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March 20th, 2018

1.5 Times More New Homes Were Built in Budapest Last Year than Before

Based on the most recent analyzes of the CSOK, it can be stated that the new housing construction market in Budapest is performing very well. While in 2016, 9364 building permits were issued for flats, in 2017, this number rose to 14632. This 150 percent increase dramatically widened the market, and experts say that the momentum will continue in the coming year.

It is interesting that most of the newly built homes were built for sale, that means, more companies developed a real estate, than natural persons. The average floor area of dwellings used has increased to 100 m2, which is 6 nm2 more than in the previous year.

According to László Balogh, chief economist at ingatlan.com, "demand has been increasing for new homes in Budapest for years, but few apartments have been delivered in recent years. Some of the buyers have already bought a new home from a design table, but many were more cautious, waiting for the apartment to be in a semi-finished or pre-sale state and then they decided to buy it."

Considering the near future, more flats are to come to Budapest real estate market. As rumor has it, already 25.000 new apartments are planned to be finished in 2018.

Source: 

http://hvg.hu/ingatlan/20180223_On_is_ekkora_lakasban_el_100_negyzetmeterre_not_az_ujepitesu_lakasok_atlagos_merete

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