Atenor has signed an agreement relating to the acquisition of new plots in District XI of Budapest for a total area of 82,861 sqm. This new project, named Lake City has the capacity to build a total of 92,183 sqm residential area and will propose 1,326 apartments developed in eight phases. The first phase has a valid building permit in place, while for the rest of the project the building permits are yet to be obtained.
Lake City is located in South Buda, in District XI, one of the most popular residential districts of the Hungarian capital. It is situated in a green area bordered by a small river and a lake, and along the roads leading to Balaton and the Budaörs airport, and is easily linked by car and public transportation to Budapest's city centre.
Budapest’s residential market has demonstrated high resilience since the COVID-19 crisis. Furthermore, the Hungarian government provides a number of financial incentives for families wanting to acquire newly-built apartments.
With the Up-Site Bucarest project in Romania, Lake City in Budapest is the second residential project that Atenor intends to develop in Central Europe, where demand for qualitative dwellings is sharply increasing supported by an emerging middle or upper-middle class.
Following this new acquisition, the number of Atenor projects under development has gone up to 32 and represents a development potential of approximately 1,300,000 sqm. The projects are located in Brussels, in Wallonia and Flanders (Belgium), in The Hague (Netherlands), in Luxembourg, in the Paris Region (France), in Lisbon (Portugal), in Düsseldorf (Germany), in Warsaw (Poland), in Budapest (Hungary) and in Bucharest (Romania).
