 4.95% increase in the share of imports,” the press release states.
According to the State Customs Service, the main export markets for Ukrainian rolled metal in January–April were European Union countries (80.2%), other European countries (10.9%), and the CIS (6.3%).
Among metallurgical importers, other European countries rank first (50.4%), followed by Asian countries (20.4%), and EU-27 countries (17.5%).
As reported, Ukraine’s rolled metal market in 2025 increased by 21.73% compared to 2024—to 4.016 million tons. A total of 1.6036 million tons were imported, accounting for 40.07% of the domestic rolled metal consumption market.
Ukraine’s rolled metal market in 2024 shrank by 6.26% compared to the previous year—to 3.2884 million tons, while in 2023 it increased 2.19-fold compared to 2022—to 3.5056 million tons.
In January–April of this year, Ukraine’s exports of carbon steel semi-finished products fell by 0.4% in volume terms compared to the same period last year, to 438,370 metric tons.
According to statistics released by the State Customs Service (SCS), 116,550 thousand tons of semi-finished products were exported in April, 138,203 thousand tons in March, 61,629 thousand tons in February, and 121,988 thousand tons in January.
In monetary terms, exports of carbon steel semi-finished products during this period decreased by 1.3% to $212.512 million.
The main export destinations were Bulgaria (44.73% of shipments in monetary terms), Turkey (15.42%), and Poland (13.55%).
In the first four months of 2026, Ukraine imported 40,501 thousand tons of semi-finished products worth $26.704 million from Oman (81.57%), the Czech Republic (13.17%), and Germany (4.98%), (there were no imports in March), whereas in January–April 2025, it imported 3,303 thousand tons worth $2.687 million.
As reported, in 2025 Ukraine reduced exports of steel semi-finished products by 26.4% in volume terms compared to the previous year—to 1,388,183 thousand tons, while revenue fell by 28.9%—to $659.625 million. The main exports went primarily to Bulgaria (32.73% of shipments in monetary terms), Poland (22.13%), and Turkey (14.88%).
Last year, Ukraine imported 88,923 thousand tons of semi-finished products worth $65.989 million, mainly from Oman (37.42%), Germany (22.21%), and the Czech Republic (16.71%), whereas in 2024, it imported 306 tons of semi-finished steel products worth $278,000.
In January–April of this year, Ukraine increased its exports of processed pig iron by 11.2% in volume terms compared to the same period last year—to 638,303 thousand tons from 574,057 thousand tons.
According to statistics released by the State Customs Service (SCS), 181,670 thousand tons of pig iron were exported in April, 168,493 thousand tons in March, in February – 194,345 thousand tons, and in January – 93,795 thousand tons.
In January–April, pig iron exports in monetary terms increased by 7.6% – to $243.568 million from $226.282 million.
Exports were primarily directed to the United States (91.92% of shipments in monetary terms), Italy (3.73%), and Turkey (2.65%).
In the first four months of this year, the country did not import any pig iron, whereas in the first four months of last year, it imported 29 tons worth $55,000.
As reported, in 2025 Ukraine increased its pig iron exports by 53.5% in volume terms compared to the previous year—to 1,980,620 tons—and by 51.9% in revenue—to $759.882 million. Exports were mainly directed to the United States (68.25% of shipments in monetary terms), Italy (20.26%), and Turkey (3.63%).
Over the past year, the country imported 39,000 tons worth $78,000 from Germany (51.95%) and Brazil (48.05%), while in January–December 2024, 38 tons of pig iron worth $90,000 were imported.
Starting March 12, 2025, pursuant to a decision by President Donald Trump, a 25% tariff began to be levied on imports of Ukrainian steel products, excluding cast iron.
In January–April of this year, Ukraine reduced its ferroalloy exports by 89.9% in volume terms compared to the same period last year—down to 3,929 thousand tons from 38,963 thousand tons.
According to statistics released by the State Customs Service (SCS), 2,755 thousand tons of ferroalloys were exported in April, 337 tons in March, 72 tons in February, and 765 tons in January.
In monetary terms, ferroalloy exports for January–April fell by 88.5%—to $4.894 million from $42.657 million. The main export destinations were Poland (56.81% in monetary terms), Romania (13.01%), and Slovakia (12.81%).
In addition, during the first four months of the year, Ukraine imported 9,751 thousand tons of this product—a 32% decrease compared to January–April 2025. In monetary terms, imports fell by 37.2% to $17.469 million. Imports came mainly from Kazakhstan (20.81%), France (16.85%), and Norway (15.34%).
As reported, the Pokrovsky Mining and Processing Plant (PGZK, formerly the Ordzhonikidze Mining and Processing Plant) and the Marganetsky Mining and Processing Plant (MGZK, both in Dnipropetrovsk Oblast), which are part of the Privat Group, ceased the extraction and processing of raw manganese ore in late October–early November 2023, while the NZF and ZZF stopped smelting ferroalloys. In the summer of 2024, the ferroalloy plants resumed production at a minimal level.
Since January 19, 2026, due to problems with electricity supply and high electricity prices, NZF has been idle, while ZZF is operating at a minimal level.
In 2025, ferroalloy plants increased ferroalloy exports by 21.4% in volume terms compared to 2024—to 93,841 thousand tons, while revenue rose by 19%—to $105.441 million. At the same time, the main exports went to Poland (28.69% of shipments in monetary terms), Turkey (21.62%), and Algeria (21.48%).
In 2025, Ukraine imported 38,434 thousand tons of this product—a 53.3% decrease compared to 2024. In monetary terms, imports fell by 47.5% to $73.839 million. Imports came mainly from Norway (16.11%), Kazakhstan (15.89%), and France (12.56%).
Prior to the nationalization of the financial institution, PrivatBank organized the business of ZZF, NZF, Stakhanovskyi ZF (located at NKT), Pokrovskyi, and Marganetskyi GZK. The Nikopol Ferroalloy Plant is controlled by the EastOne Group, established in the fall of 2007 as a result of the restructuring of the Interpipe Group, as well as the Privat Group.
Foreign Minister Andriy Sibiga called Kazakhstan a key regional partner of Ukraine and spoke in favor of deepening cooperation in the fields of logistics, energy, and post-war reconstruction, also announcing his intention to launch the “Ukraine + Central Asia” platform.
“It is important for Kazakhstan to remain one of the key suppliers of energy resources in Eurasia, while simultaneously diversifying and modernizing its energy sector. Kazakhstan is also one of the world’s leading producers of uranium, which is a critically important resource for nuclear energy production. This plays an important role in global energy security,” the minister said in an interview with The Times of Central Asia.
Sibiga noted that Ukraine is interested in the participation of Kazakhstani businesses and investors in the country’s reconstruction, as well as in the development of the Middle Corridor as an alternative transport route between Asia and Europe involving Ukrainian Black Sea ports.
Separately, the foreign minister touched on the topic of historical memory and the shared experience of Ukraine and Kazakhstan related to policies of repression and the suppression of national identity.
According to Sibiga, Russia’s strategic goal is to continue a policy that, in his assessment, dates back to the times of the Russian Empire and the Soviet period.
“Russia’s strategic goal is to complete what the Russian Empire began and the Soviet regime failed to finish: the eradication of national identity and the destruction of the very foundation of our existence as a separate nation,” he emphasized.
The minister also noted that Ukraine and Kazakhstan share a common historical memory of language and cultural bans, repression, deportations, and famines.
“Ukraine and Kazakhstan alike remember the tragic chapters of their history: the banning of language and culture, the destruction of the intelligentsia, deportations, repression, and famines. We cannot allow this to happen again,” the foreign minister concluded.
Central Asia, KAZAKHSTAN, MINISTRY OF FOREIGN AFFAIRS, PARTNER
