Hotels conquer the centre of Budapest instead of office buildings

The real estate market of Hungary seems to change the shape and map of Budapest completely. In the capital, twenty-four new hotels are currently being built and most of them in the city centre’s historic areas.

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Népszava reported that the projects of building office buildings seem to move outside into the city’s suburbs. The increased number of tourists squeeze the suit-up working men and women out of downtown. It has been reported that the number of requests for offices showed a never seen rise in the past few months. 

Last year, approximately 640 square meters were rented by companies which is 17% more than in 2018. 

As the number of free places for offices decreased, companies sign renting contracts for more years which makes finding an available place impossible. If a company would like to move on, it needs to be organised two even three months ahead of the actual moving.