Belgian property developer Atenor has secured a building permit for BakerStreet II, a new residential development in Budapest’s 11th district that will bring 280 apartments to the capital’s housing market.
Three buildings and 26,700 square metres of residential space
The project is a big change in direction for the site, which was originally intended for office development. Atenor has reassessed the concept in response to changing conditions in Budapest’s property market and the company’s growing focus on residential projects. Construction and pre-sales are expected to begin in the first quarter of 2027, with completion scheduled for the second quarter of 2029.
BakerStreet II will comprise three buildings containing a total of 280 homes, with approximately 26,700 square metres of residential space. A landscaped inner courtyard will form a central feature of the development, incorporating substantial green areas as well as communal facilities designed for residents. The project is situated in an established and developing part of the 11th district, with access to the Danube and nearby university campuses.
Atenor Hungary managing director János Martin said BakerStreet II, together with the company’s Lake 11 development, would strengthen its residential offering in a well-connected and rapidly developing part of Budapest, quotes Portfolio. The shift towards residential development reflects a broader change in Atenor’s strategy in the Hungarian capital, where housing projects are becoming an increasingly important part of its assets.
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BakerStreet II joins Lake 11
The new development will complement Lake 11, another major Atenor residential project in Budapest’s 11th district, near Lake Kána. Lake 11 is being developed in several phases and is ultimately planned to include nearly 900 apartments, alongside approximately 2,300 square metres of commercial space. The first phase, Lake 11 Home&Park, consists of 265 apartments and has already been completed.
Atenor launched construction and sales of the second phase, Lake 11 Flow, in March 2026. The second phase comprises 146 apartments, and pre-sales had surpassed 30 per cent by 3 September 2026. Together, Lake 11 and BakerStreet II represent a substantial expansion of Atenor’s residential presence in the 11th district.
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Budapest housing market drives change in development plans
The decision to transform the BakerStreet site from an office-led concept into a residential project reflects the changing dynamics of Budapest’s property market. For Atenor, residential development has become a more prominent strategic priority, with the company repositioning existing projects to respond to demand and market conditions.
BakerStreet II will add 280 homes to the capital’s future housing supply once completed in 2029. With the project now having received its building permit, the next major milestones are expected to be the launch of pre-sales and construction in early 2027. The development, alongside the continuing Lake 11 project, underlines the growing scale of Atenor’s residential activities in Budapest’s 11th district.
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