Demand in Hungary's new-build housing market temporarily returned to normal following a boom at the end of last year and the beginning of this year. However, from August, purchases may pick up again due to the maturity of a government bond and the state-subsidised Home Start loan program. Instead of the 1,000 apartments initially announced at the beginning of the year, Cordia will launch sales of nearly 1,500 homes in 2025, amid high buyer interest.
The market for new homes is running at a fast pace this year in the country. In Budapest, the number of newly built homes sold in April-June was 50 percent higher than the quarterly average between 2017 and 2024. In response to strong demand, developers launched sales of nearly 3,000 apartments in the same period, double the average of previous years. Meanwhile, prices also continued to rise: by early July, the average price per sqm in Budapest had reached €4,557, 15 percent higher than a year earlier.
"In the second half of August, demand visibly picked up again, and this could be further strengthened in September by the maturity of a government bond. The situation is well reflected in the fact that the number of incoming buyer inquiries week by week is breaking records," said Áron Görög, Cordia's Head of Sales.
At the beginning of the year, Cordia planned to bring around 1,000 homes to the market in 2025, but in light of the strong demand, this target has been increased to nearly 1,500. The company will soon announce further new projects. Cordia's portfolio ranges from centrally located studio apartments and one-bedroom homes purchased for rental purposes, to suburban family homes and luxury penthouses with panoramic views.
The largest share of the company's supply is represented by Marina City, built on a 14-hectare car-free riverside area. The project's third phase launched last year and its fourth phase is set to begin this autumn. Thanks to the brownfield classification, homes here are available with a 5 percent VAT, refundable upon purchase. Most apartments will offer panoramic views of the Danube and the Buda Hills.
