It is not unusual in Budapest to have property prices above €3000 per square meter. However, this is an unprecedented phenomenon in Debrecen.
As reported by vg.hu, the property developer Allure Residence Budapest Sales Kft. is planning to set the prices of homes in its new Egyetem (University) Tower at over €3000 per square meter. The building will be located close to the University of Debrecen. The same company has sold over 500 properties in Budapest’s IX district.
According to the firm’s sales director, Gábor Eteley, they are targeting the employees of the nearby BMW factory. This is also a great investment opportunity for those who want to sublet these premium flats to foreign students at the University of Debrecen as it is in one of the most expensive part of the town.
Egyetem Tower is more than just a modern block of flats. It will have a rooftop dining area, swimming pool, sauna, Jacuzzi, and a luxury restaurant on the ground floor.
The investors are under the umbrella organisation of Egyetem Tower Kft. They have all seen the potential in this project and the local real estate market.
The project is planned to be completed in 2021, and homes within Egyetem Tower are set to cost above the local average for new developments like this.
Earlier this month we reported the rising property prices that are occurring in Budapest. It appears that the real estate market is booming in the country and it is not necessarily targeting the local population. Students, especially foreign ones, are big business for towns such Debrecen.
With Budapest’s unprecedented property price increase, it may mean that people who do not own homes in the city are unable to move to the capital and could lead to the polarisation of the country. It is important to develop investment projects in rural areas such as Egyetem Tower to prevent them from being neglected. The government also needs to make sure that there is plenty of affordable housing available for families with a lower income.
We also revealed the most popular properties in Budapest.