The new housing market is exploding, prices continue to rise – Hungary’s leading developer is expanding by a thousand apartments

Experts expect a significant recovery in the domestic new housing market this year, and the spectacular increase in demand seems to have already begun at the end of last year. In Budapest, 2,600 new apartments found buyers in the last quarter of 2024, which is close to the full annual figure for 2023 and a volume not seen since 2018. Due to the increasing demand, the supply of new homes still available in the capital city decreased to barely 6,000 by the end of last year, which – if no new developments were launched – would cover less than a year’s demand. Last year, approaching the dynamic figures of the 2016-2018 period, 7,300 newly built apartments found buyers in Budapest thanks to the recovery in the fourth quarter.

Developments are starting with steam

In response to market changes, Hungary’s leading residential real estate developer, Cordia, will start selling several of its projects in the first quarter of 2025. The company will increase its supply by more than 1,000 apartments this year, and three-quarters of this quantity will appear on the market in the first quarter. The significance of the package is clearly demonstrated by the fact that compared to the number of apartments waiting for buyers at the end of last year, Cordia’s developments alone will increase the supply available in the capital city by nearly a fifth.

It is a uniquely colorful portfolio, as the palette includes all types, from classic downtown studios, mainly purchased for investment purposes, to one- and one-and-a-half-room apartments, through green belt, family homes to luxury penthouses with endless panoramas. Nearly one third of the total volume is represented by the new phases of Marina City: the sale of the 3rd phase of the 14-hectare project launched last year, which is being built in a car-free environment on the 14-hectare Danube bank, in a rust belt area, may begin this year, and the 4th phase in the second half of the year. It is a very popular location, as the demand recovery experienced in the last quarter of last year in the city district that also hosts Marina City proved to be even stronger than average: 14 percent of sales in the capital were concentrated here.

In addition, Cordia continues to develop one of Buda’s most popular residential parks, Sasad Resort, as well as the justifiably popular XIV. The company is also offering newly built, energy-efficient, value-retaining homes in the Millennium neighborhood of District IX in the second phase of Woodland, which is now starting.