Hungary

Construction of Thousand Apartments in Budapest Announced by Cordia

Demand for new homes in Budapest has been on the rise, leading to a decrease in available supply. By the end of last year, there were just under 6,000 new homes available in the capital, which would cover less than a year’s demand if no new developments were to start. In response to this market trend, Cordia, Hungary’s largest residential property developer, has announced plans to increase its supply by more than 1,000 apartments this year.

According to reports, 2,600 new apartments were sold in Budapest in the last quarter of 2024, marking the highest volume since 2018. This surge in sales, along with a fourth-quarter recovery, resulted in a total of 7,300 new-build apartments being sold in the capital last year. However, by the end of the year, the supply of available new-build homes had decreased by more than 1,000.

Cordia’s upcoming developments are expected to have a significant impact on the market, with over 1,000 new properties set to be introduced on a combined area of 120,000 square meters. This will increase the supply in the capital by almost a fifth compared to the number of apartments available at the end of last year.

Despite the increase in supply, prices in Budapest continue to rise. The average gross price per square meter in Buda increased by 13 percent to around HUF 1.9 million, while in Pest it rose by 9 percent to around HUF 1.6 million. New-build apartments are commanding higher rents compared to older properties, with Cordia’s properties in the Corvin promenade area renting at premium rates.

Overall, the housing market in Budapest remains strong, with house prices and rents seeing steady increases over the years. With Cordia’s ambitious development plans, the city’s real estate market is set to see further growth and expansion in the coming years.

 

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