Here are the largest real estate developments in Budapest for 2021 – VIDEOS+PHOTOS
In 2021, several exciting construction projects will be carried out in the Hungarian capital. Let us see the most important residential developments, office buildings and hotel improvements scheduled to be handed over this year.
Residential developments
According to the data of the Budapest Housing Market Report, a total of 25 projects with more than 100 apartments are expected to be handed over in 2021 in Budapest. The largest of these is the Academy Garden project in Budapest’s 9th district carried out by Cordia; within the framework of which, more than 300 apartments are scheduled to be completed this year. Besides, Cordia has four more developments of more than 200 apartments that are also expected to be handed over this year.
In addition to Cordia, the following projects are expected to be terminated this year:
- Condominium of Alfa Group – 9th district,
- LIVING (Wing) Park West’s -13th district
In total, more than 6,700 apartments built for sale are planned to be handed over in Budapest this year, the majority of which can be found in the 9th and 13th districts.
On the Buda side, the 11th district is the most popular area of developers, where almost 1,200 flats are expected to be realised this year, among which the development of BudaPart is the most significant.
Office buildings
As the Hungarian news portal Portfolio reports, besides residential developments, several office buildings are scheduled to be handed over in 2021, namely:
- the construction of the next phase of Futureal Budapest One;
- the nearly 20,000 m2 Budapest City under the development of BudaPart in the 11th district;
- the 42,000 m2 Liberty office building under the development of WING, also in the 11th district;
- the 15,500 m2 Atenor Roseville office building in the 8th district and Atenor Arena Business Campus in the 3rd district of Budapest.
Hotel developments
In the last ten years, the number of tourists visiting Budapest has increased significantly, which could be seen in the number of hotel developments. Even though, 2020 brought a critical drop in the tourism sector, some of the hotel developments initiated earlier are scheduled to be completed this year, so an even larger offer will be waiting for domestic and foreign guests in the post-epidemic period.
In 2021, the following hotel developments will be handed over in the five-start category:
- Radisson Collection Basilica with 71 rooms;
- Rácz Hotel & Spa with 67 guestrooms;
- and the 49-room Aria Hotel.
Among the four-star hotels:
- Tópark Projekt Hotel with 175 rooms;
- the 100-room Boutique Hotel under the development of BIF;
- the 93-room Apsis Hotel;
- the 76-room A3 Hotel;
- and the 54-room Mamaison (complex renovation of Starlight Sutien Hotel Budapest).
Furthermore, several developments are realised among the three stars as well, including the 312-room InterCity Hotel, the 214-room B&B Hotels, the 158-room H2 Hotel Budapest, the 123-room A52 Hotel, the 100-room M4 Mamaison and the 50-room Bo18 hotel.
Therefore, if all the hotel developments will be handed over by the end of 2021, the hotel capacity in Budapest may be increased with more than 2000 guestrooms.
Other significant developments
Besides the categories mentioned above, there are other large construction projects planned to be terminated this year.
Out of these, the Liget Budapest Project should be highlighted, where further developments are scheduled for 2021.
According to the plans, the House of Hungarian Music will open by the end of the year, the former historical entrance of the park will be renewed, and the City Park Promenade will be expanded. In the autumn of 2021, the Csillagerőd in Komárom, implemented within the framework of the Liget project, will open with an exhibition.
Read alsoHome construction VAT to revert to 5 pc in Hungary
Source: portfolio.hu
Let me try and get this straight. The DNH is saying that the AFA condominiums in the 9th and the Living (Wing) Park West flats in the 13th developments have been cancelled or stopped prematurely? Because that’s what ‘terminated’ means. These developments don’t look ‘terminated’ to me – I am familiar with both.
The theme of this article – continues the unequivocal position that I personally take and have previously contributed to as a commentator, that is dominated by Trepidation.
We continue to read the incorrect terminology and the of usage associated with the word Recovery.
Is it thought that our Economic Recovery – game of you to name a date, in the aftermath of what at present and on-going living our lives “smothered” and surrounded in a novel coronavirus, that the Real Estate Property Market – all sectors of it – is going to be our countries Economic saver ???
If this is your thought process – respectfully you are Wrong.
Do not oversight – Forget, that prior to February 2020 – across ALL categories – of the Property and Real Estate Market – all sectors – in Budapest, Hungary – the market was saturated by – dominated by – the over supply of Sellers.
Sellers outnumbered Buyers.
March 2020 – we know what arrived and its cataclysmic impact Economically to Hungary and to our Lives, still not near the “zenith” of its destruction, as it continues in its “unfinished” infiltration into human life, that it’s toll or end what re-shaped country and world will we live.
February 2020 and the (24) months prior – the (3) three largest investors in the Hungarian Property Market :
(1) – Chinese.
(2) – Vietnamese.
(3) – German.
We build on – across all sectors of the Property Market – repeat all sectors.
WHO – who is going to be the buyers ?
WHO – when Tourism returns – WHO are going to fill ALL that will be available in Accommodation ?
Are we going to continue the trend of recent years the signing off titled Hungarian lands to foreign ownership that a large scale, disproportional in percentage of purchase -Factually – is Foreign Investment – Driven for Rental income generation purpose ?
Trepidation – and disappointingly the younger first home buyers of Hungarian Citizenship – traditional long lined Hungarian DNA’s – then broadened that out into the entire – all generations of Hungarians – what is being offered or what incentives are they being offered to entice them to INVEST – into the oversupplied Property Market ?
What incentive or encouragement is being PROMOTED – that could or make it possible from an affordability perspective – an Investment for there Future – the younger generation of Hungarians – and all Hungarians ???
Supply and Demand – the Economic grave uncertain immediate future we can’t escape – SELLER Heavy – the over supply of Properties, will “drive” prices in the Property Market to substantially lower levels.
Economic Recovery in Hungary will not come from nor be directly attributed to – witnessed through – a rejuvenated Property Market – driven by the Return of Foreign Investors.
Interesting and Challenging times we live.
Inoculation does not mean the end of this novel coronavirus presence in our lives.
Inoculation of this vaccine should be viewed as the perhaps end of the beginning – when the greater part of our 9.6 million populated have been Immunized.