In January of 2019, the GKI real estate indices for Budapest and Hungary stood at 9 and 11 points respectively. Budapest index decreased by almost 2, the national index rose by 3 points compared to the previous (October 2018) survey. Both indices went up 11 points compared to the survey made one year earlier. The national index reached its historical peak, the capital index is not much less than its historical peak. General optimism lasts longer. There are ‘no clouds on the sky’ of the Hungarian real estate market.