The past year has been an extremely intense one for the housing market. A series of events from another Covid-19 wave, the outbreak of war in Ukraine and the ensuing influx of refugees, to the acceleration of inflation, a tightening of credit scoring criteria, the increase in interest rates and the coming into force of the Law of the Developer's Guarantee Fund, have significantly affected the market. These changes will certainly continue to resonate in 2023. JLL experts summarize what the coming months may have in store for the housing market.

December was the weakest month in 2022 in terms of sales and loans taken out to buy homes, local brokerage firm Duna House (DH) reports.

AFI Europe has completed its third rental housing project in Prague this year. AFIHome Kolbenova, the first apartment building in the new multifunctional district AFI City in Prague 9, has now been approved.

UDI Group, an international development group with Czech roots, is planning a massive construction in Belgrade, Serbia. It plans to build the Duga project with 2,320 apartments and 40,000 sqm of offices on the site of a former factory for almost €392 million. Construction is expected to start next year, UDI Group reported.

Average asking prices of new and old apartments in Romania fell by 0.2% in November compared to the previous month to €1,704 per sqm, with Constanța, Iași and Cluj-Napoca recording slight gains of prices, according to Imobiliare.ro. 

Berlin-based property developer firm Bauwert AG is entering a strategic partnership with Hungary’s Wing Group, as well as international investment & asset manager Griffin Capital Partners. For this purpose, the three companies signed an agreement under which Wing and Griffin will together acquire 60% of Bauwert’s shares. The remaining 40% will be kept in the ownership of the existing shareholders. Wing Group will have a controlling interest in the company.

Romanian property company Ideal Residence Developer has announced the launch of Marina Snagov comprising 33 luxury villas on the shores of Snagov lake near Bucharest. The company will invest over €12 million in the complex that is slated for delivery at the end of 2024.

LivUp has finalized the purchase of a property in Kraków from Galinvest. The new LivUp project will include about 80 residential apartments for long-term rental, as well as additional amenities and facilities. The first tenants are expected to move in by Q2 2023.

Hungarian developer Wing launched its umbrella brand Living 5 years ago. Nine residential development were started, and over 1,200 apartments have been sold so far. The company also has several other developments in the pipeline.

Romanian company Rock Development has started the construction of the second phase of Avrig Park Residence in Bucharest with an investment budget of €23 million.