Hungary

Sector overview

Due to the financial crisis of the third quarter, and as a milestone in the history of the quickly developing Hungarian leasing sector, 2008 showed a slight market regression of 1.5 % on a full-year basis. The approximately 60 leasing companies, most of which are subsidiaries of large international banks, jointly achieved a new financing volume of around EUR 4.9 bn in 2008. Vehicle leasing was responsible for almost half of this amount, but was heavily affected by the financial crisis and its impact on the automotive industry in the second half of the year. Moveables leasing and real estate leasing fared better, achieving yearly growth rates of 11 % and 2 %, respectively. Market forecasts predict an increasing trend from loan to lease financing in 2009 and therefore expect a moderate growth in the real estate and equipment segment despite the overall difficulties of the financial segment, but they also expect a further decline of 25 % in car financing.