Budapest, Hungary - Viktor Orban, President Donald Trump's far-right ally who has ruled Hungary for 16 years a defender of "illiberal democracy," conceded defeat in Hungary's parliamentary elections Sunday.

His crushing loss in a vote that saw a record turnout dealt a heavy blow to the Western far-right.

It also deprived Russian President Vladimir Putin of his most sympathetic ear inside the European Union.

Tens of thousands of jubilant supporters of Orban's rival, Peter Magyar, and his Tisza party cheered the results on the banks of the river Danube in Budapest.

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"We did it... Together, we brought down the Orban regime -- together," the 45-year-old Magyar told his cheering supporters.

"We liberated Hungary, we took back our homeland."

With 97.35% of precincts counted, Tisza secured a resounding 138 seats in the 199-seat parliament on 53.6% of the vote, according to official election results.

Orban had admitted the results were "clear and understandable... painful but unambiguous."

"We have not been entrusted with the responsibility and opportunity to govern. I congratulated the winning party," he admitted.

Turnout in the election reached a record 77.8% at 6:30 PM local time.

Orban, who was seeking a fifth straight term, has transformed his country into a model of "illiberal democracy", publicly clashing with the EU over his systematic undermining of the rule of law, as well as over support for war-torn Ukraine.

Magyar burst onto the scene just two years ago, promising to fight corruption and offering better public services. He drew support against a backdrop of economic stagnation, and despite an electoral system skewed in favour of Orban's Fidesz party.

Congratulations for Magyar poured in from around Europe, but notably, as of Sunday evening, not from the US. Vice President JD Vance had visited Hungary this week to rally with Orban, attacking the alleged interference in Hungary of EU "bureaucrats".

Trump had also blatantly interfered in the election late on by promised to bring US "economic might" to Hungary if Orban's party secured victory.